The Achievement
In 2001, Robert Johnson completed the sale of Black Entertainment Television to Viacom for $3 billion. His personal stake made him the first Black person ever to appear on the Forbes billionaire list with ten-digit wealth.
BET itself was already historically significant. Johnson had founded the network in 1980 as the first Black-owned cable television network, starting with a two-hour programming block that aired once a week. Over 21 years, he built it into a 24-hour cable network with more than 90 million subscribers.
Two years after Johnson's milestone, in 2003, Oprah Winfrey became the first Black female billionaire. She built her wealth through media production and her media company, not through a single sale. The two milestones, achieved within 24 months of each other, arrived by entirely different paths.
Life Before the Billion
Robert Johnson was born on April 8, 1946, in Hickory, Mississippi, the ninth of ten children. His family moved to Freeport, Illinois, when he was young.
He earned a BS in social studies from the University of Illinois in 1968, then an MA in public administration from Princeton University's Woodrow Wilson School in 1972.
After graduate school, he went to Washington and worked as a lobbyist for the cable television industry at the National Cable Television Association. That role gave him an insider's understanding of how cable systems were built, how programming deals were structured, and where the gaps were.
In 1980, he acted on what he had learned. He put in $15,000 of his own money, borrowed $500,000 from cable pioneer John Malone, and launched Black Entertainment Television.
The Path to a Billion
Johnson built BET by understanding both the business and the audience.
The cable television market in the early 1980s was still forming. Channel slots were not yet fully committed. His lobbying contacts gave him access to cable system operators. His programming, a mix of music videos, gospel, public affairs content, and original shows, attracted a loyal audience that advertisers had not previously been able to reach at scale.
In 1991, he took BET public on the New York Stock Exchange, becoming the first Black person to take a company public on the NYSE. The IPO provided capital for continued expansion.
Through the 1990s, BET grew into a cultural institution, particularly through music video programming. The network also drew criticism for some content choices, a tension Johnson acknowledged without fully resolving.
In 2001, Viacom acquired BET for $3 billion. Johnson remained as chairman.
Breaking the Barrier
The gap between the first known Black millionaire in America and the first Black billionaire spans approximately 150 years.
William Leidesdorff, a mixed-race businessman in San Francisco, accumulated wealth estimated at over $1 million by his death in 1848. Madam C.J. Walker built a hair care business for Black women and became the first self-made female millionaire in America around 1910.
Robert Johnson's 2001 milestone emerged from decades of Black entrepreneurship operating against significant structural disadvantages. Access to capital, contracts, and distribution have historically been harder for Black business owners to secure.
Even after Johnson's achievement, Black billionaires remain rare. As of 2026, fewer than 10 Black Americans appear on the Forbes 400. The systemic conditions that made Johnson's achievement notable in 2001 have not fundamentally changed.
Impact and Legacy
After the BET sale, Johnson purchased the Charlotte Bobcats NBA expansion franchise in 2002, becoming the first Black person to hold a majority ownership stake in a major professional sports franchise.
BET, under Viacom and its successors, continued as a cable network. Johnson has at various points expressed mixed feelings about the network's direction after the sale.
His entrepreneurial model remains what other Black business builders cite: he identified an underserved market, built the infrastructure to serve it at scale, and created one of the largest Black-owned media enterprises in American history before it was acquired.
From Millionaires to Billionaires: The History of Black Wealth
William Leidesdorff (1840s): Mixed-race businessman and diplomat in San Francisco. Accumulated land holdings and commercial wealth estimated at over $1 million at his death in 1848. First known Black millionaire in the United States.
Maggie Lena Walker (1903): Founded the St. Luke Penny Savings Bank in Richmond, Virginia. First Black woman to charter and lead a U.S. bank.
Madam C.J. Walker (~1910): Born Sarah Breedlove, developed hair care products for Black women. Built one of the first direct-sales networks in America. First self-made female millionaire in the United States.
John H. Johnson (1982): Publisher of Ebony and Jet. First Black American on the Forbes 400 list.
Reginald F. Lewis (1987): Harvard-trained lawyer who completed a $985 million leveraged buyout of TLC Beatrice International, creating the first Black-owned business to surpass $1 billion in annual revenue.
Clifton Wharton Jr. (1987): First Black CEO of a Fortune 500 company, leading TIAA-CREF.
Robert L. Johnson (2001): First Black billionaire, after selling BET for $3 billion.
Oprah Winfrey (2003): First Black female billionaire. Built her wealth through a media company and production empire she created from scratch over 30 years.
Ursula Burns (2009): First Black woman CEO of a Fortune 500 company, leading Xerox Corporation.
Frequently Asked Questions
Who was the first Black billionaire?
Robert L. Johnson became the first Black billionaire in the United States in 2001, after selling Black Entertainment Television to Viacom for $3 billion.
Who was the first Black female billionaire?
Oprah Winfrey became the first Black female billionaire in 2003, building her wealth through a media company and production empire.
Who was the first Black CEO of a Fortune 500 company?
Clifton Wharton Jr. became the first Black CEO of a Fortune 500 company in 1987, as chief executive of TIAA-CREF.
Who was the first Black millionaire in America?
William Leidesdorff, a mixed-race businessman in San Francisco, is considered the first Black millionaire in America, accumulating wealth estimated at over $1 million by his death in 1848.
Was Madam C.J. Walker the first Black millionaire?
Walker is often called the first Black millionaire, but William Leidesdorff and others accumulated comparable wealth before her in the mid-19th century. Walker was the first self-made female millionaire in America, around 1910. Her fame as "the first Black millionaire" reflects her remarkable story and public visibility rather than strict chronological primacy.