Many celebrities are venturing into businesses using their fame and fortune, and some are already thriving in it. Gone are the days when people put all their eggs in one basket. It is all about the diversification of portfolios and ensuring that you secure the nest egg of your legacy. Even celebrities are not immune to this bug of having a diversified safety net. That is why many celebrities are delving into sundry businesses.
“Businesses do not become successful because of how popular a celebrity is but how it’s well executed.” — Nelly Essien.
Celebrity tycoons come from various industries and backgrounds such as sports, the music industry, the acting scene, reality shows, etc. The moral of this article is to show that an attained celebrity status could be a means to an end—an end shown in the diversification of effort and the portfolio of these individuals via business. In this piece, I will talk about a few global celebrities doing so well in business to get you inspired. Let’s go:
#1. Magic Johnson
Earvin “Magic” Johnson is the Chairman and Chief Executive Officer of Magic Johnson Enterprises. The NBA legend hall of fame personality founded his enterprise and investment conglomerate in 1987. His organization’s mission is to provide high-quality products and services that focus primarily on ethnically diverse and underserved urban communities. His company has had many deals with mega-companies, and in 2010, his company was worth over $100 million. Per reports, his conglomerate has a net worth of $1 billion. Then, he became the Co-Owner of LA Dodgers, where he has a 2.3% stake. Today, the LA Dodgers’ worth is at $3.4 billion. He has a $600 Million personal net worth at the time of this writing.
Robyn “Rihanna” Fenty is a Barbadian musician, actress, fashion designer, and businesswoman. She is an entrepreneur and the Fenty clothing line Founder. According to Forbes, her net worth at the time of this writing sits at $600 million. Rhianna has become the most talked-about celebrity business tycoon. In 2018, the Fenty Beauty makeup line made sales of an estimated $570 million. She also launched Savage X Fenty, which is a lingerie line that has been booming in sales to date. PageSixStyle reports that Rihanna’s Savage X Fenty lingerie brand is now worth $1 billion.
Paul David Hewson, better known by his stage appellation, Bono, is a renowned Irish singer-songwriter, activist, philanthropist, venture capitalist, businessman, and actor. Bono is one of the Co-Founders of Elevation Partners, a private equity firm with the sole aim of investing in Technology and New Media. Elevation Partners had gained $1.4 billion alone from investing in Facebook, and according to Bloomberg, the group has invested $1.76 billion with a 12% net rate of return. He is also Co-Founders at the sister humanitarian organizations ONE and [RED]. Bono’s Net Worth at the time of this writing sits at about $700 Million.
#4. Sofía Vergara
Sofía Margarita Vergara Vergara is a Colombian-American movie star, television producer, presenter, businesswoman, and model. Sofia is an intentional businesswoman who has used her fame to grow a business empire. In 2016, she confounded an underwear company, EBY (“Empowered By You”), that delivers undies to women monthly or quarterly depending on customer’s preferences. She uses 10% of the net sales to support the Seven Bar Foundation in alleviating poverty in undeserving places by providing capital for women to run small businesses. Sofía Vergara’s Net Worth at the time of this writing sits at about $180 Million. Her drive and go-getting personality make her an endearing celebrity tycoon that you should know.
#5. George Clooney
George Timothy Clooney is a renowned American actor, movie director, producer, screenwriter, businessman, and humanitarian. George once said that “You have only a short period of time in your life to make a mark.” We can see him living up to his words as he makes a mark in various industries, especially in the business world. He and Randy Gerber founded Casamigos Tequila. In 2013, they launched the brand after successfully running distilling tests to perfect the drink. This tequila drink became a success in the food and drink industry that it has won gold medals. George Clooney’s Net Worth at the time of this writing currently sits at $500 Million. He is a celebrity business tycoon that you should know.
#6. Simon Cowell
Simon Cowell is the Founder of the famous competition series called X factor. Then, in collaboration with Sony music entertainment, the “American Got Talent” franchise was born. Since then, Simon has been on a steady flow of expansion and wins. Simon Cowell’s Net Worth at the time of this writing sits at $600 Million.
#7. Jessica Alba
Jessica Alba started “The Honest Company” in 2012. She found a need for households to have non-toxic and safe baby products, and she founded her company based on that need to deal transparently in selling baby products. According to Forbes, the Honest Company valuation is at $1 billion. Jessica Alba’s Net Worth sits at about $200 million.
#8. Robert De Niro
Robert is a celebrity entrepreneur who is making a lot of money in the food industry. In partnership with Chef Nobu Matsuhisa, he founded Nobu, a Japanese restaurant chain. Nobu has grown so big with many branches worldwide in over forty locations alongside establishing twelve hotels. Apart from Nobu, Robert also has stakes in several other restaurants and co-founded Tribeca Enterprises, a media outfit, and the host of the Tribeca Film Festival. Robert De Niro’s Net Worth at the time of this writing sits at $500 million.
