There are not a lot of industries or sectors in the world where a person could become a millionaire in their teenage years and the music industry is a part of that very short life. That is why and how Lil Yachty has acquired a significant net worth at a very young age. The Atlanta rapper might only have begun his career in 2014 but he has quickly impressed himself on the industry with his music style and songs like Broccoli and albums like Teenage Emotions and Nuthin’ 2 Prove. Join us as we take you through Lil Yachty’s net worth, how he made his money and how he spends it. Check it out below.
Lil Yachty Net Worth
Miles Parks McCollum, aka Lil Yachty, has an estimated net worth of $8 million. The rapper has been a rapper and a singer since 2014 and has released three studio albums, Nuthin’ 2 Prove, Lil Boat 2 and Teenage Emotions. He has also released four Extended Plays (EPs), two mixtapes, and has been a part of two collaborative albums.
With plenty of milestones still ahead for the rapper to attain as a musician, his net worth is also expected to follow suit.
How He Made His Money
Having established Lil Yatchy’s net worth, here is a more detailed look at how he achieved it.
He was born in Mableton, Georgia on August 23, 1997, and began his career in Atlanta at the age of 17. He got his first breakthrough in December 2015 when his cover of the song, One Night, was used in a viral comedy video. With a commitment to making a living out of music, he relocated from Atlanta to New York. In New York, he expanded his horizon beyond music into fashion and began to earn money as a street fashion personality, having built up a sizeable Instagram following.
One of the early contributors to his net worth was his debut as a model at the launch of the Yeezy Season 3 fashion line in February 2016. 2016 further proved to be transformative for Lil Yatchy following the release of his debut mixtape, Lil Boat and the release of the song, Broccoli.
Broccoli became his first entry on the Billboard Hot 100, peaking at number five. With the success of the song, he signed a record deal with Quality Control Music, Capitol Records, and Motown Records. Details of his record deal with the labels are unknown but before the year was over, he was performing at multiple venues, earning an average of $35,000 per show. He performed in a total of 93 shows in 2016, raking in an estimated $3.2 million.
By 2017, his growing popularity led to an increase in his concert revenue, with Forbes reporting an increase to an estimated $100,000 per show in 2017, which increased his income to a further $2 million in the early parts of 2017. Aside from money earned through concert gigs, Lil Yachty has also earned his net worth through online streams of his songs, which, at over 320 million streams, has fetched him over $2 million.
In addition to his music earnings, Lil Yachty reportedly gets paid an estimated $3,500 for every feature and has earned over $150 thousand from them. Aside from his music, Lil Yachty has earned considerably from brand endorsements and his connection to the world of fashion.
He has ad deals with major brands like Sprite, Target, and Adidas, all of which reportedly fetched him a significant amount of money, reported to be almost $1 million. Additionally, he also has a clothing deal with Nautica and Urban Outfitters, where he is a creative director and earns significantly more compared to his ad deals.
He has earned money through a growing filmography that includes appearances as an actor in films like Long Shot, How High 2, Life-Size 2: A Christmas Eve and the animation, Teen Titans Go! To the Movies. Through this various means, Lil Yachty has been able to amass a net worth of $8 million.
How Does Lil Yachty Spend His Wealth?
So, when you are young and worth $8 million, what do you spend your money on? In the case of Lil Yachty, the answer, is a number of things, including $800 he spent on sodas. He also spends a lot of money on pizza, which he claims he eats daily. Being someone who prides himself as a fashion personality, Lil Yachty also spends his net worth on clothing and once spent $150,000 on a diamond-encrusted chain of his face. He has reportedly spent over $2 million on jewelry since he began his career, among others.