Lost Fortunes: The Wealthy Black Women Who Built Empires Before the Civil Rights Movement—And Where Their Wealth Went (Part 6 of 28, Maggie Lena Walker)

“Business means work, successful business means money, and money answereth all things.”-  Maggie Lena Walker

Maggie Lena Walker 

Maggie Lena Walker  (1864-1934) was a pioneering businesswoman, the first Black woman to charter and serve as president of a bank in the United States, and a powerful advocate for Black economic independence. She rose from humble beginnings to become one of the most influential Black entrepreneurs of the early 20th century. However, like many Black business leaders of her era, the wealth she built did not fully transfer across generations. This article explores how Walker amassed her fortune, the fate of her business empire, and what ultimately happened to her wealth.

Born in 1864 in Richmond, Virginia, Walker was the daughter of a formerly enslaved woman. She grew up in a working-class environment but was deeply influenced by her mother’s work as a laundress and her education in Richmond’s public schools. She became involved in the Independent Order of St. Luke (IOSL), a Black mutual aid society, at a young age, setting the foundation for her business and financial career.

“The elevation of woman to her proper and rightful place in the scale of life has been the slowest work of the centuries.” - Maggie Lena Walker

Walker recognized that Black communities faced discrimination in banking—mainstream banks often denied Black customers access to loans and financial services. In 1903, she founded the St. Luke Penny Savings Bank, becoming the first woman of any race in the U.S. to charter and become president of a bank. Her hiring practices focused on training  Black women for career paths beyond domestic housework and menial labor.

• Deposits and Loans for Black Families: The bank provided Black families and entrepreneurs access to savings accounts, mortgages, and business loans.

• Encouraging Economic Growth: Walker emphasized financial literacy and urged Black families to "turn pennies into dollars", promoting group economics.

• Merger and Expansion: Over time, the St. Luke Bank merged with other Black-owned banks, forming Consolidated Bank & Trust, ensuring long-term stability.

Walker’s success in banking allowed her to expand into other industries. She opened the St. Luke Emporium (1905), a department store that provided Black customers and employees with opportunities denied by white-owned businesses. The St. Luke Herald was a newspaper she founded to educated Black readers on financial independence, civil rights, and economic empowerment. Her real estate investments included property she purchased in Richmond, including rental housing for Black residents, creating a stream of passive income.

By the early 1920s, Walker had accumulated significant wealth, becoming one of the richest Black women in America. She was featured on the April 7, 1927 cover of Forbes under the “Savings Savior” who “preaches financial freedom for women.”

Like many Black-owned businesses, Walker’s enterprises were deeply affected by the Great Depression (1929–1939) and ensuing economic challenges. As Black customers struggled financially, bank withdrawals increased while new deposits declined. Many Black business owners and homeowners could not repay their loans, weakening the bank’s financial standing. The St. Luke Emporium struggled due to economic hardship and competition from larger retailers. It would eventually close.

Despite these challenges, Walker’s bank survived the Depression, one of the few Black-owned financial institutions to do so. However, the financial downturn significantly impacted her personal wealth.

Walker’s bank merged with other Black-owned banks in the 1930s to survive economic pressures. While Consolidated Bank & Trust remained operational for decades, its influence diminished as large white-owned banks began integrating Black customers.

What Happened to Walker’s Estate?

According to an analysis of her will, Walker’s net worth at the time of her death was $45,000—or nearly $900,000 today.

Walker lived in a large mansion in Richmond, Virginia. After her death in 1934, her daughter-in-law, Hattie, inherited the house and remained there until 1971. In 1978, her granddaughter, Maggie Laura, deeded the house to the National Park Service. It was later designated a National Historic Site. Some of her wealth was passed down, but due to economic downturns, segregation-era policies, and lack of generational financial planning, it did not grow significantly over time. The St. Luke Bank continued to operate until 2009, when it was acquired by another financial institution, ending its independent Black ownership.

The bigger lesson is that general wealth requires strategic planning. If stronger financial protections, investments, and estate planning had been implemented, her wealth might have lasted longer. Maggie Lena Walker’s influence is still seen today in discussions about Black economic independence, cooperative banking, and wealth preservation. Maggie Lena Walker’s story is one of vision, resilience, and innovation.

On July 15, 2017, was dedication Day of the Maggie L. Walker Memorial Plaza in her hometown, Richmond, Virginia. In the plaza stands a 10-foot statue of Maggie Walker. It is a reminder of one of Walker’s quotes about determination and perseverance: “Have faith, have hope, have courage and carry on.”

This is a financial education series of The New LaVilla. Find us at www.thenewlavilla.com