Even in a shaky economy, rap's richest keep finding ways to thriveThe top 20 earners on this year’s Cash Kings list racked up $300 million in earnings, the same as last year, despite a troubled world economy and a music industry thrown into flux by new technology. Artists like Jay-Z, Diddy, Ludacris and Snoop Dogg have thrived, adapting to the new world order by diversifying their revenue streams beyond recorded music.
Four years ago Jay-Z issued a lyrical taunt to his fellow rappers: "What you call money, I pay more in taxes." Turns out his line was more than just a boast.
Jay-Z pulled in $63 million over the past 12 months, earning him his second straight hip-hop cash crown. His income level places him in the 35% tax bracket, which means he'll pay Uncle Sam about $22 million this year--a sum greater than the total earnings of any other rap star besides second-ranked Diddy.
"There aren't many artists selling 250,000 albums in the opening week, and that used to happen all the time," says entertainment attorney Donald David. "The rise of iTunes means people don't have to buy whole album ... and that has changed the business dramatically."
Jay-Z and Diddy are two artists who've taken the changes in stride. In addition to releasing an album and launching a worldwide tour (average gross: more than $1 million per show), Jay-Z co-owns the 40/40 nightclub chain and has a stake in the NBA's New Jersey Nets. Diddy continues to cash in on Diageo vodka, Ciroc and roles in television and film, including this year's Get Him to The Greek. He also hawks Diddybeats ear-buds, part of the headphone line established by Dr. Dre, who ranks fifth on our list with $17 million.
Senegalese-American impresario Akon ranks third with $21 million, thanks to his Konvict Clothing label, a lucrative World Cup soccer ad campaign for Pepsi and Kon Live, his Interscope-backed imprint that's home to Lady Gaga and others.
Fourth on the list is Lil Wayne, who managed to pull in $20 million from his new album, Rebirth, and heavy touring before the start of his one-year jail stint in March for weapons charges.
Ludacris ranks sixth with $16 million, a total fueled by movie roles and a new cognac line, Conjure.
Kanye West's earnings fell from $25 million last year to $12 million this year in the wake of his highly publicized outburst during Taylor Swift's acceptance speech at the 2009 Video Music Awards. With a new album and world tour in the offing, he should be back toward the top of next year's list along with 50 Cent, who took a break from touring and recording to concentrate on film roles over the past year, earning $8 million, a relatively paltry total for the 2008 Cash King.
The Full Top 20 List
1) Shawn “Jay-Z” Carter – $63 Million
2) Sean “Diddy” Combs – $30 Million
3) Aliuane “Akon” Thiam – $21 Million
4) D’Wayne “Lil’ Wayne” Carter – $20 Million
5) Andre “Dr. Dre” Young – $17 Million
6) Christopher “Ludacris” Bridges – $16 Million
7) Calvin “Snoop Dogg” Broadus – $15 Million
8 ) Timothy “Timbaland” Mosley – $14 Million
9) Pharrell Williams – $13 Million
10) Kanye West – $12 Million
11) Aubrey “Drake” Graham – $10 Million
12) Clifford “T.I.” Harris – $9 Million (tie)
12) Kasseem “Swizz Beatz” Dean – $9 Million (tie)
14) Marshall “Eminem” Mathers – $8 Million (tie)
14) Curtis “50 Cent” Jackson – $8 Million (tie)
14) Jay “Young Jeezy” Jenkins – $8 Million (tie)
17) Lonnie “Common” Lynn Jr. – $7 Million
18) DeAndre “Soulja Boy” Way – $6 Million (tie)
18) Faheem “T-Pain” Najm – $6 Million (tie)
20) Jonathan “Lil’ Jon” Smith – $5 Million (tie)
20) Radric “Gucci Mane” Davis – $5 Million (tie)
20) William “Rick Ross” Roberts – $5 Million (tie)
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