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The Forbes Fivehas a new member:Drake. The Canadian rhymer replaces 50 Cent on this year’s ranking of richest rappers, which is topped by Diddy ($750 million).
Drake’s $60 million net worth is thanks to a sizeable cash pile, accumulated through multi-platinum recordings, million-dollar-grossing tours and seven figure endorsements. The 29-year-old has been a regular on theHip-Hop Cash Kingslist of highest-earning rappers since his debut in 2010, when he banked an estimated $9 million pre-tax.
The crooning MC has earned some $150 million to date–before taxes and spending. It’s not quite the $250 million heonce said he plannedto make by age 29, but it’s not bad for a 30th birthday present.
“Every year, we just want to get more prepared and better at touring and better at things that make money,”Drake told FORBES in 2013. He has kept his word, increasing his haul year over year since to tally a record $39.5 million in 2015.
Today, the Viewsrapper’s stock is on the rise thanks to hefty paychecks from new endorsements including his as-yet-unreleased whiskey Virginia Black and Apple Music, the latter of which is thought to be compensating him for exclusive rights to stream his new album in its opening week. He also pockets cash from longstanding deals with theToronto Raptors,NikeNKE -0.45%andSprite.
Among Drake’s assets is an $8 million Hidden Hills home, a healthy merchandising business and the OVO Sound record label, which has yet to produce a hit.
Former Forbes Five member 50 Cent lost his spot after his music career stagnated and he burned through cash from his Vitaminwater deal more quickly than FORBES anticipated. A series of multi-million-dollar lawsuits sent him into bankruptcy last year.
In order to complete our Forbes Five list, we analyze past earnings, value current holdings and talk to analysts, attorneys, managers, other industry players–and even some of the moguls themselves–to learn more.
“That’s pretty much my objective every year,” Drake once said of the FORBES Cash Kings ranking of highest-earners. Now he has another goal: Stay rich enough to remain one of the Forbes Five.
Drake Joins Rap's Richest With A $60 Million Net Worth
Drake’s $60 million net worth is thanks to a sizeable cash pile, accumulated through multi-platinum recordings, million-dollar-grossing tours and seven figure endorsements. The 29-year-old has been a regular on theHip-Hop Cash Kingslist of highest-earning rappers since his debut in 2010, when he banked an estimated $9 million pre-tax.
The crooning MC has earned some $150 million to date–before taxes and spending. It’s not quite the $250 million heonce said he plannedto make by age 29, but it’s not bad for a 30th birthday present.
“Every year, we just want to get more prepared and better at touring and better at things that make money,”Drake told FORBES in 2013. He has kept his word, increasing his haul year over year since to tally a record $39.5 million in 2015.
Today, the Viewsrapper’s stock is on the rise thanks to hefty paychecks from new endorsements including his as-yet-unreleased whiskey Virginia Black and Apple Music, the latter of which is thought to be compensating him for exclusive rights to stream his new album in its opening week. He also pockets cash from longstanding deals with theToronto Raptors,NikeNKE -0.45%andSprite.
Among Drake’s assets is an $8 million Hidden Hills home, a healthy merchandising business and the OVO Sound record label, which has yet to produce a hit.
Former Forbes Five member 50 Cent lost his spot after his music career stagnated and he burned through cash from his Vitaminwater deal more quickly than FORBES anticipated. A series of multi-million-dollar lawsuits sent him into bankruptcy last year.
In order to complete our Forbes Five list, we analyze past earnings, value current holdings and talk to analysts, attorneys, managers, other industry players–and even some of the moguls themselves–to learn more.
“That’s pretty much my objective every year,” Drake once said of the FORBES Cash Kings ranking of highest-earners. Now he has another goal: Stay rich enough to remain one of the Forbes Five.
Drake Joins Rap's Richest With A $60 Million Net Worth
