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Inside The 'Rise Of The Black Overclass'

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Inside The 'Rise Of The Black Overclass'

Economy

Inside The 'Rise Of The Black Overclass'

Inside The 'Rise Of The Black Overclass'

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  • <iframe src="https://www.npr.org/player/embed/101158347/101156899" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Back in the early 1990s, Chicago sociologists coined the term "underclass" for the disenfranchised urban poor.

Now, Lee Hawkins, a Wall Street Journal reporter and CNBC correspondent, has coined a new term for a very different echelon of the black community — the young multimillionaires coming out of the entertainment and athletic industries. Hawkins calls them the "overclass."

Tony Cox talks with Hawkins about his upcoming one-hour CNBC special, NEWBOs: The Rise of America's New Black Overclass.