Tyler is an American actor, director, screenwriter and producer. In 2011, Forbes listed him as the highest-paid man in entertainment, earning US$130 million between May 2010 and May 2011. Perry created and performs the Madea character, a tough elderly woman.
The Distinct Class
According to Forbes, there are very few entertainers who ever get to make it to the billion-dollar club. When eventually they make it there, it is hardly from their craft. For example, Kanye West made it to the billion-dollar circle from a partnership deal with Adidas, not his music.
Tyler Perry belongs to a unicorn class of entertainers who achieved a billion-dollar net worth solely from their craft.
Journey To Riches
Tyler Perry went from sleeping in his car after flopped shows to becoming a billionaire entertainer. Perry dropped out of high school. He did not attend any business school.
He worked odd jobs to get by while performing his shows for a meagre crowd. Tyler Perry explained that he had to work in hotels, sell cars and collect bills.
$12,000 Seed Money
Perry kicked off his production with $12,000 he saved from his many odd jobs. He used the money to rent space at a community theatre in Atlanta to produce a work he had drafted in his spare time.
He kicked off his career from there, touring and performing his debut drama “I knew I have been saved” in different cities. It wasn’t rosy and I couldn’t pay the bills. He had to sleep in his car for 3 months at a time.
Oprah’s Billion-Dollar Advice
Perry shared how much of his business success he owes to Oprah Winfrey’s advice. Perry revealed that he was advised by Oprah Winfrey to own his entire operation. Perry owns a sprawling 330-acre Tyler Perry Studios in Atlanta. He produces his own content and owns 100% of it.
Forbes credited this strategy as the silver bullet that landed Perry in the billion-dollar circle. According to Forbes, Perry started earning a pretax income of $1.4 billion in 2005.
Tyler’s Current Net Worth
According to Forbes, Tyler Perry officially became a billionaire in 2020. He is currently worth $1bn. He joins a distinct class of entertainers who reached a billion-dollar status solely from their craft.
Tyler Perry famous character Madea – an elderly Black woman – made him a total of $290m. He owns his entire means of production and often rents it out to other production companies. This is believed by Forbes to be his key comparative advantage over other entertainers.
It wasn’t rosy and I couldn’t pay the bills. I had to sleep in my car for 3 months at a time.
— Tyler perry
In an interview with Forbes