Net Worth Ranker
What Is Abel Makkonen Tesfaye’s Net Worth?
Abel Makkonen Tesfaye, most famously known as The Weeknd, has amassed a considerable fortune throughout his career. As of today, his net worth is estimated to be around $300 million. This substantial wealth is primarily attributed to his success as a recording artist, record producer, and entrepreneur.
Sources of The Weeknd’s Net Worth
The Weeknd’s income streams are diverse, ranging from music sales to real estate investments. His earnings are significantly boosted by album sales, streaming royalties, and lucrative touring schedules.
Music Revenue: The Weeknd has sold over 70 million records in the United States alone. Each sale and stream contributes to his overall earnings. For instance, albums like “Beauty Behind the Madness,” which sold 412,000 units in its first week and eventually went platinum with 1.5 million copies sold globally, significantly added to his revenue.
Concert Earnings: Touring is a major source of income for The Weeknd. During peak touring years, such as between June 2017 and June 2018, he earned approximately $90 million.
Real Estate Holdings: The Weeknd’s real estate portfolio includes several high-value properties.
- Bel Air Mansion: In August 2021, The Weeknd purchased a mansion in Bel Air, Los Angeles, for $70 million. This 33,000-square-foot property sits on 1.6 acres overlooking the Bel-Air Country Club and includes amenities like an indoor pool, sports court, movie theater, gym, music studio, and outdoor pool.
- Beverly Hills Penthouse: In December 2019, he bought a penthouse in Los Angeles overlooking the Beverly Hills Country Club for $21 million. The monthly HOA fee for this property is $6,800.
- Hidden Hills Estate (Past): Previously, The Weeknd owned a three-acre estate in Hidden Hills, California, which he bought for $18 million in June 2017. This property, spanning over 13,000 square feet with nine bedrooms and 11 bathrooms, also featured a 1,200-square-foot guest house. He sold it to Madonna in April 2021 for $20 million, who later sold it in June 2023 for $23 million.
Business Ventures and Endorsements: Beyond music, The Weeknd has several business ventures and endorsements that add to his wealth.
- XO Brand: He owns his personal brand called “XO,” which includes merchandise sales and collaborations.
- Brand Ambassador Roles: The Weeknd has collaborated with condom companies, e-cigarette manufacturers, and Marvel. He is also a brand ambassador for Puma and one of the “faces” of Apple Music.
- Esports Investment: He owns shares in the esports company OverActive Media Group.
- Black HXOUSE Partnership: In August 2020, he partnered with TD Bank to launch Black HXOUSE.
- NFTs: In March 2021, The Weeknd auctioned off visual artwork and an unreleased song as an NFT on Nifty Gateway. He later joined Tom Brady’s NFT platform, Autograph, as a board member in October 2021.
Annual Earnings: In a typical year when he is touring, The Weeknd can earn approximately $90 million before taxes. Between June 2018 and June 2019, his earnings were around $40 million from various endeavors.
The Weeknd’s Early Career and Rise to Fame
Early Life and Background: Abel Makkonen Tesfaye was born on February 16, 1990, in Toronto, Ontario. Raised by his mother and grandmother after his parents separated, The Weeknd is of Ethiopian heritage, with his parents immigrating to Canada in the late 1980s. His early life was significantly influenced by religion, as he frequently attended the Ethiopian Orthodox Church.
Musical Beginnings: The Weeknd’s foray into music began with collaborations with producer Jeremy Rose. Rose, who envisioned creating “dark R&B,” saw Tesfaye as the ideal artist for this genre. Together, they produced several songs. Tesfaye uploaded these tracks to YouTube under monikers like “Kin Kane” and “The Noise,” quickly gaining a following and attracting attention from Drake.
Breakthrough with Mixtapes: His first major release was the mixtape “House of Balloons,” which featured tracks produced with Jeremy Rose (although Rose was not initially credited). The mixtape was a critical and commercial success, further boosted by Drake’s public praise and support.
Collaboration with Drake: Following the success of “House of Balloons,” Drake invited The Weeknd to tour with him. The Weeknd performed as the opening act, enhancing his exposure and solidifying his presence in the music industry.
Record Label Partnerships: After releasing two more mixtapes, The Weeknd was approached by several major record labels. He eventually partnered with Republic Records in a joint venture, creating his own imprint, XO, as a subsidiary of Republic Records. This partnership led to the release of “Trilogy,” a compilation of his first three mixtapes, which charted at number four on the U.S. Billboard 200.
First Studio Album: In 2013, The Weeknd released his first studio album, “Kiss Land,” which featured Drake on several tracks and debuted at number two on the U.S. Billboard Top 200.
Key Milestones:
- 2015: The Weeknd’s second studio album, “Beauty Behind the Madness,” sold 412,000 units in its first week and reached the top spot on the U.S. Billboard 200. It eventually went platinum, selling 1.5 million copies globally.
- 2017: The Weeknd set a Guinness World Record for the Most Streamed Album on Spotify in One Year.
- 2018: He released his first greatest hits album, “The Weeknd in Japan.”
Real Estate Assets and Investments
The Weeknd’s real estate investments showcase his ability to allocate his wealth into tangible assets.
Current Residence: Bel Air Mansion Purchased in August 2021 for $70 million, this mansion is located in the exclusive Bel Air neighborhood of Los Angeles. The property features an indoor pool, sports court, movie theater, gym, music studio, and an outdoor pool.
Former Residence: Hidden Hills Estate The Weeknd acquired this three-acre estate in Hidden Hills, California, for $18 million in June 2017. The home included nine bedrooms, 11 bathrooms, and a 1,200-square-foot guest house. He sold the home in April 2021 to Madonna for $20 million.
Penthouse in Los Angeles In December 2019, The Weeknd purchased a penthouse in Los Angeles overlooking the Beverly Hills Country Club for $21 million. The building’s monthly HOA fee is $6,800.
New York City Penthouse (Former Rental and Sale) Before establishing roots in Los Angeles, The Weeknd rented a triplex penthouse in New York City, costing $60,000 per month. He listed this penthouse for $22.5 million in January 2022 and sold it in August 2023 for $19 million.
Other Assets and Ventures
Car Collection: While specific details about his car collection are not publicly available, it is expected that The Weeknd owns a variety of luxury vehicles befitting his status.
Fashion Ventures: The Weeknd’s involvement in fashion includes his “XO” branded merchandise, collaborations with brands like A Bathing Ape, and designers such as Alexander Wang. These ventures contribute to his brand value and income.
Business Collaborations: His partnerships with companies spanning various industries—from condom manufacturers to Apple Music—demonstrate his appeal as a brand ambassador.
Philanthropy: The Weeknd has a history of philanthropy, including a $1 million donation in April 2021 through the United Nations World Food Programme (WFP) to relief efforts in Ethiopia. In March 2022, he partnered with the WFP to launch the XO Humanitarian Fund.
The Weeknd’s journey from a young artist uploading tracks to YouTube to a global superstar with a $300 million net worth exemplifies his talent, business acumen, and ability to capitalize on various revenue streams.
