Lost Fortunes II: The Wealthy Black Women Who Inherited Empires Before the Civil Rights Act—And Where Their Wealth Went (Part 21 of 28, Belle Da Costa Greene)

In the first part of this series, Lost Fortunes, we celebrated Black women entrepreneurs and business owners who built empires before the Civil Rights Era marked by President Lyndon B. Johnson’s signing of the Civil Rights Act in 1964. These women were fearless innovators, trailblazers, and contributors to the economic growth of the nation. Among them are Amanda America Dickson, who inherited her wealth, and Henrieta Duterte, who built her own empire while also a member of a prominent New England family.

This second part of the series now focuses on Black women who were born into wealthy Black empires built before the Civil Rights Era, the families that created this wealth, and what happened to their fortunes.

“I just have to accomplish what I set out to do, regardless of who or what is in my way.” —Belle da Costa Greene, New York Times, April 7, 1912

Belle da Costa Greene: From Belle Marion Greener to Financial Influencer and Intellectual and Cultural Powerhouse—How She Acquired Her Wealth and What Happened to It

Introduction

Belle da Costa Greene (1879–1950) is one of the most fascinating and enigmatic figures of early 20th-century America. Known for her commanding presence in the world of rare books and art, she was the trusted librarian and personal curator to financier J.P. Morgan and later the founding director of the Morgan Library in New York City.  Greene became one of the most powerful women in the art and rare book world—an arena historically closed to women and especially to Black Americans But behind her refined persona and professional acclaim was a closely guarded secret: she was born Belle Marion Greener, the daughter of a prominent Black Scholar, Richard T. Greener and an affluent African American family  in Georgetown, D.C. 

After the separation of her parents, Greene chose to leave behind the advocacy of her father and join her mother in passing as white and of Portuguese descent to explain her complexion to navigate a racially exclusive world. Her life offers a glimpse into how a woman of African American descent built financial independence and access in a restrictive social era.

This article explores how she acquired her wealth, the impact of her racial passing, and what happened to her assets after her death.

Family History: From Greener to Greene

Belle Marion Greener was born in Washington, D.C., in 1879, into a family of Black intellectual and political distinction. Her father, Richard Theodore Greener, was the first Black graduate of Harvard University (Class of 1870), a lawyer, educator, and diplomat. He held prestigious posts including dean of Howard University’s School of Law and U.S. Consul to Vladivostok, Russia. Her mother, Genevieve Ida Fleet, came from a well-established Black family also from Washington, D.C.

By the late 1880s or early 1890s, her parents had separated, and Belle’s mother made a pivotal and life-altering decision: to raise her children as white. They changed their surname from Greener to Greene, and Belle added "da Costa" to suggest Portuguese ancestry—a common strategy among light-skinned African Americans to deflect racial suspicion.

This act of racial passing would become essential to Belle’s access to elite white society, higher-paying jobs, and long-term financial security.

How She Acquired Her Wealth

Career at the Morgan Library

Greene began working at the Princeton University Library in 1901, where she was mentored by Charles Scribner II and others in rare book collection and curation. Her intellect, wit, and command of European languages made her a standout in the male-dominated field of bibliographic scholarship.

Her talent for cataloging and scholarship caught the attention of influential figures and in 1905, the nephew of J.P. Morgan noticed her work and recommended her to organize and expand his uncle’s private collection of rare books and manuscripts. At the age of 26, she quickly rose to become the Director of the Pierpont Morgan Library, a position she held until her retirement in 1948.

Her taste, negotiating prowess, and discretion elevated her to be one of his most trusted advisors. She played a leading role in acquiring major treasures such as medieval illuminated manuscripts, early printed books, and Renaissance masterpieces

Greene negotiated some of the most important acquisitions of rare manuscripts and illuminated texts in the world, earning Morgan’s trust and commanding a remarkable salary for a woman at the time—reportedly up to $50,000 per year in the 1920s, equivalent to over $800,000 today.

She traveled extensively on Morgan’s behalf to Europe and beyond, attending elite auctions and mingling with the literary and cultural elite.

After Morgan’s death in 1913, his son Jack Morgan retained Greene as the Director of the Morgan Library, making her one of the most powerful women in American arts and letters.

