Numerous reasons put Will Smith into the limelight. First, he is a decorated actor who ranks among the highest-paid actors. Secondly, his infamous act of slapping Chris Rock during the 2022 Oscar Awards added to his fame.
Will Smith has long been in the entertainment industry and earned a sizable net worth. As of 2024, Will Smith has a net worth of $350 million. All his net worth is from his acting and previous music career as a rapper. Read on as we dig deeper to learn about Will Smith’s career, early life, and how he has made millions.
Who is Will Smith?
Will Smith was born on September 25, 1968. His birthplace is West Philadelphia. Will Smith is famous for being an actor. During his teen years, Will met DJ Jazzy Jeff and became his hype man. The two quickly found chemistry and proceeded to form a rap group.
In 1986, Will and his partner were signed under the Def Jam Records in 1986. They released their “Rock the House” debut album in 1987, and it was a hit. They released the second album in 1988, dubbed “He’s the DJ, I’m the Rapper.” The album was another hit, with over 3 million copies sold.
Will and his partner released five albums and received their first Grammy in 1988 under the category for newly formed Rap.
Will Smith’s Tax Issues
During his early years as a rapper, Will Smith made over $10 million and spent it all on cars and houses. Unfortunately, his musical career hit a bottom rock, putting him in a financial crisis. It got worse after the IRS came knocking and calculated that he owed about $2.8 million in taxes.
Will Smith was famous and broke. However, he found an acting gig that he took up. IRS took up 70% of his salary until he paid the debt. After that, he managed to get back on his feet, rose to more fame, and made more money.
Will Smith’s Career Development and Breakthrough
Will Smith started his career as a rapper. However, he transitioned into acting, and that’s when he achieved his breakthrough. The audience loved his acting, and he quickly became one of the highest-paid actors in history.
In the 2000s, when his career peaked, Will earned over $20 million per movie. He then went ahead and started earning more from a single film. For instance, his “King Richard” movie earned him $60 million. The “Men in Black 3” earned him $100 million.
These huge salaries are attributed to his influence and fame as an actor. Besides, the movies he appeared in had good turnovers, making it sustainable to pay him huge salaries.
Will Smith has a net worth of $350 million. His net worth is thanks to his acting career, but his music also brings him returns.
