Majority of musicians make their income from music alone, some others from other business, and another few from owning big ventures that double the amount they make from music.
This set of geniuses don’t have to wait for profit from their songs or have to go into the studio to get their bread.
Top Musicians and other business they are into
- Jay z
Shawn Carter, the man we all know as Jay Z. He dropped many ‘bangers’ while he was still active in music. Just before he stepped down in music, the rapper created Roc-A-Fella records in 1996 which split so He could become CEO and president of Dej Jam, had a clothing line then sold it, owned distribution rights for Armadale Vodka before it got dissolved in 2002. He also had a minority stake in NBA team Brooklyn Nets and is reportedly considering buying shares in EPL side Everton. His current net worth currently at $2.5 billion, making him the richest musician in the world. - Rihanna
Rihanna’s entrepreneurial success is truly impressive. Here are some key highlights from her business ventures:
Music:
- 18% of her net worth ($1.7 billion)
Business Ventures:
- 82% of her net worth
- Savage x Fenty lingerie company (valued at $1 billion+)
- Fenty Beauty (50% stake with LVMH)
- Fenty Fashion House (with LVMH)
- Other partnerships (e.g., Apple, Amazon)
Rihanna’s strategic partnerships and innovative products have disrupted various industries:
Fenty Beauty: Revolutionized the beauty industry with inclusive product lines catering to diverse skin tones.
Savage x Fenty: Redefined the lingerie market with size-inclusive, empowering designs.
Fenty Fashion House: Made history as the first black woman to launch a fashion brand with LVMH.
Rihanna’s business acumen and willingness to take risks have paid off, solidifying her position as one of the richest self-made women in the world.
- Justin Timberlake
Ten times Grammy winner, Timberlake is another musician you’d think only feeds on music money without considering other business. The collection of what he owns and is into is quite shocking. The Canadian musician has a league of restaurants, and clothing line, started his own record label called Tennman Records, and owns shares in a basketball team, Memphis Grizzlies and is a spoke person for mobile company, Apple. - Diddy
Sean “Diddy” Combs’ business empire is indeed impressive. Here are some key highlights:
Music:
- Founder of Bad Boy Records
- Successful artist and producer
Business Ventures:
- Clothing Line: Sean John (estimated annual revenue: $250 million)
- Restaurants: Justin’s (multiple locations)
- Entertainment: Executive producer of “Making the Band” (MTV)
- Endorsements: Partnerships with major brands like Cîroc vodka and DeLeón tequila
Awards and Recognition:
- Listed among top 40 entrepreneurs by Fortune magazine (2002)
- Harvard Business School graduate (Executive Education program)
Combs’ estimated net worth is around $900 million, solidifying his position as one of the most successful musician-entrepreneurs.
Despite facing controversies, Combs’ business acumen and innovative spirit have inspired many. His ability to diversify and expand his brand has contributed significantly to his success.
- Beyonce
Wife to the top of our list, Jay Z, Beyonce Giselle Knowles-Carter doesn’t need her husband to be one of the wealthiest women in the music industry. The 43-year-old runs her world with various endorsements, clothing line called House of Dereon co-owned with her mother Tina Knowles. Ivy Park is another clothing line she owns through her management company Parkwood Entertainment. She also owns a perfume line called Eau De Parfum
- Madonna
Madonna has been making hits since the 1980s and has been a formidable businesswoman despite facing ups and downs throughout her career. Her astonishing net worth of $850 million comes from her music, a Golden Globe-winning Actress, writer of numerous children’s books, owner of Maverick Records, and an outstanding fashion designer. - Dr Dre
Dr. Dre’s entrepreneurial success is truly inspiring. Here are some key highlights:
Music:
Successful rapper and producer
Founder of Aftermath Records (1996)
Business Ventures:
Co-founder of Beats Electronics (2006)
Sold Beats to Apple for $3 billion (2014)
Aftermath Records: Launched careers of Kendrick Lamar, Eminem, 50 Cent, and more
Net Worth:
Estimated $500 million+
Forbes Ranking:
5th richest rapper (2022)
Dr. Dre’s innovative spirit, production talent, and business acumen have cemented his position as a legendary entrepreneur.
- Kanye West
Despite suffering from multiple financial setbacks in 2016 and 2022, his bounce back from bankruptcy is one to be studied. The American musician created his own tech brand called Yeezy Tech and his clothing line (Yeezy) his net worth is estimated to be $450 million in 2024.
- Pharrell Williams
The man who sang the hit song “Happy” in 2013 is a businessman who goes under the radar. He founded his clothing line “Billionaire Boys Club” and his footwear line “Ice Cream” all the way back in 2003. He has a hand in the food industry, and owns a Mediterranean-themed eatery called Strawberry Moon based in Miami. He and business partner David Grutman also co-own Miami’s Swan restaurant which was opened in 2018.
- Selena Gomez
The former Disney star, Selena Gomez has been successful in her music and acting career. Even though most of her wealth comes from her career in the entertainment industry, she co-founded a mental health platform “Wondermind”. She owns Gopuff, a food delivery company, and has investments in ice cream brand Serendipity.