Bonuses, Investments, and Personal Gifts

In addition to her salary, Greene received significant bonuses and gifts from J.P. Morgan and his son, Jack Morgan, after the elder Morgan's death. These came in the form of cash, gifts of stocks, fine jewelry, and travel expenses. She lived in a luxurious apartment on Park Avenue and traveled extensively throughout Europe for both business and leisure.

Art and Investments

Though Greene never married, she amassed her own collection of books, built a private library of her own, invested in art, and jewelry. She was also known to invest some of her earnings discreetly. Her financial independence was rare among women in her time, especially those who, like Greene, had to hide their true racial identity to access opportunity.

Legacy and Cultural Wealth

While Greene’s financial legacy did not take the form of dynastic or generational wealth, her greatest inheritance was cultural and institutional. She transformed the Morgan Library into a public institution and shaped the art and literary holdings of one of America’s most prestigious collections.

She also left a complex legacy of race, passing, and identity. Her life challenges simplistic narratives of Black achievement, illustrating how proximity to whiteness could enable access to wealth—but only at the cost of public acknowledgment of her roots.

What Happened to Her Wealth?

Greene died in 1950, having never married or had children. ).  Her adopted nephew who she actively took part in raising, was killed in 1943 fighting in Europe in World War II.

She lived a full life filled with family, nieces and nephews. Her mother lived with her for decades  at 66th Street between Madison and Park. She and her mother occupied the 7th floor which had its own elevator entrance. She lavished her siblings with gifts. In a July 1915 letter,  she wrote about taking up the cost of her sister’s wedding, “The affair of fixing up the house, putting up guests in various Inns all over the place, giving her (and 100 others) a royal feast and my present to her stood me in $2500” (approximately $70,000 today). 

She then transitions to a discussion on stocks before shifting to the birth of a baby. “Will you inquire of your brokers or whoever transacts your business if they consider it wise for you to invest some money – say $15,000 – in Chile [written more clearly beneath it: Chile] Copper – 6% bonds and the (today selling at 116) and the common stock (no interest) selling at 20 – Eugene put in it a week ago buying me $10,000 in bonds and $10,000 in common stock – as he sold some other things to do this I think it probably has a big future. From what he has done for me in times past I should strongly advise you to invest but of course you know best – He told me that he expects the common stock to more than double within a year – If you have U.S. Steel I’d [double underlined: strongly] advise you to exchange for this…”

In her will, she left most of her estate to friends, family, and charitable causes. Notably:

• Personal effects, cash, and jewelry were left to close friends, nieces, and nephews, including members of her mother’s extended family who were also passing as white.

• A portion of her assets and her rare book collection were reportedly bequeathed to cultural institutions, including the Morgan Library.

• Trusted domestic staff and companions also received small inheritances. She also bequeathed personal items and money to longtime household staff and associates

Estimates of her estate’s value at the time of her death are elusive, but it is believed she left behind a mid-to-high six-figure fortune—a remarkable outcome for a single woman living in the 1950s.

Conclusion: Wealth as Cultural Power

Belle da Costa Greene did not acquire wealth in the conventional sense of building a dynasty or founding a business. Instead, she disinherited her birthright and family’s inherited legacy and wealth to carve out personal financial and cultural authority in a space few women—and no other Black women known to history—had occupied at that level. She used her intellect, taste, and strategic social positioning to gain access to economic privilege.

Her story is a testament to the fact that wealth—especially for women of color in the early 20th century—was often as much about independence and influence as it was about inheritance. Greene's life remains a study in agency, secrecy, and the cost of upward mobility in a racially stratified society.

Greene was not just a librarian; she was a cultural broker, financial strategist, and woman of formidable intelligence. Her wealth was earned through professional excellence, social acumen, and deliberate concealment of her racial background.

Her life offers a profound lesson about the price of access and the hidden stories behind Black women's wealth in early 20th-century America—stories that deserve to be told and honored. Though she did not leave behind direct heirs, she endowed the literary world with treasures not just of dollars, but of libraries, knowledge, and art. that still resonates today.

This is a Financial Education series of The new LaVilla. Read more at www.thenewlavilla.com and on LinkedIn and Facebook @thenewlavilla