What is the Net Worth of Drake?
Drake is one of the most popular and successful rappers in the world. He first gained recognition as an actor on the teen drama series Degrassi: The Next Generation in the early 2000s, but he became a global superstar after releasing his debut album Thank Me Later in 2010.
Over the past decade, Drake has established himself as one of the top-selling artists in music and has broken numerous records and milestones. He is credited with popularizing the “sing-rap” style and expanding the genre of hip hop.
But beyond the musical accomplishments, Drake has also built an extremely lucrative business empire. He has lucrative endorsements, his own record label, and other business ventures. With his continued chart success and entrepreneurial skills, Drake has amassed a huge net worth.
So what exactly is Drake’s net worth? How did he build his fortune and become one of the richest rappers in the world? This article will provide an in-depth look at Drake’s net worth, career, business deals and how he makes and spends his money.
Drake’s Current Net Worth?
According to multiple reputable outlets, Drake’s current net worth is estimated to be around $250 million as of November 2023. However, some estimates place his net worth even higher between $300-$400 million.
Regardless of the exact figure, it’s clear that Drake has amassed an immense fortune and is one of the wealthiest rappers and hip hop artists in the world. And at just 36 years old, his net worth will likely continue growing as he expands his business empire.
How Did Drake Build His Net Worth?
Drake built his massive net worth through a diversified portfolio of income sources and strategic business deals. Here are the main sources that contribute to Drake’s $250+ million net worth:
Music Sales & Streaming Revenue
The bulk of Drake’s fortune comes from his music. He has sold over 170 million records worldwide, making him one of the top-selling artists of all time.
His albums and singles consistently top the charts. According to Forbes, Drake grossed over $39 million in 2020 from his album sales, streaming royalties, and music publishing.
With the rise of streaming, Drake’s music generates millions of streams every single day on platforms like Spotify and Apple Music. Drake currently has over 75 billion total streams across all platforms.
Touring & Live Shows
In addition to recorded music, Drake earns big money from touring and live performances. His tours regularly gross over $1 million per night.
For example, his “Aubrey & The Three Amigos Tour” in 2016 with Future and Migos grossed over $79 million from 62 shows, according to Pollstar. And that was before his current fame level.
Drake’s “Boy Meets World Tour” in 2017 grossed over $85 million from just 59 shows in Europe and Australia.
As Drake continues touring and selling out shows, he likely earns over $100 million per tour cycle. Touring remains a top source of income for music stars.
Endorsements & Sponsorships
As his fame grew over the years, Drake has signed a series of endorsement deals with major companies like Nike, Apple, and Sprite.
While exact numbers aren’t public, these deals are each worth multi-millions per year for Drake. The Sprite endorsement alone reportedly earns Drake $3-5 million per year.
Other Drake sponsors and endorsements over the years have included:
- Virginia Black Whiskey
- Iceberg Vodka
- OVO Sound Radio (Apple Music Show)
As Drake continues releasing music and expanding his popularity, he’ll likely keep landing more lucrative sponsorships and endorsement deals in the future.
OVO Clothing Line
Aside from music, Drake also earns big from his fashion line called OVO (October’s Very Own). He co-founded OVO in 2011 along with business partner Adel Noor as an umbrella company for his non-music projects.
OVO includes a record label, apparel company, radio show on Beats 1, and an annual music festival. The OVO clothing line sells hoodies, t-shirts, sweatpants and other apparel with the OVO owl logo.
While private revenue numbers aren’t available, OVO reportedly generates tens of millions in annual sales. As with any clothing line, profit margins on merchandise are high, allowing Drake to expanding this business.
Real Estate Portfolio
Drake invests some of his fortune by buying multi-million dollar mansions and flipping real estate for profit.
Some examples of luxe Drake real estate holdings include:
- $7.7 million mansion in Toronto
- $4.5 million LA mansion
- $6.7 million pad in Hidden Hills
- $2.85 million condo in Miami
Drake owns over $50 million worth of real estate across North America. And he continues to buy and sell mansions each year, allowing him to diversify his wealth and benefit from rising property values.
