Russell Simmons net worth is $340 million. He made his money as an American entrepreneur, writer and record executive.
Of course, everybody wants to know the kind of life that a man like Russell Simmons lives and what Russell Simmon’s net worth is. This man has amassed wealth over the years from owning multiple businesses and producing movies. He is an American entrepreneur, film producer, writer, and record executive who is known largely as the chief executive officer of Rush Communications. He is also known as the former husband of supermodel Kimora Lee.
Born on the 4th of October, 1957 his full name is Russell Wendell Simmons and he was born in Queens, New York City, United States of America. He was born to a father who worked as a public-school administrator and a mother who was also an New York City Park administrator. He was raised alongside his two brothers who are also quite popular.
The first is Daniel Simmons and he works as a painter while the second is Joseph Simmons commonly known by his stage name Rev Run and he is a minister and a rapper. Russell Simmons holds an American Nationality and is of African American Descent. He describes himself as a Christian yogi and is a firm believer in the act of meditation.
Russell Simmons’s net worth is definitely something that people all around would like to know, and this article right here is going to give the details on that as well as how he spends his money.
What is Russell Simmons Net Worth?
And now it’s time to reveal Russell Simmons’s net worth. With an extensive career like his, and the many business ventures to his name, it wouldn’t be surprising that his net worth would be a huge amount, would it? No, it wouldn’t. Estimates put Russell Simmons’s net worth at a whopping $340 million!
How Does Russell Simmons Net Worth Accrue?
Before we can get into how Russell Simmons spends his money, let’s first look at how he makes it. Simmons has undoubtedly had a long and successful career in both entertainment and fashion. It all started in 1983 when he co-founded Def Jam Recordings alongside Rick Rubin.
Def Jam is known as one of the most successful record labels in the music industry and has such big arts like Logic, Justin Bieber, Nas, 2 Chainz, Kanye West, and more. Later on, Russell Simmons would go on to sell his stake of Def Jam to Universal Music Group for $100 million! He started his company and called it Rush Communications Inc. It includes about 10 different businesses and three non-profit organizations.
Russell Simmons branched out his moneymaking ventures by entering the movie industry. He has produced and co-produced multiple movies including Krush Groove (1985), The Nutty Professor (1996), Def Jam’s How to Be a Player (1997), as well as the HBO series Def Poetry Jam and Def Comedy Jam. Krush Groove had a budget of $3 million and made $11 million in box office returns. The Nutty Professor had a $54 million budget with a $274 million return.
He also has a clothing line called Phat Fashions LLC which he launched in 1992 and this clothing line has a wide range of products including jewelry, perfume, women’s clothing, men’s clothing, and other merchandise. Under Phat Fashions LLC, Simmons had clothes and accessories branded as Phat Farm and Baby Phat. Thanks to the fashion lines, he was able to make over $200 million in profits. In 2004, both brands were sold by Simmons to the Kellwood Company for $140 million. He is also the founder of the fashion lines Argyleculture and Tantris.
Sources of Russell Simmons Net Worth
- Movie making
How Does Russell Simmons Spend His Money?
The big question on everyone’s mind is how this millionaire spends his money. With the millions he has made throughout his career, one would expect that Russell Simmons lives a luxurious life. You wouldn’t be wrong to think that. In 2013, Simmons bought an LA property for £5.88 million. It sits on 6,085 square feet of sunset strip area land. It has 5 bedrooms, 6 bathrooms, a detached guest suite, and Buddha statues. Simmons later listed the house for $8.25 million.
Apart from luxury houses, cars and investments, Russell Simmons is a social activist who supports multiple charities and organizations. He supports Farm Sanctuary, as he is a vegan and an animal rights activist. In fact, he was awarded the PETA Humanitarian Award and also the 2011 Person of the Year Award. He also supports the Somaly Mam Foundation which is a foundation that focuses on fighting sex trafficking.
Together with his two brothers, Russell Simmons founded the Rush Philanthropic Arts Foundation which provides access to art education and exhibitions to under-serviced youth and people of color.