Drake Replaces 50 Cent On Prestigious 'Forbes Five' Club's Fifth Wealthiest Hip-Hop Artist In The World
Canadian rapper/record producer Drake has joined The Forbes Five, the annual list of the world's richest hip-hop artists. In doing so, Drake has dethroned fellow rapper 50 Cent, who held the fifth position on the Forbes Five last year.
The 29-year-old gained entry into the prestigious millionaire's club this year, thanks to his $60 million net worth, which, as Forbes reported, was built on "multi-platinum recordings, million-dollar-grossing tours, and seven figure endorsements."
According to Forbes, Drake has been a fixture on the Hip-Hop Cash Kings list of top-earning rappers since he made his debut in 2010, when he earned an estimated $9 million pre-tax.
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"Every year, we just want to get more prepared and better at touring and better at things that make money," the young artist told Forbes in 2013.
50 Cent lost his spot on the Forbes Five due to a music career that has stagnated in recent years and a disastrous Vitamin water deal. In 2015, the former Forbes Five member filed for bankruptcy after a slew of multi-million dollar lawsuits supposedly depleted his funds. 50 Cent has also leaked money from unfortunate investment choices with brands such as Frigo underwear, SMS headphones and Effen vodka.
Sean "Diddy" Combs topped the Forbes Five list this year with a $750 million net worth, with Andre "Dr. Dre" Young landing at the second spot with $710 million in his coffers. Shawn "Jay Z" Carter is third on the list with $610 million while Bryan "Birdman" Williams is at $4 with $110 million.
Apart from their respective money-making music careers, each of the recording artists in the Forbes Five has investments in other industries. Combs has stakes in Revolt, his TV network, and has his own clothing line, Sean John, and alkaline water company, Aquahydrate.
Dr. Dre made a lot of money from last year's award-winning biopic "Straight Outta Compton" and has an impressive real estate portfolio. Jay Z owns Tidal and has stakes in various businesses, including a champagne brand and a sports agency. Birdman owns a clothing line and is said to have been in the oil business. Drake, meanwhile, has deals with Apple, Nike, and Sprite.
According to Forbes, the Forbes Five list is determined using past earnings, current holdings, and input from experts, analysts, managers, attorneys and the hip-hop moguls themselves.
