Guess Who Earned $63 Million Last Year…

Article written by: Asmara Wreksono
Posted on: August 19, 2010

He might be on his annual vacation with the missus right now, but the news on Jay-Z and his success show no signs of stopping. The hip-hop mogul was crowned “Hip-Hop Cash King” of 2010 by Forbes magazine, with total earnings of $63 million for the past 12 months. The famous list of “Hip-Hop Cash Kings” is determined by earnings estimates calculated between June 2009 and June 2010. The earnings include income from entertainment ventures such record sales, digital downloads, touring, films, TV shows, endorsements, books and many more.

In his 2006 hit “Oh My God”, Jay-Z taunted: “What you call money, I pay more in taxes” and it only took him four years to make the lyric a reality. Forbes acknowledged the famed taunt and typed the opening sentence:

“Four years ago Jay-Z issued a lyrical taunt to his fellow rappers: ‘What you call money, I pay more in taxes.’ Turns out his line was more than just a boast.”

The business magazine wasn’t kidding around when they put Hova above his fellow moguls on the list. According to Forbes, his income alone classified Hova within the 35% tax bracket which instantly means he’ll be paying a staggering $22 million to the IRS *cough*. And yes, for some other names in hip hop, that’s more than their total earnings. For clearer illustration, take a look at the top 10 list:

1. Shawn “Jay-Z” Carter - $63 Million
2. Sean “Diddy” Combs - $30 million
3. Aliuane “Akon” Thiam - $21 million
4. Dwayne “Lil Wayne” Carter - $20 million
5. Andre “Dr. Dre” Young - $17 million
6. Christopher “Ludacris” Bridges - $16 million
7. Calvin “Snoop Dogg” Broadus - $15 million
8. Timothy “Timbaland” Mosley - $14 million
9. Pharrell Williams - $13 million
10. Kanye West - $12 million

Who would’ve thought that Kanye West would’ve dropped his earnings from a cool $25 million last year to $12 million this year. Maybe Yeezy should take some tips from Lil Wayne who might only be sitting in number 4 but made a whopping $20 million amidst his ordeals with the law. Accompanying Hova at the top sits Diddy who makes $30 million -quite a far cry from 63- and Akon who cashed in $21 million from his clothing lines and new fragrance venture.

Aside from his Blue Print 3 Tour which is rumored to bring in a whopping $1 million per concert, Jay-Z also raked in the dollars from his 2009 album “The Blueprint 3″. Don’t forget his investments in his 40/40 nightclub chain, Broadway’s “Fela!” and his stake in NBA’s New Jersey Nets. Oh, and there’s still Rocawear too!

Ryan Schinman, chief of Platinum Rye acknowledged Jay-Z’s accomplishment. He told Forbes:

“Jay-Z is in a league of his own right now. There are very few artists of any genre, not just hip-hop, who’ve created such brands for themselves.”

Creating a league of your own is certainly not an easy task. But when you step on it and increase your income from only $35 million up to a dramatic $64 million, guess it’s well-deserved.

However accomplished Jay-Z is, some people think he’s in a troubled marriage as his income is way lower than wife, Beyonce, who made $87 million last year. People are entitled to their opinions, but we still think the couple deserves to be dubbed the true powerhouse of hip-hop.

Any thoughts?