Drake Net Worth

Drake’s Net Worth in 2024: A Deep Dive into His Fortune and Career

Early Life and Career Beginnings

Aubrey Drake Graham, known globally as Drake, is a multifaceted Canadian entertainer whose success spans acting, producing, and, most notably, rap music. Born in Toronto, Canada, on October 24, 1986, Drake’s journey to becoming one of the world’s highest-paid entertainers began with humble beginnings. His father, Dennis Graham, worked as a drummer, playing with musicians such as Jerry Lee Lewis. His mother, Sandi Graham, was an English teacher and florist. Drake’s early life was marked by his parents’ divorce when he was five. He attended a Jewish day school and celebrated his Bar Mitzvah.

Growing up, Drake lived with his mother in Toronto while his father spent time in Memphis. His father’s absence during his childhood and subsequent incarcerations for drug charges, formed a significant backdrop to Drake’s formative years. From sixth grade onwards, Drake and his mother resided in a two-story townhome in Forest Hill, an affluent suburb, where they faced financial constraints. Despite the challenges, Drake found solace and a creative outlet in acting and singing, a trajectory that would eventually redefine his career. He attended Forest Hill Collegiate Institute and later Vaughan Road Academy, where he experienced bullying due to his mixed-race and religious background. He dropped out for a time but eventually graduated in 2012.

Music Industry Breakthrough and Young Money

Drake’s acting career took off at 15 when he landed a role on the Canadian teen drama “Degrassi: The Next Generation.” He played Jimmy Brooks, a basketball star whose life took a dramatic turn after being shot. The show provided crucial income, especially when his mother faced health issues and was unable to work. During this time, Drake earned approximately $50,000 per year. However, Drake’s true passion lay in music. Inspired by rap icons like Jay-Z, he began releasing mixtapes in 2006.

His first mixtape, “Room for Improvement,” released in February 2005, sold over 6,000 copies. The following year, he launched his own label, October’s Very Own (OVO Records), and released “Comeback Season,” which featured an underground hit single, “Replacement Girl.” The song’s music video was the first from an unsigned Canadian rapper to air on BET. This mixtape caught the attention of Houston-based producer Jas Prince, who forwarded it to Lil Wayne. Impressed, Lil Wayne invited Drake to join his Tha Carter III tour, sparking a creative collaboration that would change Drake’s career forever. Together, they wrote and recorded several tracks, including “Brand New,” “Forever,” and “Ransom.”

Soaring to Stardom: Mainstream Success and Album Sales

In 2009, Drake released his third mixtape, “So Far Gone,” as a free download on his OVO website. It featured collaborations with artists such as Lil Wayne, Trey Songz, and Bun B. After being downloaded 2,000 times in its first hour, the mixtape was eventually certified Gold by the RIAA and reached #2 on the Billboard Hot 100. The mixtape’s success led to a bidding war among major record labels, with the industry vying to sign the rising star. On June 29, 2009, Drake signed with Lil Wayne’s Young Money Entertainment, a joint venture with Cash Money, distributed by Universal Music.

Drake’s debut studio album, “Thank Me Later,” was released on June 15, 2010, immediately hitting #1 in both Canada and the United States. In the US, it topped the Billboard 100, R&B/Hip-Hop, and US Rap charts, and was certified Platinum by the RIAA. His second album, “Take Care” (2011), achieved similar success, reaching #1 in several countries and earning a 6-times Platinum certification. Since then, every album Drake has released has been at least 4-times Platinum, solidifying his position as a dominant force in the music industry.

Drake’s commercial success includes collaborations with major artists like Kanye West, Eminem, Jay-Z, and Travis Scott. He has won over 180 major awards, including four Grammys, from more than 40 nominations. Drake grosses approximately $1 million per concert, reflecting his immense popularity.

Drake’s Earnings, Financial Milestones, and Universal Music Group Deal

Drake’s career earnings are staggering. Before taxes and lifestyle expenses, Drake has earned over $430 million. Between June 2017 and June 2018, he earned $45 million; in 2017 alone, he brought in $95 million. From June 2018 to June 2019, his earnings reached $75 million, and in the following 12 months, he earned $50 million. In 2022, his earnings were estimated at $30 million. Drake’s consistent financial success is further enhanced by his landmark deals.

In May 2022, Universal Music Group (UMG) announced a “long-term worldwide partnership” with Drake, covering recorded music, music publishing, film, television, and brands. Drake alluded to the deal in his lyrics, hinting at an upfront payment of $360 million. Other sources estimated the value of the deal at $400 million or more. Prior to this deal, Drake’s music catalog alone generated $50 million annually for UMG. Assuming the deal was worth $400 million, Drake would have received an estimated $200 million after taxes.

