Have you even heard of the Forbes Five? It’s the American Business Magazine’s list of the top five richest hip-hop artists in the world. And now the big news is that rapper Drake has edged 50 Cent out to claim the fifth place.
Aubrey ‘Drake’ Graham is now worth a cool $60 million, although he still has a way to go if he wants the top spot. That’s currently held by Sean ‘Diddy’ Combs who is worth a staggering $750 million!
Drake is only a tender 29 years old, but he’s already racked up the cash with his platinum album sales, million-dollar tours and massive endorsement deals. If you discount taxes and spending, he actually made $150 million gross. And while it falls a little short of the $250 million he was aiming for, it’s still not a bad achievement for someone who’s not even 30 years old yet.
And it doesn’t look like he has any plans to hang up the mic anytime soon. He plans to keep on making as much money as he can. In the pipeline are a whiskey called Virginia Black which is sure to net him even more fans—and more hard cash. And it looks like Apple Music has struck an exclusive deal with him over exclusive rights to stream his new album. He has some longstanding deals with sponsors Nike, Sprite and Toronto Raptors which will ensure the rapper receives a steady income for a while.
You may well be wondering how the rapper spends his money. His assets include a $8 million home in the San Fernando Valley in California. The sprawling 7500ft property boasts an 80ft waterfall, a cellar full of vintage wines, a basketball court, a Jacuzzi and a movie theatre. He’s clearly living the high life but then, property is always a good investment.
He drives a bright orange Bugatti Veyron worth $2.5 million and wears a Phantom Rolex on his wrist.
And he’s been known to drop thousands of dollars on designer clothing and entertainment. Yet despite the party image, it’s clear he’s been working hard. He wouldn’t have been able to make it onto the Forbes Five list if he’d been resting on his laurels all this time.
Drake finds himself in good company. Just ahead of him on the list is Bryan ‘Birdman’ Williams who reportedly worth $110 million. Despite the fact that his fortune actually dipped slightly last year from $140 million—he’s still managed to secure the fourth spot on the list.
Then at number three you have Shawn ‘Jay Z’ Carter with a net worth of $610 million. A lot of that has to do with his music streaming service, Tidal. The recent passing of iconic artist Prince resulted in a surge of fans downloading his songs—which they could only do through Jay Z’s service. All of this will only make Tidal look even more attractive to companies such as Apple who are keen to add hip-hop artists to their stable.
Second place goes to rapper Andre ‘Dr Dre’ Young with $710 million. His legendary headphones have played a tremendous role in putting him this high up the list. Apple acquired Beats in a massive $3 billion deal. And the biopic he released last year, Straight Outta Compton also added a tidy sum to his portfolio. But it’s his impressive collection of luxurious properties that account for most of his money.
Last year he sold his Hollywood Hills home for a staggering $32 million. But he recently dropped $40 million on the home of supermodel and actress Gisele Bundchen. And he owns a home on Malibu’s Carbon Beach. Whatever happens in the future, it’s unlikely that Dr Dre will ever find himself homeless!
If he keeps on raking in the cash he could take the top spot away from Sean ‘Diddy’ Combs. With just $750 million, his money comes mostly from lucrative sponsorships, his TV network, clothing line and tequila and water lines. But he’s been at the top of this list for a number of years and it’s unlikely he’ll get knocked off completely anytime soon.
It’s not unusual for musical artists to make a lot of money, but you have to remember that most of it doesn’t come from record sales alone. All of these artists have proved that you have to diversify and be as good at business as you are at spitting rhymes. Fame is fleeting so it’s better to invest your money in business in property if you want to grow your wealth.
If you’re rapping skills are a bit disappointing, you might want to stick to buying lottery tickets for the US Powerball or Mega Millions instead. They’ll give you a much better chance of becoming a millionaire than relying on your rhymes alone!