As of June 2023, Drake’s net worth is estimated to be approximately $250 Million, making him one of the richest rappers in the world, and currently signed to Lil Wayne’s company, Young Money Entertainment. The figure varies with some sources estimating a net worth of around $150 million. However, this discrepancy might be attributed to the continuous accumulation of wealth from multiple income sources.
How Drake Makes His Millions
1. Music Career: Drake’s music career has been one of his primary sources of wealth. He started in 2005 by releasing mixtapes, with his first release ‘Room for Improvement’ selling 6000 copies. His collaborations with Lil Wayne on a music tour called Tha Carter III resulted in memorable songs like Brand New, Forever, and Ransom. His third mixtape, So Far Gone, won The Juno Award and established him as an important figure in the mainstream music industry. His subsequent albums topped the Billboard charts and were certified platinum multiple times. Drake reportedly grosses over $1 million for each concert.
2. Acting Career: Drake began his career in the entertainment industry as an actor, starring in the Canadian teen drama ‘Degrassi: The Next Generation’. He earned about $50,000 per year for his role through the first season of the sitcom.
3. Business Ventures and Endorsements: Drake co-runs October’s Very Own (OVO), an umbrella company for his clothing line, record label, and radio station. He also had a $19 million deal with Apple when Apple Music was launched and had endorsement deals with Sprite, Burger King, Whataburger, and Nike. He serves as the brand ambassador for the NBA’s Toronto Raptors.
Drake’s Lifestyle and Spending Habits
1. Luxury Cars and Private Jets: Drake is known for owning a collection of luxury cars and private jets. His collection includes a customized Boeing 676 named ‘Air Drake’ which costs about $100 million plus $280 million for customization. His car collection includes a Bentley Continental GTC W12, Devel Sixteen, Bugatti Veyron, Mercedes Maybach G 650, Rolls Royce Phantom, Rolls Royce Wraith, and Ferrari Laferrari.
2. Real Estate Investments: Drake owns several properties including a luxury house in Toronto worth $150 million, which boasts an NBA regulation-size basketball court. He also owns several other properties in LA and Toronto and has plans to build a 35,000-square-foot chateau-style house on newly purchased land.
Philanthropy: Drake is known for his philanthropic activities. He notably budgeted about $1 million for his ‘God’s Plan’ music video to be donated to those in need.
In conclusion, Drake’s fortune is a combination of successful music and acting careers, smart business ventures, and lucrative endorsements. His wealth enables a luxurious lifestyle, but he also sets aside a portion for philanthropic activities.
Aubrey “Drake” Graham, known mononymously as Drake, is a renowned Canadian rapper, singer, songwriter, and actor. Born in October 1986 in Toronto, Canada, Drake first entered the entertainment industry as an actor in the early 2000s, starring in the Canadian teen drama ‘Degrassi: The Next Generation’. His music career took off in 2005 with the release of his first mixtape, ‘Room for Improvement’. His collaborations with famed rapper Lil Wayne significantly boosted his career, leading to hit songs such as ‘Brand New’, ‘Forever’, and ‘Ransom’.
Drake’s third mixtape, ‘So Far Gone’, won The Juno Award and solidified his standing in the mainstream music industry. His subsequent albums often topped the Billboard charts and achieved multi-platinum status. Known for his energetic performances, Drake grosses over $1 million per concert. Beyond his music, Drake is also a successful businessman. He co-runs October’s Very Own (OVO), a company that encompasses a clothing line, record label, and radio station.
Drake has also secured lucrative endorsement deals with high-profile companies, including a $19 million deal with Apple for the launch of Apple Music. His love for basketball led him to become the brand ambassador for the NBA’s Toronto Raptors. Drake’s net worth, as of June 2023, is estimated to be around $250 million, making him one of the richest rappers in the world.
His wealth affords him a lavish lifestyle, including a collection of luxury cars, private jets, and a significant real estate portfolio, with properties in Toronto and Los Angeles. Despite his wealth, Drake is known for his philanthropy and has notably donated significant amounts to various causes, including a $1 million budget for his ‘God’s Plan’ music video, which was given to those in need. In summary, Drake’s journey from a young actor to one of the most influential figures in the music industry is a testament to his talent, entrepreneurial spirit, and his dedication to his craft.