Net Worth Ranker
What Is Russell Simmons’ Net Worth?
As of March 11, 2025, Russell Simmons’ net worth is estimated to be $10 million. This figure reflects his career as a record executive and entrepreneur, primarily known for co-founding Def Jam Recordings. While his earlier ventures generated substantial wealth, reaching hundreds of millions of dollars, recent financial disclosures and controversies have significantly impacted his financial standing.
Russell Simmons’ Career Highlights
Russell Simmons was born on October 4, 1957, in Queens, New York. He spent his early years in Maryland, where his father worked as a public school administrator and his mother as a parks administrator. He attended the City College of New York, where he connected with early hip-hop figures, including Kurt Walker and Eddie Cheeba.
In the early stages of his career, Simmons collaborated with Kurt Walker to produce “Christmas Rappin,” securing a record deal with Blow. The sale of 500,000 copies prompted him to leave college and concentrate on music full-time. His brother, Joseph, later known as Run, formed Run-DMC, and Russell helped them secure a record deal.
In 1984, Russell partnered with Rick Rubin, who had already launched Def Jam Records from his college dorm room. They signed artists such as T La Rock & Jazzy Jay, LL Cool J, the Beastie Boys, Slayer, Oran “Juice” Jones, and Public Enemy. These signings were pivotal in the rise of Def Jam Recordings.
LL Cool J was instrumental in Def Jam’s initial success, but subsequent artists achieved greater commercial heights. The Beastie Boys, with their album “Licensed to Ill,” became a global sensation. In 1988, Rick Rubin departed from the label. In 1994, Simmons sold half of Def Jam to Polygram for $33 million. In 1996, Rick Rubin sold his shares to Universal Music Group for $120 million. In 1999, Simmons sold the remainder of Def Jam to Seagram for $130 million.
Before the sale of Def Jam Records, Simmons expanded his media influence by creating Simmons Lathan Media Group, which produced shows like “The Def Comedy Jam.” He also established Rush Communications, Inc., a conglomerate consisting of ten businesses and three non-profit organizations. Through Rush Communications, Simmons co-produced the Eddie Murphy film “The Nutty Professor.”
Simmons also launched three clothing lines: Phat Farm, ArgyleCulture, and Tantris. Phat Farm was particularly successful, capitalizing on the burgeoning hip-hop movement. It was sold to Kenwood in 2004 for $140 million. ArgyleCulture targeted millennial men, while Tantris focused on yoga apparel.
In 2013, Simmons founded Unirush LLC, a company providing pre-paid debit cards to low-income individuals. In 2017, Green Dot Corporation acquired this company for $147 million. Rush Communications diversified into various ventures, including energy drink companies, websites, and book publishing. Simmons published self-help books such as “Do You!” and “12 Laws to Access the Power in You to Achieve Happiness and Success.”
Controversies and Financial Issues Affecting Russell Simmons’ Net Worth
In 2017, model Keri Claussen Khalighi accused Russell Simmons of raping her in 1991, when she was 17 years old. Writer Jenny Lumet also accused Simmons of rape, citing an incident in 1991. These allegations led to Simmons stepping down from his leadership roles in his businesses. Companies like HBO distanced themselves from him.
The Los Angeles Times published five separate accounts of women alleging sexual misconduct or sexual assault by Simmons. The New York Times followed with four additional accounts, including further rape allegations. Ultimately, 13 women came forward with allegations. Simmons denied all accusations, sold his assets, and relocated to Bali, a nation without an extradition treaty with the United States.
Russell Simmons married Kimora Lee in 1998. They met when she was 17 and he was 35. The couple had two daughters and divorced in 2008. As part of their divorce settlement, Russell paid Kimora an undisclosed amount to separate their marital assets. He also provided funds for her to acquire an $8.5 million Beverly Hills mansion and was ordered to pay $40,000 per month in child support, $20,000 per child.
In June 2023, Russell’s daughter Aoki Simmons posted screenshots of WhatsApp conversations with her father, suggesting financial difficulties. In these exchanges, Russell stated he was “literally broke” and claimed his ex-wife Kimora Lee Simmons had “stolen my money and the love of my kids.” He further alleged that Kimora and her husband, Tim Leissner, had taken “$250 million of my money.” Aoki refuted these claims, stating, “She DID NOT STEAL IT… YOU LOST IT… understand?! YOU LOST IT with your actions.”
In 2012, Russell listed his Manhattan penthouse for $11 million. After several price reductions, he accepted an undisclosed amount, having last asked $5.5 million. In 2013, he purchased a home in Los Angeles for $5.9 million, selling it in August 2018 for $8.125 million.
Russell Simmons’ current net worth of $10 million reflects a significant decline from his peak earnings due to business ventures, legal settlements, and allegations of misconduct. His financial trajectory underscores the volatile nature of wealth in the entertainment industry.
