Master P is a rapper, actor, businessman, investor, author, filmmaker, record producer, philanthropist, and former basketball player. Even with a lack of chart-topping hits, he still ranks among the wealthiest rappers in the world, with a net worth of $350.0 million.
We may not have heard much about Master P lately, since his music hasn’t made a mark on any recent charts. Despite the lack of presence in the spotlight, he continues to be one of the richest rap moguls in the world. The self-proclaimed “Ghetto Bill [Gates]” will be hosting the fifth annual Global Spin Awards with T.I. on February 23. Guess what else? He also has new music lined up for this year!
With an unbelievably large business empire, Master P has a net worth of $350.0 million! Find out more about how rich the millionaire hip-hop star is in Master P’s net worth below.
Who is the Richest Rapper in the World?
In 2016, Forbes ranked the five wealthiest hip-hop artists in the world. Sean “Diddy” Combs has been steady at the top of the list with a staggering $750.0 million in earnings. Dr. Dre follows closely with $710.0 million, Jay-Z with $610.0 million, Birdman with $110.0 million, and the newcomer to make it in the list is Drake with $60.0 million. Despite having a net worth of $350.0 million, why didn’t Master P rank in Forbes‘ Five Wealthiest Hip-Hop Artists?
In 2013, with a stable net worth of $350.0 million, Master P ranked third on the list. Back in 1998, he was in the top 10 of the Forbes list of highest-paid entertainers with $56.5 million, five positions above Diddy. Diddy, however, surpassed the former NBA player thanks to his lucrative partnership with Ciroc, Beats by Dr. Dre (which also added to Dre’s wealth), and Jay-Z’s Tidal streaming service. The Forbes Five also continue to enjoy success in their music business, compared to Master P who has had poor album sales over recent years.
However, most of Master P’s wealth comes from extremely business savvy investments. He has other multi-faceted lucrative businesses that do well, and make up for his decrease in music and movie sales. The following table shows Master P’s net worth compared to other hip-hop artists. 50 Cent, who was also one of the richest rappers in the world, has severely declined in net worth after major business losses.
|Master P’s Net Worth||$350.0 million|
|Sean “Diddy” Combs||$750.0 million (2.14 times smaller)|
|Dr. Dre||$710.0 million (2 times smaller)|
|Jay-Z||$610.0 million (1.74 times smaller)|
|Drake||$60.0 million (5.8 times bigger)|
|50 Cent||$15.0 million (23 times bigger)|
|Eminem||$210.0 million (1.6 times bigger)|
|Kanye West||$145.0 million (2.4 times bigger)|
How Much Does Master P Earn Annually?
According to Net Worth Tomb, Master P’s average annual income is around $37.0 million, but some sources claim that it could be as high as $50.0 million, given that he has countless businesses. In 1998, he earned more than $56.0 million; but in 2009, he reportedly earned more than $661.0 million, making him the highest-paid hip-hop entertainer at that time!
Following the death of his grandfather, Master P inherited a fortune of $10,000 from a malpractice settlement. He used that money to buy a dilapidated building in California and started No Limit Records. After two years of business classes at Merritt Junior College, Master P used his financial knowledge to parlay that first $10,000 fortune into a multi-million business empire. He is well known as a frugal businessman, keeping expenses down and profit margins high.
The table below illustrates Master P’s net worth and income over the recent years as per Net Worth Tomb.
|Year||Annual Income (approx.)||Net Worth (approx.)|
|2012||$20.0 million||$182.0 million|
|2013||$25.0 million||$256.0 million|
|2014||$32.0 million||$278.0 million|
|2015||$37.0 million||$320.0 million|
|2016||$45.0 million||$350.0 million|
The following is Master P’s earnings distribution from albums, movies, endorsements, and more. The 49-year-old has more businesses than one can keep track of, though his ex-wife claims he has 45 of them. It’s difficult to narrow down his income from each business or investment, especially with such a varied empire.
|Income Source||Earnings Distribution (approx.)|
|Album Sales||$204.0 million|
|No Limits Records||$136.0 million|
|Business Empire||$160.0 million|
Master P’s Business Empire Income
Master P’s albums, We All We Got, No Limit Forever, The Gift (Return of the Ice Cream Man), Icon, and Greatest Hitz earned him more than $204.0 million. He’s also set to release a new album called The Grind Don’t Stop in 2017. However, his major source of income is his multi-faceted business empire. His divorce with Sonya C. brought to light the worth of his businesses. Sonya C. claims her ex-husband’s business empire is worth $160.0 million. No Limits Records alone is worth $136.0 million, having sold 75 million records and making profits through street-level marketing. His conglomerate, No Limit Enterprises, is a financial powerhouse that grossed $110.0 million in 1998.
No Limits Records partner signed a distribution deal with Priority Records maintaining 100% ownership of their recordings and 85% of record sales. Master P was known for inexpensive guerrilla marketing techniques like selling tapes out the trunk of his car, and giving free music samples to people in luxury cars so they would play his music throughout various neighborhoods. Master P learned that customers wanted more for their money. Therefore, when most albums offered 15 songs or less, his albums offered 20.
He has since invested the money he made from No Limit Records into a travel agency, a Foot Locker retail outlet, real estate, stocks, film, music and television production, toy making, clothing, telecommunications, a jewelry line, auto accessories, book and magazine publishing, car rims, fast food franchises, and gas stations.
He also founded a sports management company, a real estate investment and property management company, and a line of “Make ‘Em Say Ughh!” energy drinks. In November 2010, he founded cable television network, Better Black Television, making him the first rapper to establish a cable network. Master P was the executive producer of his daughter Cymphonique’s Nickelodeon Show, How To Rock and he was the co-creator of Romeo!, the hit Nickelodeon television show starring his son, Romeo Miller.
Rappers who historically displayed the glamorous side of the hip-hop scene were inspired by Master P’s business success and frugality. More rappers began to venture into businesses and focused less on the flashy hip-hop lifestyle.
Master P’s NBA and Acting Career
Master P also had a brief NBA career. He played for the Charlotte Hornets during the 1998 pre-season, and the Toronto Raptors in 1999’s pre-season. The 6’4’’ giant was a basketball star at his high school. Master P signed a contract earning him $1000 a week as reported by New York Times.
In 1997, Master P had worked in many feature and straight-to-DVD films such as Uncle P, Uncle Willy’s Family, Gone in 60 Seconds, Toxic, and I Got the Hook Up. He played himself in his last movie, King of the South, which released last year. His income from his acting roles aren’t known.
How Does Master P Spend His Money?
In 2014, Master P and his ex-wife were locked in a bitter divorce battle. Sonya C. claimed her share to the large No Limits business empire and a hefty child support sum for their eight children: daughters Tytyana, Intylyana, Cymphonique, and Italy, and sons Romeo, Vercy, Hercy, and Mercy. Veno is Master P’s nephew, and was adopted by the rapper following his brother’s death.
Papers filed by Sonya C. at the time of their divorce claim that their community assets are worth over $178.0 million, including 31 properties, 13 cars, and 45 companies. Sonya wants 40% of the assets.
Master P owns properties in California, Louisiana, Texas, Tennessee, and Georgia. Some of his 13 rides include a couple of Escalades, a Rolls Royce, a Bentley, a Porsche, a Jaguar, and more luxury cars.
The rapper also actively gives to charity. He devotes a lot of time to communities through the P. Miller Youth Centers and P. Miller Food Foundation for the Homeless. For his efforts, the Mayor of Memphis awarded Master P the key to the city.