How to Calculate Celebrity Net Worth

People love celebrity gossip. So, it’s no wonder so many people want to know about their net worth as well. There are many sites specifically dedicated to just this question. Some have even developed their own algorithms to calculate celebrity net worth. While the basic equation is the same, there are a few issues to contend with when comparing celebrity net worth.

How Do You Calculate Net Worth?

You can figure your own net worth with some simple math. First, you need to add up the total value of your assets. You should include all your bank and retirement accounts, investments, real estate, and cash holdings.

Then, you need to calculate your liabilities, and subtract it from the total. Every debt, loan, and mortgage in your name would qualify as a liability. Once you subtract your liabilities from your assets, you are left with your net worth.

What’s Different to Calculate Celebrity Net Worth?

Contrary to what you might believe, you would calculate celebrity net worth the same as anyone else’s. First, you tally up their total assets and income. Then, subtract their liabilities from their assets.

However, this can be tricky since it is difficult for agencies to access celebrities’ complete financial information. Furthermore, they typically have more diversified assets. So, it can be difficult to get an accurate figure. Many celebrities openly discuss the value of their homes, cars, artwork, jewelry, and even income. But, it becomes even more of a challenge to determine a celebrity’s net worth when they have holdings or accounts under a corporation or third party names.

You can find several sites that calculate celebrity net worth based on reported figures. They use public records of celebrities’ stock shared and estimated values on their assets. But, the online estimates are educated guesses, at best. In reality, only their accountant or the celebrities themselves know their true net worth.

The Problems with Celebrity Net Worth Calculators

You can easily find celebrity net worth calculators online, such as the on used by CelebrityNetWorth.com. Do a quick search and you will find information on almost every celebrity imaginable.

CNW claims to use a ‘proprietary algorithm,’ but critics claim they overshoot the mark at times. However, publicists are unlikely to correct mistakes that report celebrity’s net worth as higher than it actually is. Furthermore, these sights have no legal accountability for their estimated calculations. They can easily blame inaccuracies on algorithms, so it is best to view them as ballpark estimates.

Who Are the Richest Celebrities from 2020?

1. George Lucas – $6.5 billion

George Lucas became the richest celebrity in Hollywood, earning film credits as director, producer, and writer. He made his billions after creating Star Wars, the most successful film franchise in Hollywood history. However, he claimed the top spot when he sold Star Wars to Disney for $4.1 billion.

2. Steven Spielberg – $3.7 billion

The second spot goes to fellow director, producer, screenwriter, Steven Spielberg. He skyrocketed to fame and became a household name for creating the concept of blockbuster movies. His first big hit came in 1975 with Jaws, and he had dozens more that followed. Spielberg’s billions are a direct product of his Hollywood success.

3. Oprah Winfrey – $3.5 billion

The first woman to appear on this list is Oprah Winfrey. This media mogul and entrepreneur rose to stardom with her TV talk show that became one of the most popular and longest running on television. Winfrey earned her billions by branching out into film, publishing, and creating a TV network. No one will contest that Oprah is one of the most successful influential celebrities in Hollywood.

4. Kanye West – $3.2 billion

Kanye West first gained fame for his music career. He made roughly $400 million from making records, doing tours, and selling merchandise. However, when he launched his clothing brand, Yeezy, he established himself among the billionaire’s club. Financial analysts estimate that Kanye West will earn an additional $2.2 billion in royalties alone by 2026. So, don’t be surprised if his name continues to climb this list.

5. Donald Trump – $3.1 billion

Although some will argue that Donald Trump is no longer a celebrity, you cannot deny his success as a reality TV star. His identities as businessman, president, and a celebrity are forever intertwined. He first gained fame as a businessman. Then, his business success also grew due to his fame. That is why Trump makes this list when you calculate the celebrity net worth of Hollywood elite.

6. Jami Gertz – $3 billion

Jami Gertz first gained filmed credit as an actress in many movies in the 1980s. While she was already very wealth, her net worth drastically increased after her husband became a billionaire. Since then, they bought ownership stakes in two sports teams as well, the Milwaukee Brewers and Atlanta Hawks.

7. Michael Jordan – $2.2 billion

Michael Jordan is undoubtedly the richest professional athlete in the world. According to the sites that calculate celebrity net worth, he earned approximately $94 million during his all-star NBA career. However, most of his wealth is due to endorsements from Gatorade and Nike. Now, he is the majority owner of the Charlotte Hornets, but sold 20% of his stakes for nearly $1.5 billion. He still retains majority control of the team and status as one of the richest celebrities in America.

