Richest Entrepreneurs

Russell Simmons Net Worth and Earnings

Russell Simmons Net Worth : Russell Wendell Simmons is one of the most successful entrepreneurs who started from the music industry. He is one of the most important persons as he was the one who first made an attempt to bring hip-hop to the mainstream of the music industry. He co-founded Def Jam, which is a hip-hop music label and went on to create an empire by establishing an empire with ‘Rush Communications’ which jointly has 10 businesses and 3 non-profit organisations. As of 2016, Russell Simmons Net Worth is said to be a whopping $340 million.

Simmons was born on October 4, 1957, in Queens, New York. His mother worked as a park administrator while his father was a public school administrator. He graduated from August Martin High School in 1975. Simmons had been studying at the City College of New York but later dropped out. He was influenced by Kurt Walker who had given him the influence to participate in a hip-hop contest. From there , his love towards hip-hop grew even bigger and bigger.

He took a big step in 1983 by co-founding, Def Jam with Rick Rubin. It was the very first recognizable music label and that opened up the scope for hip-hop music throughout America. The company had grown so big, that eventually Simmons sold his stake in the company to Universal Music Group in 1999 for a massive $120 million. He had been active as a producer too and had co-produced hit Hollywood film ‘The Nutty Professor’ in 1996.

He had started ‘Rush Communications’ in 1998. The company today has grown so big that it now includes over 10 highly successful businesses and 3 organisations that are non-profit. Rush Mobile and Simmons Lathan Media Group are some of his successful ventures. Simmons is also an author and his book on how to live a happy, healthy life was mentioned as a New York Times Best Seller.

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Russell Simmons Net Worth Accumulation and Earnings from major sources:

Money Earned from selling his share of Def Jam $120,000,000
Value of his Saddle River Home $20,000,000
Value of his Lower Manhattan Home $11,000,000
His empire Rush Communications annual sales earnings $530,000,000

 

He also has clothing lines that he has founded together with his then wife, Kimora Lee named Phat Farm, Argyleculture and American Classics.Together with Lee, he has two children named Ming Lee and Aoki Lee. It seems any company that Simmons is involved in is a big success, he had sold a stake of Phat Farm Kids for $140 million but the company looks to be growing at a huge rate every year.

His huge empire Rush Communications is perhaps the largest African-American Media Firm in America right now. He has also produced television hits like Def Comedy Jam and Def Poetry Jam. His earnings for this year were estimated to be $39 million just from his clothing lines. Russell is also an active philanthropist and is involved with several charities like Champions for Children, Lisa Lopes Foundation and much more.

His work has resulted in him winning awards like the Excellence in Media Award in 2011 and the 2013 Visionary Award PGA Awards. He is also the holder of an Honorary Doctorate Degree iin Humane Letters which was given to him by the Claremont Lincoln University. Simmons is a Vegan and promotes for the safety of animals. Simmons has made his mark in many sectors and he has been successful in all of them which is truly astonishing.As of 2016, Simmons has  a net worth of $340 million.

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