Tyler Perry has officially become a billionaire.
Tyler Perry has been proclaimed ‘Hollywood’s newest billionaire’ in a Forbes feature story on his success with his Atlanta studio and related endeavors.
The 50-year-old filmmaker has been named as Hollywood’s latest member of the club after earning $1.4 billion in pre-tax income since 2005, and it’s said he’s currently worth $1 billion overall.
According to Forbes magazine, Tyler has earned his wealth through shrew business prowess, and he owns 100% of everything he creates from TV series and films to stage productions.
In a breakdown of his money, the publication revealed $300 million resides in cash and investments, while a further $60 million comes from his BET stake.
He recently opened his own 330-acre film studio lot, and $280 million of his wealth comes from the value of the location.
And while another $40 million is made up of his homes and personal material assets, the largest source of his fortune comes from his film and TV media rights library, which is valued at $320 million.
Meanwhile, the director – who is set to receive a special Emmy at next month’s ceremony for his charitable efforts – recently credited his late mother Willie Maxine Perry for his charitable spirit.
The Maeda filmmaker’s properties span across the country, with homes in Atlanta, Wyoming, New York and Los Angeles, in addition to a pair of aircrafts.
The feature followed Perry running the show as the BET show Sistas was being filmed at his studio amid strict social distancing guidelines amid the coronavirus pandemic.
Perry’s wealth is also derived from a $150 million annual deal he hinted with ViacomCBS for programming.
Tyler – whose mum died aged 64 in 2009 – explained: “That’s the DNA of my mother. My mother was just such a kind woman.
“I’m thinking of her because I know that she would be smiling from heaven. So that’s definitely that part of my DNA.”
The director acknowledges that some people “just need a hand up” in life and that “motivation can take them a long way”.
He added: “I realize that people aren’t out there struggling because they want to. There are people that just need a hand up and that little bit of motivation can take them a long way.
“I’ll never forget being in the grocery store, in Winn-Dixie in Atlanta, trying to pay for some food and couldn’t pay for it.
“I was at Kroger. I couldn’t pay for it. There was a woman behind me who gave me the money to get the food that I needed. Never knew her again.
“But that little act of kindness made me feel like I could go on, so that’s what those moments are about for me. Just making people feel like they can go on.”
‘I mostly go on my gut and my instinct,’ he said. ‘I like to challenge the system and see what I can do differently.’
Perry said that he ‘had no mentors’ on his way to the top, and has learned on the fly.
‘You got to understand, I had no mentors,’ Perry told Forbes. ‘My father doesn’t know anything about business, and my uncles and mother, they know nothing about this. I didn’t go to business school. Everything I’ve learned, I’ve learned in progress.’
According to BET, Perry joins a list of Black billionaires that includes Oprah Winfrey, Michael Jordan, Jay-Z, Robert F. Smith and David Stewart.