Forbes Magazine has announced Tyler Perry as the newest black billionaire in the world.
But once upon a time, Perry struggled to make enough money off of his shows. He also found it hard to keep a roof over his head.
Tyler Perry is just an Atlanta-based writer, producer, and actor. He is behind most comic productions that tell the often-overlooked stories of Black people in America.
Interestingly, Forbes now estimates that Perry has a net worth of $1 billion. The magazine also noted that the producer has a clear path to future membership in the Forbes 400 – the magazine’s exclusive list of the world’s richest person’s.
In 2019, the threshold for membership in the Forbes 400 was $2.1 billion.
So, what strategies made the actor a billionaire so quickly? Here are two of Tyler Perry’s secrets exposed:
1. Tyler Perry Produced In His Own Studio
Forbes attributed Perry’s financial success to the fact that he owns his own production studio, a business secret Tyler Perry said he adopted on the advice of Oprah Winfrey.
Moreover, from his 330-acre Tyler Perry Studios, Perry controls every aspect of his projects’ production.
The secret strategy allowed him to generate a pretax income of $1.4 billion since 2005.
2. Tyler Perry Spends On Real Estate Properties
In building his billion-dollar fortune as a writer, producer, and star in films, television shows, and plays for Black audiences, Perry spends his riches on homes in Atlanta, New York, Los Angeles, and Jackson Hole, Wyoming.
Anyways, Perry, 50, joins the ranks of only a handful of people in the entertainment industry to join the three comma club.
Remarkably, few of those stars actually built their fortunes in entertainment like Perry has.
For example, rapper Kanye West’s $1.3 billion net worth comes not from his chart-topping albums, but from his best-selling Yeezy street-wear line with Adidas.