Other Investments & Business Ventures
In addition to his core music career and business ventures, Drake has made other smart investments over the years:
- Icee Company: Drake invested $200k for a 1.5% stake in the Icee company, which sells soft drinks and frozen beverages. Based on Icee’s estimated $1.4 billion valuation, this stake could now be worth over $20 million.
- 100 Thieves: Drake invested undisclosed amount into 100 Thieves eSports gaming clan, which recently raised $35 million and is valued at $125 million.
- Royalty Flow: Drake recently invested into Royalty Flow startup that buys music royalties and provides income streams to artists.
- Real estate: Drake has made wise real estate investments that have likely netted him millions in profits over the years.
- Restaurants: Drake and other partners opened a chain of Chicken and Waffles restaurants in Canada called “Chef Motives.” This diversifies his business ventures beyond music.
As Drake’s empire continues to grow, he’ll likely keep making strategic investments that expand his wealth.
How Does Drake Spend His Money?
With a net worth in the hundreds of millions, how does Drake spend all that cash? Here are some of the ways the rap superstar indulges with his fortune:
- Real estate: As mentioned Drake spends tens of millions on mansions, penthouses and luxury real estate. His Toronto mansion cost $7.7 million.
- Private jet: Drake reportedly owns a $185 million private Boeing 767 plane called “Air Drake.” The custom jet can hold up to 30 people.
- Exotic cars: Drake’s car collection is worth millions and includes Rolls-Royces, Ferraris, Bugattis, Lamborghinis and more.
- Jewelry: Drake spends big money on jewelry for himself and gifts. He bought himself a $150,000 necklace with diamonds and an $800,000 iPhone case with gems.
- Parties & events: Drake goes all out on over-the-top parties, concerts, NYE events and more. His 2016 “Safari” birthday party cost over $400,000.
- ** philanthropy** Drake donates money to causes he cares about, including rebuilding his old high school and supporting healthcare.
- Security: Drake spends over $2 million per year on private security when touring. At home he has 24/7 security.
- Entourage & team: Drake employs a huge entourage of assistants, producers, managers, drivers and hangers-on.
While he spends lavishly in many ways, Drake does appear to be prudent with his wealth compared to some stars who go bankrupt. His investments, business deals and real estate purchases show he is thinking long-term.
Drake’s Career & Rise to Fame
Drake’s immense wealth is even more impressive when you consider his humble beginnings in the music business. Here is an overview of Drake’s journey from teen soap actor to chart-topping rapper and mogul:
- Born Aubrey Graham in 1986 in Toronto, Canada. He was raised by his mother in a low-income neighborhood.
- Landed a role on Canadian teen drama Degrassi: The Next Generation in 2001. Drake (then Aubrey) played “Jimmy Brooks” on the show until 2009.
- Started releasing mixtapes and songs on MySpace around 2006, getting the attention of Lil Wayne who signed him to his Young Money label.
- Released his debut EP So Far Gone in 2009 which contained the breakout hit “Best I Ever Had.”
- Signed a major label deal with Lil Wayne’s Young Money/Cash Money and Universal Motown Records.
- Debut studio album Thank Me Later released in 2010, debuted at #1 with platinum sales.
- Second album Take Care released in 2011, also debuted #1 with multi-platinum certifications, containing Drake’s breakout single “Headlines.”
- Has released hit albums including Nothing Was the Same (2013), Views (2016), Scorpion (2018) and Certified Lover Boy (2021). Each album goes #1.
- Broke numerous Billboard Hot 100 chart records, including most songs charting on the Hot 100. Has had over 275 charting songs and 53 Top 10 hits.
- Among the most-streamed artists ever with over 75 billion streams. Has #1 hits like “God’s Plan,” “One Dance,” “Hotline Bling” and “In My Feelings.”
- Headlined massive global tours grossing hundreds of millions like “Boy Meets World Tour” and “Aubrey & The Three Amigos Tour”
- Launched successful business ventures including OVO record label and clothing line.
- Landed endorsements with major brands including Nike, Apple, Sprite, and WhatsApp.
