Lecture Notes: Don Peebles and the Rise of the New Black Elite

Introduction to Don Peebles

• Property developer and one of the wealthiest African Americans in the U.S.
• Estimated net worth of $700 million.
• Background: Grew up during the Civil Rights movement, became a real estate agent at 22, millionaire by 30.
• Nicknamed the "black Donald Trump" due to his success in real estate.

Personal Life

• Apartment valued at $35 million with luxury amenities.
• Married to Katrina, a former model; they share a long-lasting relationship of 27 years.
• Emphasizes multiculturalism and marrying for love, not race.

The Rise of the New Black Elite

• The number of African-American millionaires has doubled in the past 25 years.
• Emergence of a new bourgeoisie, with 3% of African Americans now in the upper class.
• Examples of entrepreneurs like Don Peebles leading the way in business rather than traditional fields like sports and entertainment.

Psyche Terry: A Case Study

• Psyche Terry, creator of a cosmetics brand, valued at $10 million.
• Her brand caters primarily to black women but is inclusive.
• Success owing to a gap in the market for natural healthy products for black skin.

Life as a Black Elite

• The Terry family exemplifies the modern American dream, emphasizing hard work and faith.
• Regularly attending high society events and integrating into Dallas’s white High Society.

Challenges of Wealth and Race

• Recognition of systemic racial challenges and stereotypes.
• Efforts to change perceptions and roles traditionally available to African Americans.

The Buy Black Movement

• Aims to promote communitarianism and economic revulsion by supporting black-owned businesses.
• Maggie Anderson, an advocate, focuses 55% of her income on black-owned products and services.

We Buy Black: The African-American Amazon

• Founded by Sharif Abdul Malik to promote black-owned products.
• Highlights the importance of supporting black economies and businesses.

Banking Black

• Encouraging African Americans to transfer funds to black-owned banks.
• Part of the "Bank Black" movement to ensure community wealth.

Luxury Real Estate and the Black Elite

• Atlanta as a hub for wealthy African Americans due to its luxury real estate and business opportunities.
• Example: Talia Diaz, a successful real estate agent catering to affluent black families.

Integration into Political and Professional Circles

• The diverse success stories of African Americans in various sectors beyond entertainment and sports.
• Introduction to political figures like Candace Owens promoting controversial ideas.

Conclusion

• The new black elite is reshaping American socio-economic landscapes.
• Focus on empowerment, self-sufficiency, and leveraging community resources.