8. Paul McCartney – $1.2 billion

Paul McCartney has penned and performed some of the world’s most beloved songs as a member of the Beatles. He also went on to a very successful solo career after the band separated. While his talent earned him a great deal of fame and fortune, he claimed his billionaire wealth thanks to his clear understanding of publishing rights. The popularity of his music is sure to continue you to keep him among celebrity elite.

9. David Copperfield – $1 billion

David Copperfield claimed his celebrity status as an elite illusionist. He sparked global interest when he walked through the Great Wall of China and made the Statue of Liberty disappear. His stage performances earned him several awards as well. Copperfield also owns several valuable assets, including an expansive collection of magic memorabilia valued at $500 million.

10. Jay-Z – $1 billion

Jay-Z is a renowned entrepreneur who established himself as one of the biggest rappers of his time. He became a music mogul after founding Roc-A-Fella Records, then later CEO and President of Def Jams Records. He managed to maintain the rights to his music which helped him greatly increase his net worth. Jay-Z also married Beyonce who also holds considerable assets. As a couple, their combined net worth is around $1.4 billion.

Jenny Smedra

Jenny Smedra is an avid world traveler, ESL teacher, former archaeologist, and freelance writer. Choosing a life abroad had strengthened her commitment to finding ways to bring people together across language and cultural barriers. While most of her time is dedicated to either working with children, she also enjoys good friends, good food, and new adventures.

Where to Go for a Car Loan

The language of loans can sound a lot like foreign dialogue that can feel like it takes years to understand. How do you calculate the best interest rates or know if you can get a car on finance with insurance included? Most of us don’t really know where to start, but knowing the right tips and the right bank will have you riding off into the sunset in no time.

Why Remittance Payments Have Dropped Worldwide

In addition to the health concerns of the global pandemic, Covid-19 has had a huge impact on the world economy. Many countries have completely shut down all economic activities, therefore directly affecting its laborers and those dependent on them. Migrant and foreign workers are among the most vulnerable and have felt the sting of lost hours and wages. Furthermore, their families at home also feel the affects since remittance payments have dropped worldwide. For those who are not supporting families outside the country, here are a few considerations of how this affects countries reliant upon foreign income.

Global Predictions for Remittance Payments

In poorer regions of the world, many people are dependent upon remittance payments from family members working abroad as a primary source of income. This money helps with daily living expenses, health care, education, and building a better future for their family. However, job losses due to Covid-19 are threatening many livelihoods.

Global remittance payments hit an all-time high in 2019 with an estimated $706 billion. Unfortunately, many foreign workers are employed in the service sector and not seen as essential employees. Furthermore, many of these workers are unable to return home due to travel restrictions. This means the steady cash flow has come to an abrupt halt. According to predictions from the World Bank, experts say this figure will drop by 20% this year. It is the most drastic decline in recent memory and is going to affect national economies in countries already struggling to cope with the pandemic.

Regions Where Remittance Payments Have Dropped

Even slight changes in policies have a huge impact over time. Keep in mind that many developing countries count on this income to sustain their economies. In the poorest countries, a few dollars a day can mean the difference between putting food on the table or going to bed hungry. For example, in countries like Nepal, Tonga and Haiti these remittance payments account for more than 29% of the national GDP. However, since the countries with the largest amount of outgoing cash are locked down, remittance payments have dropped worldwide.

Although the average global decline is about 20%, Europe and Central Asia (27.5%), Sub-Saharan African (23.1%), and Southeast Asia (22.1%) will be hardest hit. The drop in remittance payments is especially worrisome for countries with large refugee populations. Lack of income could become disastrous in areas already suffering from shortages of food and medical supplies.

Personal Experiences of Sending Remittance Payments

I am among the fortunate foreign employees that have been minimally impacted by the economic downturn. Since Taiwan got a handle on the coronavirus early on, the country never went into a full lock-down. Schools and businesses shut down for two weeks following Chinese New Year, but economic activities quickly resumed. However, I did notice a few additional fees and forms each time I sent my remittance payments back to the US.

As it turns out, I am now facing a similar predicament as other migrant workers around the world. Circumstances are now bringing me back to the US with few job prospects. Those remittance payments have come to a complete halt. Therefore, my financial future relies on what I have managed to save and luck finding other revenue sources. Hopefully new banking policies and technology will offer easier access and fewer fees to send remittance payments. Many people’s lives may depend upon it.