Status: 01.12.2023, 14:47 PM
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With her "Renaissance" tour, Beyoncé has not only boosted the US economy. Her own fortune is now likely to be record-breaking.
Washington – Call her Queen Bey, Mrs. Carter or Sasha Fierce, one thing is clear: Beyoncé Knowles rules the world. Since bursting onto the scene in 1990 as the child rapper of the group Girls Tyme, Beyoncé has built a half-billion-dollar empire spanning music, entertainment, fashion, and a string of lucrative investments and endorsement deals. This year, their record-breaking, 56-stop Renaissance tour — a dazzling mix of robotic arms, pyrotechnics, and a flying hologram horse — has boosted the U.S. economy.
With the Renaissance tour hitting the big screen this weekend, here's a look at how the diva earned herself respect with her check.
Beyoncé's wealth will grow by at least 2023 percent in 20
Beyoncé is many things: artist, entrepreneur, fashion icon. And they have all contributed to their rapidly growing fortunes. Her net worth has increased by 20 percent to $540 million in the last year, according to Forbes. That's almost enough to buy every person in their hometown of Houston a bottle of their perfume for $160, plus a few official Renaissance T-shirts.
The majority of Beyoncé's wealth comes from her 20-year solo career. The "Flawless" singer has sold more than 200 million albums, won a record-breaking 32 Grammy Awards, and is the most awarded artist at the MTV Video Music Awards, BET Awards, and NAACP Image Awards.
She has also founded several companies — including Parkwood Entertainment, the production company behind the 2008 musical biopic "Cadillac Records" — and secured lucrative endorsement deals with global brands such as PepsiCo, Samsung, L'Oréal, and American Express.
Beyoncé performs live in Cardiff as part of her Renaissance World Tour. © INSTARimages.com/Imago
She piles money everywhere she goes: Beyoncé leads to rising inflation in Sweden
She works for the money and she's not sorry. With 56 shows in five months, Beyoncé's Renaissance World Tour has established the artist as one of the most successful touring artists of all time. Billboard Boxscore lists Renaissance as the seventh-highest tour in history, behind Elton John, U2 and Coldplay. Beyoncé is the only woman and the only black artist to make it into the top 10.
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According to Live Nation, the Renaissance tour drew more than 2.7 million fans to stadiums around the world and boosted tourism in Beyoncé's tour cities. In Stockholm, the traveling "Beyhive" was even blamed for the fact that inflation in Sweden was higher than expected in May.
Over the years, Beyoncé's tours have grown in scope and revenue. Her first solo tour included performances in Europe and the United Kingdom. Her next tour, the Beyoncé Experience, was a worldwide production that grossed nearly $25 million — or about $35 million in today's dollars — an impressive feat that accounts for just 6 percent of Queen Bey's Renaissance earnings.
Beyoncé has founded several successful companies
Beyoncé's growing business empire includes investments in several companies, including Lemon Perfect, a company that makes flavored water, and Parisian fashion brand Destree, according to PitchBook Data.
Her own companies include the House of Deréon clothing line and the production company Parkwood Entertainment, which produced her 2019 concert film "Homecoming," according to Billboard. Parkwood is also the parent company of athleisure clothing line Ivy Park, which recently ended its partnership with Adidas. Ivy Park posted on Instagram in November that "a new era is coming."
In addition, she served as a global brand ambassador for Pepsi — a $50 million campaign, the New York Times estimated — and works with her husband at music streaming service Tidal, which sold a majority stake to payments company Block for around $237 million.
Beyoncé on stage. © Marco Piraccini/Imago
Beyoncé knows better than to be reckless in a Givenchy dress and uses the stage to boost her business. She and her dancers often wear outfits by Ivy Park; the all-black outfit from the last show of the Renaissance tour in October is already sold out.
Ticket sales for "Renaissance": $31.3 million
Beyoncé often sings about her fondness for Houston. And she loves her hometown back. In September, Harris County (where Houston is located) officially renamed itself "Bey County" for two nights during the star's Renaissance tour.
Ticket sales for the concerts of the Renaissance Tour in Houston alone amounted to 31.3 million dollars. Meanwhile, visitors spent $18.2 million at hotels in Houston and surrounding areas — a 45 percent increase from the same weekend in 2022, according to Houston First Corporation.
To heat up the mood, the city council threw a welcome party for Queen Bey – with fireworks, a drone light show, and cover bands playing their biggest hits. Around 5,000 people attended the free celebration in the city centre.
"It turned out to be even bigger than we could have imagined," said Michael Heckman, executive director of Houston First, who organized the event at the urging of Mayor Sylvester Turner. "When a local hero like Beyoncé comes back for a big concert, we just had to put together something big worthy of the star that she is."
Beyoncé also gives back: building her own foundation
She may be stingy with her love, but Beyoncé makes sure she doesn't regret leaving this world. For the past 10 years, she has focused on providing economic opportunities to people in underprivileged and marginalized communities through the BeyGood Foundation.
During the Renaissance tour, for example, she donated $2 million to entrepreneurs and college students, and distributed $10,000 scholarships and $100,000 grants to small businesses in the cities along the way. Launched in 2020, the Black Parade Route brings together Black businessmen around the world for networking lunches and awards scholarships to support hundreds of Black entrepreneurs.
The nonprofit has supported families affected by disasters, including hurricanes in Houston and Orlando and the lack of clean drinking water in Flint, Michigan. Beyoncé has also donated millions to Knowles-Temenos Place, a Houston housing development that helps the homeless.
If there's one thing Beyoncé can do, it's make the most of every opportunity. And the Renaissance Tour is no exception. Beyoncé is bringing the Renaissance World Tour to cinemas around the world from November 30 - a shiny new addition to the big B universe.
About the authors
Abha Bhattarai is a business correspondent for The Washington Post, having previously covered retail for the publication.
Alexis Arnold is a designer at The Washington Post, focusing on the weekend section, social media graphics, and web design. Previously, she worked at USA Today, where she started as a Visuals Fellow, creating motion graphics and explanations for the video team, before moving to the Audience team.
Rachel Lerman covers the latest tech news for The Washington Post.
We are currently testing machine translations. This article has been automatically translated from English into German.
This article was first published in English by the "Washingtonpost.com" on November 30, 2023 - in the course of a cooperation, it is now also available in translation to the readers of IPPEN. MEDIA portals.