Three new celebrities gained billionaire status in 2023, while one high-profile star lost the rarefied perch, according to Forbes.
Jimmy Buffett, LeBron James and Tiger Woods all reached the nine-zero threshold to make Forbes 2023 Billionaires List for the first time, the magazine reported.
Meanwhile, Kanye “Ye” West, who saw business deals crumble with Adidas, Gap, Balenciaga, JPMorgan Chase, Foot Locker and more following a series of antisemitic comments, reportedly costing him $1.5 billion, was the only star to fall off the list this year.
Just 14 entertainment and sports celebrities have worked their way to billionaire status since Forbes started ranking the world’s richest people, with eight of them climbing to those heights in the past three years.
That’s a significant change from the first list in 1982, when the only entertainers among the richest Americans were Yoko Ono and Bob Hope. By 2002, just six more were added, and only three of them made it to billionaire status: George Lucas, Steven Spielberg and Oprah Winfrey.
But in the past eight years, market changes, investment opportunities and other deals have enabled 11 more from entertainment and sports to reach those ranks.
Forbes noted that often, half or more of the these celebs’ net worth is from their investments — as in the case of retired basketball star Michael Jordan, who’s now worth $2 billion, much of which comes from his ownership of the NBA’s Charlotte Hornets, or rap impresario Jay Z, currently worth $2.5 billion, a fortune that more than doubled in the past four years thanks to investments in the liquor industry.
All three of the newcomers to the billionaire’s list likewise built their fortunes on a range of investments.
Though internationally renowned for his golfing, Woods’ $1.2 billion net worth reflects not only his earnings on the links, but also investments in real estate, a golf course design company and a mini golf chain, Forbes said.
“Margaritaville” singer and entrepreneur Buffett debuted on the list with a $1 billion fortune, attained through not only decades of touring and song royalties but also from his global licensing operation that builds restaurants, resorts and casinos.
James also joined the list with a $1 billion net worth, thanks both to his earnings on the court as one of the world’s highest paid athletes as well as his endorsement millions from Nike, AT&T, PepsiCo and Walmart. King James also has extensive investments in several companies, including Fenway Sports Group, which owns the Boston Red Sox, and the marketing and entertainment company Spring Hill.
Several boldfaced names have dropped off the richest list over the years, including: Ono in 1986; Hope in 1984; Dick Clark in 1988; Merv Griffin in 1990; Bill Cosby in 1995; J.K.Rowling in 2012 and Kylie Jenner in 2021, when public disclosure of a series of falsehoods over the size and profitability of her Kylie Cosmetics brand pushed her off.
In addition to the newcomers, the current list includes:
“Star Wars” creator Lucas, who is on top of the entertainment pack now, with a $5 billion fortune developed not only from the universe he created but also from his pioneering work in digital film. Disney bought his LucasFilm production house for over $4 billion in 2012.
Lucas’ “Indiana Jones” partner, Spielberg, holds a $4 billion fortune, built largely on his decision decades ago to receive a portion of gross sales from his films rather than a salary. He also gets a slice of every ticket sold at Universal theme parks.
Oprah’s bankroll is now $2.5 billion, Forbes said, thanks to her own broadcast success and her backing of long-running TV programs helmed by the likes of Dr. Phil.
“The Lord of the Rings” and “The Hobbit” director Peter Jackson earned millions on his films, but his net worth climbed to $1.5 billion when he sold a portion of his Weta Digital visual effects company to game maker Unity Software in 2021.
With two billion-dollar brands, cosmetics company Fenty Beauty and lingerie brand Savage X Fenty, Rihanna makes the list with a fortune of $1.4 billion.
Kim Kardashian’s current net worth is $1.2 billion, thanks largely to her shapewear line SKIMS.
Investments in real estate, a longterm deal with CBS and a major deal with Amazon Studios put Tyler Perry on the list with a net worth of $1 billion.