Black business ownership is growing at the fastest pace in 30 years. According to data from the Federal Reserve’s Survey of Consumer Finances, the share of Black households owning a business has more than doubled, from 5% to 11% between 2019 and 2022.
Black-owned businesses in the U.S. generate $206 billion in annual revenue and support over 3.5 million U.S. jobs. They have become vital to the growth and development of the US economy, creating jobs, and contributing to the advancement of society.
Despite the growth of Black-owned businesses in recent years, they still make up a small share of overall firms and revenue. Federal data shows that majority Black-owned businesses made up only about 3% of all U.S. firms that were classifiable by the race and ethnicity of their owners in 2021. They accounted for just 1% of gross revenue from all classifiable companies that year. At the top of the pyramid are Black-owned firms generating billion-dollar revenues annually and employing thousands of workers.
Below, get to know the four top Black-owned businesses generating over $1 billion in annual revenue.
1. World Wide Technology
David Steward, the chairman and founder of World Wide Technology (WWT) founded the company in 1990 as a five person enterprise. The technology services provider has since grown to become the largest Black-owned business in the U.S. It generates $17 billion in revenue, employs about 9,000 people across the globe, and services 70% of Fortune 100 companies and the federal government. WWT works in the areas of cloud computing, computer security, data centers, data analytics and artificial intelligence, computer networks, application software development, cell phone carrier networking, and consulting services. It is currently ranked 23 on Forbes’ largest private American companies list.
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2. Bridgewater Interiors
Bridgewater Interiors was founded in 1998 as a joint venture between Epsilon Technologies and Johnson Controls to manufacture automotive seating systems for General Motors Corporation. President and CEO Ronald E. Hall, Sr. was chosen to lead the company. Bridgewater is currently a joint venture between Epsilon and Adient. It is a leading automotive seating manufacturer with four facilities, 2,400 employees, and an annual revenue of over $2 billion. Ronald Hall, Jr. succeeded his father as President and CEO of Bridgewater Interiors in 2015.
3. ActOne
ActOne founder, Janice Bryant Howroyd is the first African-American woman to build and own a billion dollar company. She started her business in a small Beverly Hills office in 1978 with just $1500, including a $900 loan from her mother, a fax machine and a phone. ActOne has since grown into a global personnel firm operating in 33 countries with over 17,000 clients and 2,600 employees. It provides employment, workforce management, and procurement solutions to a wide range of industries, Fortune 500 organizations, local and mid-market companies, and government agencies. ActOne brings in $1.1 billion estimated revenue according to Forbes.
4. Modular Assembly Innovations
Billy Vickers established Modular Assembly Innovations, LLC after buying out TAG Holdings interest in Great Lakes Assemblies, LLC. He then became the majority owner of Gulf Shore Assemblies, LLC and Indiana Assemblies, LLC both joint ventures with Honda-owned Midwest Express, Inc. Today, Modular Assembly Innovations companies generate over $1 billion in revenue and employ 281 associates.
