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Arthur G Gaston: The Richest Black Man

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Arthur G Gaston: The Richest Black Man
By the 1960s, Arthur G. Gaston was probably the richest black man in America. Born in 1893, Gaston grew up in poverty in the small town of Demopolis, Alabama. Working as a coal miner, he tried out an idea to turn a profit by selling boxed lunches prepared by his mother to his fellow miners. It was such a success that he started to sell popcorn and peanuts on the side. Gaston saved an amazing two-thirds of his combined income at this time. Once he had enough money in hand, he took on the informal role of banker, extending loans at 25 percent interest to his coworkers. Gaston also started a quasi-insurance company which helped coal miner widows berry their husbands. He began with insurance but didn’t stop there. Gatson opened up a mortuary
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