- Expanded into acting by hosting SNL, guest starring on shows, and voice roles in animated films.
- Invested in companies like Icee, Royalty Flow, and 100 Thieves eSports team.
Thanks to his record-breaking music success and savvy business skills, Drake has grown into one of the wealthiest, most powerful stars in music with an estimated $250 million net worth.
Conclusion
With a net worth of $250 million that keeps growing, Drake is cementing his status as one of the wealthiest, most successful hip hop artists ever.
He’s earned this massive fortune over his decade-plus career through chart-topping album sales, billions of streams, blockbuster tours, lucrative endorsements and smart investments.
And at just 36, Drake is still in his prime career years. He likely has many more hugely profitable tours, albums, hits and business deals ahead of him.
Barring any huge financial missteps, Drake appears poised to continue growing his wealth and joining the upper echelons of the music industry elite.
While some celebrities ruin their finances through overspending, Drake has made smart money moves by investing in startups, real estate, his own businesses and saving assets.
His journey building his fortune shows how leveraging fame into business opportunities can lead to generational wealth. Drake has set the blueprint for converting musical success into empire-level riches.
Drake Net Worth FAQs
Here are answers to some frequently asked questions about Drake’s net worth and money:
How much is Drake worth right now?
According to financial outlets, Drake’s current net worth is around $250 million as of November 2023. He was previously estimated at over $200 million, but has earned tens of millions more in the past year.
What is Drake’s salary?
Drake earns over $50 million per year on average, according to Forbes estimates over the past years. However, his annual earnings vary and have been over $100 million in some years when touring. The bulk of his income comes from music sales, streaming, touring, endorsements and business ventures.
Who is richer – Drake or Kanye West?
Most indications point to Drake having a higher net worth than Kanye West. Drake’s fortune is estimated at $250 million compared to Kanye’s $200 million net worth. However, Kanye makes big money from his Yeezy brand. But Drake likely earns more overall from music and touring at this current point.
How much does Drake make per show?
On his major tours, Drake has been estimated to earn around $1 million per show on average. Top artists like Drake can demand nightly payouts in the mid-to-high six figures for arena shows.
His “Boy Meets World” tour likely grossed over $1.5 million per show from 59 shows that totaled $85 million.
How much does Drake make from album sales?
Drake earns an estimated $7-10 in royalties for every album sold. So if he sells 500,000 albums (which is low for him), that’s around $3.5 – $5 million in royalties. Streaming now accounts for the majority of his music income.
What businesses does Drake own?
Drake owns the OVO record label and OVO clothing line. He also co-owns the restaurant Chef Motives. Other Drake business ventures include real estate investing, Royalty Flow music royalties company, and stakes in Icee and 100 Thieves eSports.
How much does Drake spend on security?
Drake spends heavily each year on personal security due to his fame. It’s estimated he spends over $2 million per year on security guards, protection, and logistics. When touring, his security bills are even higher.
Does Drake own a private jet?
Yes, Drake owns a custom private jet. His Boeing 767 plane called “Air Drake” cost around $185 million. The giant jet can fit 30 people and has Drake’s “OVO” owl logo painted on the tail.
How many cars does Drake own?
Drake has an extensive luxury car collection worth millions. Some of the cars he owns include:
- Rolls-Royce Phantom
- Ferrari LaFerrari
- Lamborghini Aventador
- McLaren 675LT
- Bugatti Veyron
- Bentley Continental GT
- Mercedes SLR McLaren
- Rolls-Royce Wraith
He spends millions to customize his cars with premium details.
What house does Drake live in?
Drake primarily lives in his $7.7 million mansion in Toronto, Canada. He also owns a $4.5 million LA mansion, a $6.7 million estate in Hidden Hills, and a $2.85 million Toronto condo. Drake owns over $50 million in luxury real estate.
How much does Drake spend per year?
It’s estimated Drake spends around $40 – $50 million per year on his lavish lifestyle from real estate, cars, jets, security, events, gifts, and more. That’s only a small fraction of his $250 million fortune.
