Net Worth Ranker
What Is Mariah Carey’s Net Worth?
Mariah Carey, an iconic American singer, songwriter, record producer, entrepreneur, and actress, boasts a significant net worth estimated at $350 million. This substantial wealth is a testament to her illustrious career and diverse ventures in the entertainment industry.
Career Highlights and Earnings
Mariah Carey’s career is marked by numerous milestones. She is among the top 15 best-selling musical artists of all time, with over 200 million albums sold globally. This achievement places her as the second best-selling female artist, only surpassed by Madonna. Her unparalleled success also includes having more #1 songs than any other female writer/producer in US chart history. Her accolades include five Grammy Awards, 10 American Music Awards, and 15 Billboard Music Awards, highlighting her enduring impact on music.
In April 2001, Carey signed a groundbreaking $100 million, five-album contract with Virgin Music. Adjusted for inflation, this equates to approximately $150 million today. However, her first album under this contract, “Glitter,” released on August 18, 2001, did not meet expectations. Despite selling 3 million copies, it was deemed a commercial failure, leading Virgin to pay her $28 million to terminate the contract early. This resulted in Carey earning nearly $50 million for a single album produced for Virgin.
Following her departure from Virgin, Carey signed a $24 million, five-album deal with Island Records. Her albums under Island performed reasonably well, with “The Emancipation of Mimi” in 2005 selling 10 million copies worldwide. In 2012, she earned $18 million for a single season as a judge on American Idol. In 2015, she secured a $30 million contract for a two-year Las Vegas residency at Caesars Palace, contributing to her status as one of the highest-earning women in music, with total earnings of $27 million that year.
One of her most enduring sources of income is her holiday hit, “All I Want for Christmas Is You.” The song generates an estimated $600,000 per year in royalties, accumulating over $60 million in gross royalties to date. Its continued popularity during the holiday season ensures a steady revenue stream for Carey. It is estimated that this song has global sales of 16 million and counting.
Early Life and Career Beginnings
Born on March 27, 1969, in Huntington, New York, Mariah Carey’s early life was marked by a passion for music. She began writing poems and songs while attending Harborfields High School in Greenlawn, New York, graduating in 1987. During her high school years, she collaborated with Gavin Christopher and Ben Margulies, composing songs with lyrics and music. After high school, while living in New York City, Mariah, Gavin, and Ben continued to work together to create a full-length demo.
The demo eventually reached pop singer Brenda K. Starr, who played a pivotal role in Carey’s career. Starr showcased the demo and introduced Carey to industry events, where it was handed to Tommy Mottola, the head of Columbia Records. Mottola’s immediate conviction in Carey’s talent led to her signing with Columbia Records and the launch of her commercial debut.
Her self-titled debut album, released on June 12, 1990, was heavily promoted by Columbia, with a reported $1 million investment. Initially, sales were slow, but the album eventually achieved 9X platinum status in the US, selling over 15 million copies worldwide. It topped the Billboard charts and earned Carey a Grammy for Best New Artist and Best Female Pop Vocal Performance. Her follow-up album, “Emotions,” released in 1991, was also highly successful, while her third album, “Music Box,” released in 1993, sold an astonishing 28 million copies worldwide. Her “Merry Christmas” album sold more than 15 million copies worldwide, followed by three albums selling 20 million, 10 million, and 8 million copies worldwide, respectively.
Real Estate and Personal Assets
Mariah Carey has invested in real estate, including a 4.2-acre property with a 16,000-square-foot Colonial mansion in the Sandy Springs suburb of Atlanta, Georgia, which she purchased in November 2021 for $5.65 million. She sold the home in May 2023 for $4.3 million, a $1.35 million loss. She has also maintained residences in Beverly Hills and a triplex apartment in New York City’s Tribeca neighborhood.
In the mid-1990s, while married to Tommy Mottola, the couple resided on a 51-acre property in Westchester County, New York, featuring a 33,000-square-foot mansion. This property was sold in 1998 after their separation. Carey also owns a vacation property in the Bahamas, reflecting her affinity for luxury and travel.
Personal Life and Relationships
Mariah Carey’s personal life has been widely publicized. She married music executive Tommy Mottola in 1993, divorcing in 1998. From 2008 to 2016, she was married to actor Nick Cannon, and they have twins, a boy and a girl, born in April 2011. She was briefly engaged to Australian billionaire James Packer in 2016 and dated singer Luis Miguel between 1998 and 2001.
Net Worth Considerations
Despite claims suggesting a net worth exceeding $500 million, legal filings from her 2015 divorce proceedings revealed that Carey had a net worth of $150 million in 2008, while Nick Cannon’s net worth was less than $500,000. In 2014, Carey earned $6.3 million, and Cannon earned $2.7 million. The divorce settlement granted Cannon a 2012 Ferrari and required him to pay $5,000 per month to a trust for their twins. While her earnings over the past decade have been substantial, they have not reached the billion-dollar mark required to support a $520 million valuation. Therefore, Mariah Carey’s net worth is accurately reported to be in the range of $350 million, reflecting her successful career and shrewd financial decisions.
