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Will Smith Net Worth: Early Years | IRS Challenge | How Rich is Jada?

Will Smith Net Worth

 

Will Smith Net Worth: Will Smith is an actor, film producer, and rapper who has been one of the world’s most well-known and popular figures for decades.

Smith has a net worth of $350 million as of this writing.

He makes at least $40 million a year from his different ventures and has made as much as $80 million in some years.

Film Salaries in Recent Years

Will, for example, made $45 million between June 2019 and June 2020 from various efforts, largely film salaries.

Will earned $20 – $30 million for each film at the height of his success in the 2000s. Netflix has paid him large single-film salaries in recent years.

He reportedly made $20 million for the Netflix film “Bright” in 2017 and $35 million for the sequel in 2018.

He’s also something of a social media sensation.

Will has almost 45 million Instagram followers, 8 million YouTube subscribers, and 30 million TikTok followers as of this writing.

Will Smith’s Childhood

Smith, the son of a school administrator and a refrigerator engineer, was born and reared in West Philadelphia.

Jeffrey Allen Townes, a prominent local DJ who became known as DJ Jazzy Jeff, was one of his childhood pals.

They met by coincidence when Jeff needed a hype man for performance down the street.

Smith leaped at the opportunity, and the two hit it off right away. DJ Jazzy Jeff & The Fresh Prince was the name of the group they finally formed.

In 1986, they were discovered by Russell Simmons, who signed them to Def Jam Records.

1987, they published their debut album, “Rock the House.” The album was certified gold. In 1988, they published their second album, “He’s the DJ, I’m the Rapper.”

It was a huge success, selling over three million copies. The duo would collaborate on five albums in all.

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Will won the inaugural Grammy for the newly established Rap category in 1988.

IRS Challenges

Will Smith made around $10 million from his musical career between 1988 and 1990.

Will proceeded to spend his money like it was going out of style, assuming that the good days would go forever.

He bought mansions, vehicles, clothes, jewelry, and other valuables. He not only spoiled himself but also his friends and family.

Unfortunately, radio listeners were growing tired of Will and Jazzy Jeff around the time he won the Grammy.

Their “radio-friendly” tunes were being mocked as “rap sell-outs” all of a sudden.

Will was also, however, not paying his taxes during the boom.

Will was informed at the age of 21 that he had failed to pay $2.8 million in taxes during his fat years.

After accounting for inflation, that equates to nearly $6 million in debt.

Will Was Approached by Super-producer Quincy Jones

About appearing in a television show around this time.

Will initially turned down the opportunity to star in a sitcom.

He was frightened of appearing even more of a sellout as a result of this.

On the plus side, the job came with a good salary.

The compensation would increase if the show was renewed for another season.

Will signed on to star in the newly titled sitcom “The Fresh Prince of Bel-Air” with the IRS’s not-so-subtle urging.

Will’s pay was also garnished at 70% until his debt was finally paid off, according to the IRS.

Will said the following about his early TV days in an interview with 60 Minutes years later:

“The IRS took 70% of every check for the first three years of The Fresh Prince of Bel-Air, but after the third year, I was back to zero.

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It’s dreadful to achieve that level of achievement just to be broke.”

Movie Star

Will was paid $500,000 to star in “Six Degrees of Separation” in 1993, while still riding high on the success of his hit sitcom.

In 1995, he co-starred in the successful action-comedy “Bad Boys,” for which he received a $2 million paycheck.

He would receive $20 million for appearing in the sequel years later.

The Biggest Wages

Will made $200 million in movie wages and bonuses over 20 years, from 1993 to 2013.

As of this writing, his film revenues have easily surpassed $300 million, with the possibility of much more if any of his rumored backend arrangements prove to be true.

Will’s biggest verified paycheck was from Men In Black 3 in 2013 when he received a $20 million upfront compensation and $80 million in backend points thanks to his 10% portion of the profit.

He was also said to own 20% of the profits from Bad Boys 2, Hancock, and Pursuit of Happiness.

Though it’s plausible that he had 20% net earnings rather than gross profits, which would be drastically different numbers.

If he has gross points, those four films alone would have netted him $355 million.

I Am Legend earned Will $25 million in 2007.

The $28 million he earned for I, Robot was his highest upfront pay.

He was paid $20 million to star in Netflix’s Bright in 2018.

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Will reportedly received $35 million from Netflix to reprise his part in Bright 2.

Career in Music

Smith never stopped doing music, and he recorded four solo albums, two of which went platinum while working on his films.

Smith had several successful tracks, including “Men in Black” and “Gettin’ Jiggy Wit It,” which earned him two Grammy Awards for Best Rap Solo Performance in a row.

Awards

Smith was nominated for an Academy Award twice, once for portraying Muhammad Ali in “Ali” and once for portraying Chris Gardner in “The Pursuit of Happyness.”

Smith has two BET Awards, one Image Award, four MTV Movie Awards, and two People’s Choice Awards among his accolades.

Private Life

Will and Jada Pinkett, his wife since 1997, have two children.

Jaden Smith and Willow Smith, their children, both work in the entertainment sector. With his first wife, Sheree Amino, he had a son named Trey.

Jada Pinkett Smith’s Salary

Jada Pinkett Smith is a 50 million dollar American actress, producer, director, singer, author, and businesswoman.

Though it should be mentioned that Jada’s net worth is largely derived from her marriage to Will Smith, one of the highest-paid actors of the last two decades.

Jada Pinkett Smith has amassed a substantial net worth from her work in movies, television, music, fashion, and as a children’s book author.

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