#9. Jessica Simpson
Jessica Ann Johnson, popularly known as just Jessica Simpson, is a renowned American singer, actress, fashion designer, businesswoman, and author. In 2005, Jessica Simpson launched her fashion collection called the Jessica Simpson Collection that made her uber-rich. To date, the brand made a whopping $1billion in retail sales annually selling home decor, clothes and shoes. Jessica Simpson’s Net Worth at the time of this writing sits at $200 million.
#10. Kevin Costner
Kevin Michael Costner is an American movie star, filmmaker, and businessman. The visionary celebrity entrepreneur founded Ocean Therapy Solutions (OTS), a company specializing in developing centrifugal oil-water separators that he acquired from the United States Government in 1995 for $24 million. According to New York Times, an OTS oil separator can separate 200 gallons of water from oil per minute. He also owns a social attraction called Tatanka in Deadwood, South Dakota, and also a casino. Kevin Costner’s Net Worth at the time of this writing sits at $250 million. He also once said that “Failure doesn’t kill you. It increases your desire to make something happen.” In business, that is a mindset that you want to have.
#11. Gwyneth Paltrow
Gwyneth Kate Paltrow is an American movie star, model, writer, entrepreneur, businesswoman, and author. She is the Founder of Goop, a wellness and lifestyle brand that started as a weekly newsletter brand in 2008. It grew to become a vast eCommerce platform for home products, wellness, beauty, and fashion. Worth reports that Goop is worth about $250 million in 2019 and has since been on steady growth. Gwyneth Paltrow’s Net Worth at the time of this writing is $150 million.
#12. Kylie Jenner
According to Forbes, Kylie Jenner is one of the youngest celebrity entrepreneurs that made it to the billion dollars net worth list. At the time of this writing, Kylie Jenner’s Net Worth is now at $700 million. So, what got her to this level of wealth? Her cosmetics line, Kylie Cosmetics, is the answer. She started her cosmetic business at the age of twenty-one. Her brand made her the youngest self-made billionaire who harnessed the power of social media to pull in a lot of sales. However, as stated above, she is no longer on this list. After the launch in 2016, Kylie Cosmetics got $420 million in sales, and in 2019, she launched another business called Kylie Skin line. We are excited to see what lies ahead in this celebrity business tycoon’s future.
#13. Kim Kardashian
Kimberly Noel Kardashian West is a renowned celebrity business mogul with several businesses under her belt. She is an entrepreneur, American Media Personality, Socialite, Model, Businesswoman, TV Producer, and Actress. She launched KKW Beauty in 2017, which sold out in under 3 hours. According to Forbes, KKW generated $100 million in 2018. Kim also launched another business, a shapewear brand called Skims, in 2019 that recorded a high number of orders and massive sales minutes after its full launch. So, according to Celebrity Net Worth and Forbes, it is official, Kim Kardashian’s Net Worth at the time of this writing is $1 billion. Talk about a savvy businesswoman who is packing the Benjamins.
#14. Ashton Kutcher
Christopher Ashton Kutcher is a renowned American actor, model, producer, entrepreneur, investor, and businessman. Ashton Kutcher, entertainment manager Guy Oseary, and billionaire investor Ron Burkle founded A-Grade Investments in 2010. The purpose of establishing this company is to put his money into disruptive tech businesses that solve a problem. He has invested in Airbnb, Uber, SoundCloud, Spotify, and Shazam. According to TechTimes, he has over $100 million worth of investments. Ashton Kutcher’s Net Worth at the time of this writing sits at $200 million.
#15. Kate Hudson
Kate Garry Hudson is a renowned American actress, producer, author, businesswoman, and fashion entrepreneur. In 2013, she co-founded the fitness wear called Fabletics with Adam Goldenberg and Don Ressler. The brand started without an outlet but now owns over twenty-five retail stores with a plan to open more outlets. According to Forbes, Fabletics’ annual revenue is $300 million. In 2019, Kate also launched another business, HappyxNature, which is an affordable eco-friendly fashion brand. Kate Hudson’s Net Worth at the time of this writing sits at $80 million.
“There is no magic to achievement. It’s really about hard work choices and persistence.” — Michelle Obama (Former First Lady of the United States).
Some celebrities have shown us that they can be great at running a successful business and not only be known for their fame on the screen. The celebrity entrepreneurs we admire, in no particular order—Magic Johnson, Rihanna, Bono, Sofia Vergara, George Clooney, Simon Cowell, Jessica Alba, Robert De Niro, Jessica Simpson, Kevin Costner, Gwyneth Paltrow, Kylie Jenner, Kim Kardashian, Aston Kutcher, and Kate Hudson. Is there another celebrity entrepreneur you genuinely admire that has done well for themselves in business? Let us know in the comment section.