Are You A Future NEWBO?
If you are like me, you probably missed CNBC’s special documentary on America’s New Black Overclass even though you really wanted to see it. Wall Street Journal reporter Lee Hawkins coined the term NEWBO (New Black Overclass) to capture the essence of this new wave of Black entrepreneurs. They are self-made millionaires, often coming from disadvantaged backgrounds, who literally made something out of nothing.
It’s an American success story. Self-made black multimillionaires, many of whom grew up poor, have made vast fortunes in the sports, entertainment and media industries.
The new moguls made their millions under the age of 40, primarily by taking more ownership and control over their brands than their predecessors. Collectively, black athletes in the NFL, NBA, and in Major League Baseball earned nearly $4 billion last year and the nation’s 20 highest-paid hip-hop entrepreneurs brought in more than $500 million. Now, with their newfound wealth come responsibilities to their family, friends, and community.
Based on Lee Hawkins’ forthcoming book of the same title, NEWBOs: The Rise of America’s New Black Overclass examines the growing responsibilities of black celebrities in the Obama age. The project features personal stories and interviews with some of the biggest names in sports and entertainment. It’s an inside look into how each successful NEWBO surmounted challenges to achieve the American Dream. (source)
I really feel like this is where a majority of young successful people I see around me are headed (including myself). I appreciate Lee Hawkins’ effort in putting this together and bringing it to fruition. I do not like the term itself. It sounds too similar to “sambo.” But I like the idea behind it.
Here is the full documentary that aired if you missed it: