Since 2020, the number of Black people who own businesses has increased. An estimated 161,031 Black-owned businesses were in operation in 2022, an increase from 140,918 in 2020, according to a survey. While the growth of Black business owners is inspiring, it is small in comparison to some of their counterparts.
An estimated 12.4% of the U.S. population is made up of African Americans, but only “2.4% of all employer-firm owners” are Black business owners, the survey stated. In contrast, white Americans, who make up the majority in the U.S. at 59%, represent 86% of employee-firm owners.
The Census Bureau’s 2022 Annual Business Survey notes that 1.4 million citizens had jobs at Black-owned establishments. This resulted in $53.6 billion being paid to employees annually. Still, a majority of Black-owned businesses have small payrolls.
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Despite the small number of workers Black businesses employ, owing to historical and structural challenges, they are among some of the biggest businesses in the U.S. that employ thousands of people.
Below are the largest Black-owned businesses in the U.S.
World Wide Technology
World Wide Technology is owned by David Steward, the richest Black entrepreneur in the United States. As per Forbes, he has a net worth of $11.4 billion. The self-made billionaire started his entrepreneurial journey from a humble background and worked his way up the ladder to become successful.
In 1990, he launched what would later turn out to be his most important business. He founded IT provider World Wide Technology (WWT) with a shoestring budget and with seven employees. Today, the company is one of the largest Black-owned IT providers in the U.S., with more than 20 locations across the world. The company provides services for both the American government and private organizations.
WWT notes that it has more than 10,000 employees and generates more than $14.5 billion in annual revenue, according to Bloomberg. The technology services provider specializes in cloud capabilities, data centers, virtualization, security, mobility, and networking technologies, along with voice, video, and collaboration solutions.
ActOne Group
ActOne Group, founded by Janice Bryant Howroyd, has 2,600 employees globally and revenue of $1.1 billion.
ActOne Group, among others, offers employment, workforce, and procurement solutions to a broad range of industries, Fortune 500 organizations, local and mid-market companies, and government agencies, according to Black Enterprise.
It is the nation’s largest certified, woman-minority-owned, full-service staffing agency.
Bridge Water Interiors LLC.
Bridge Water Interiors LLC, founded by Ron Hall Sr., has 2,400 employees nationally and revenue of $2 billion. This is one of the leading automotive seating manufacturing companies in the United States.
The company specializes in just-in-time (JIT) manufacturing, sequencing, and delivery of seating, overhead, and center console systems. Since 1998, the company has supplied automotive manufacturers with some of the highest quality products in the industry.
Coca-Cola Beverages Florida
Coca-Cola Beverages Florida L.L.C. was founded by Troy Taylor and has around 5,000 employees nationally with revenue of over $250M. The company is also the third largest privately held and sixth largest independent Coca-Cola bottler in the United States.
Prior to his current role, Taylor was an advisor to The Coca-Cola Company and a consultant to one of its largest independent bottlers in the world. Also, he previously held senior-level positions at J.P. Morgan, Accenture, and BBVA Compass.
Modular Assembly Innovations L.L.C.
With revenue of $1 billion, Modular Assembly Innovations L.L.C. was founded by Billy Vickers in 2011 to “specialize in designing and implementing sub-assembly modules for all areas of your automotive manufacturing operation,” it says on its website.
Vickers started his career as a plant superintendent for Ironton Castings in Ironton, Ohio., where he was responsible for the day-to-day operation of manufacturing operations, quality, and new product launches.