Drake’s Business Ventures and Brand Endorsements

Beyond music, Drake has expanded his influence through various business ventures. He has been a global ambassador for the Toronto Raptors and hosts the annual Drake Night with the team, enhancing his brand and community involvement. Drake also owns OVO Sound, a record label distributed by Warner Bros. Records, which represents artists such as PartyNextDoor and Majid Jordan, as well as producers like Boi-1da. The label contributes significantly to his overall financial portfolio.

Drake’s endorsements include major brands such as Sprite, Burger King, Whataburger, Nike, and Apple. Notably, he signed a $19 million exclusivity deal with Apple Music when the platform launched, ensuring his future solo releases would debut there. In 2016, he launched Virginia Black, a bourbon-based whiskey brand, which sold 4,000 bottles in its first week, and later shipped an additional 30,000 units, demonstrating his entrepreneurial spirit.

Real Estate Empire: The YOLO Estate and Other Properties

Drake’s investments extend to a significant real estate portfolio. In 2012, he purchased a mansion in Hidden Hills, California, from the former owner of Los Angeles’ Saddle Ranch Bar. This property, nicknamed the YOLO Estate, features multiple residences, including a 12,000-square-foot main house, a 2,000-square-foot party house, equestrian stables, a movie theater, a basketball court, a sand volleyball court, and a massive pool with waterfalls, a swim-up bar, and an 80-foot water slide. The estate spans 6.7 acres of contiguous property, representing approximately $15 million in acquisition costs.

In 2016, Drake bought a plot of land in suburban Toronto’s Bridle Path for $6.7 million and built a 50,000-square-foot mansion, including a 10-car garage, a full-size NBA basketball court, and an awards room. He also owns a condo in downtown Toronto, adding to his diverse real estate holdings. In March 2022, Drake listed the YOLO Estate for $22.7 million, eventually selling parts of the property to NFL star Matthew Stafford. He has since sold the entire property.

In 2022, Drake purchased Robbie Williams’ Beverly Hills mansion for $75 million, taking out a $52.5 million mortgage. The mansion, previously owned by Guess? co-founder Armand Marciano, spans 20 acres. In October 2023, Drake acquired a 313-acre property in Texas for $15 million, formerly known as The Inn at Dos Brisas, and now called Dos Brisas Ranch.

Air Drake: The Luxurious Private Jet

In May 2019, Drake showcased his newly-acquired Boeing 767 private jet, dubbed “Air Drake.” Proudly proclaiming it as his own, with “no rental, no timeshare, no co-owners,” the jet is estimated to be worth between $75 to $100 million. This acquisition highlights his status and success.

(Photo by Tom Szczerbowski/NBAE/Getty Images)

Drake’s Tours and Live Performances

Drake’s live performances and tours have significantly contributed to his wealth. His first headline tour was 2010’s “Away From Home Tour,” followed by five additional headlining tours through 2019. He has also co-headlined four tours, including the 2018 tour with Migos. His 2016 “Summer Sixteen Tour” was the highest-grossing hip-hop tour at that time, with $84.3 million in earnings from 54 shows, averaging $1.56 million per concert. The co-headlining tour with Migos broke that record, with $80 million over 43 dates, averaging $1.86 million per concert.

Drake’s performances are not limited to tours. He hosts the annual OVO Fest in Toronto, which consistently sells out. He also has an ongoing residency at XS Nightclub in Las Vegas, where he can earn upwards of $500,000 per appearance, and now earns more than $2 million for a formal concert.

Personal Life and Relationships

Drake’s personal life has also garnered significant public interest. He has been in high-profile relationships, including an on-and-off relationship with Rihanna from 2009 to 2016. He described Rihanna as “the woman I’ve been in love with since I was 22 years old.” In October 2017, French model and actress Sophie Brussaux gave birth to his son, Adonis, a fact Drake confirmed in 2018.

Conclusion: The Legacy of Drake

As of 2024, Drake’s net worth is estimated at $250 million, reflecting his remarkable success and diverse income streams. His career, which began in acting and transitioned into a global music phenomenon, is marked by relentless innovation, strategic business ventures, and astute investments. Drake’s impact on the music industry, his numerous accolades, and his influential status solidify his legacy as one of the most significant figures in contemporary entertainment. His story continues to evolve, setting the stage for future achievements and solidifying his enduring presence in the cultural landscape.