Singer, rapper of hit single ‘Gangnam Style’, Park Jae-sang, known professionally as Psy, has a net worth of a whopping $60 million.
Psy is a South Korean singer, rapper, and record producer.
He is best known for his hit single Gangnam Style, of which the chorus part was entered into The Yale Book of Quotations in 2012 as one of the most famous quotations of that year.
The song peaked on music charts in more than 30 countries and also became the first song to hit 1 billion views on YouTube.
Apart from Gangnam Style Psy also has another massive hit single, Gentleman, which debuted at number one in Billboard Top 100.
Psy performed in a New Year’s Eve celebration with American rapper MC Hammer in Times Square, New York City.
Moreover, Park Jae-sang was born in a Gangnam District, Seoul, South Korea, in a wealthy family.
Before looking at the net worth of PSY, let’s take a look at our iconic Gangnam styler, PSY’s personal details.
|Birth Name||Park Jae-Sang|
|Birth Date||December 31, 1977|
|Birth Place||Gangnam District, Seoul, South Korea|
|Age||45 Years Old|
|Father’ Name||Park Won-ho|
|Mother’s Name||Kim Young-hee|
|Siblings||Park Jae-eun (Sister)|
|Weight||82 kg, 180.77 lbs.|
|Distinctive Features||Wears Black Sunglasses, Loves Wearing Suits and Tuxedos|
|Height||5 feet 6 inches, 167.67 cm|
|Profession||Singer, Songwriter, Rapper, Record Producer|
|Genre||K-pop, hip hop|
|First Album||Psy from the Psycho World|
|First Film||2002 Wet Dreams|
|First TV Show||2001 Beautiful Days|
|Favorite Food||Kimchi Stew, Hot Stone Bibimbap|
|Role Model||Freddie Mercury|
|Managers||William Morris Endeavor Entertainment, Seoul-based YG Entertainment Inc.|
|Awards||AMA, Asian Pop Music Awards, Capricho Awards, Style Icon Awards, CICI Korea Awards, and World Music Awards|
|Music Label||P Nation (Owned), Bidman, LNLT Entertainment, YG Entertainment, YGEX, Avex Trax, Republic, Schoolboy Records|
|Social Media||Instagram, YouTube, Twitter, Facebook, Spotify|
|Net Worth||$60 million|
|Last Update||February 2023|
Psy: Net Worth and Income
South Korean singer and rapper Psy has an astonishing net worth of $60 million as of 2021.
His hit single ‘Gangnam Style‘ proved that digital music streaming platforms are way more transparent in terms of sales and singers’ royalty than physical record sales.
The song hit the number 1 spot in more than 30 countries around the globe and was certified five-times platinum in the United States, 2 times in the UK, and 10 times platinum in Australia.
Even though Psy did not make that much from Gangnam Style in the first year of its release, it went on making a fortune for the singer later on.
Thanks to the incredible success of the song, Psy made $4 million from 4 million iTunes downloads alone.
Despite the fact that it made a mere $500,000 from streaming revenues, it made a lot more than that from a few other add-ons.
The success of the song brought Psy about $8 million from endorsement deals.
All in all, the South Korean superstar earned more than $20 million through the song before taxes, managers fees, and so on.
It’s safe to say that the song boosted his fame and fortune to the stratosphere.
Moreover, he earned more than $40 million in 2012 from TV commercials, concert ticket sales, and social media revenue from his hit song Gangnam Style.
After all cuts on his income, including taxes, record label cut, he bagged about $28 million in 2012, all thanks to his 7:3 profit-sharing deal with YG Entertainment.
Furthermore, YouTube alone earned him $10 million.
Apart from that, Psy now has his own record label named P Nation, which he founded in 2018.
He has signed Dawn, Hyuna, and other artists since the establishment of his company.
Interestingly, as a result of his popularity globally, his family made money as well. His father’s public traded company rose steeply for some reason during the same time that Psy’s single topped charts.
His family made over $30 million during his career peak.
Net Worth of Psy in Different Currencies
So, Let’s have a look into the net worth of PSY in different currencies, including the cryptocurrency BitCoin.
|Euro||€ 50.97 million|
|Pound Sterling||£ 43.62 million|
|Australian Dollar||A$ 81.37 million|
|Canadian Dollar||C$ 43.62 million|
|Indian Rupee||₹ 4,457,240,000|
Houses and Cars
With a net worth of over $60 million, Psy can afford to live in the exorbitant cities in the world. However, he chose Los Angeles because of his business. He also owns a super contemporary condo in the city of angels.
According to LA Times, Psy purchased a 2,776 square feet condo in the exclusive Blair House on Wilshire Boulevard in 2012 December for $1.249 million. And he paid in cash for the unit.
Reportedly Psy also owns a beautiful house in his home country South Korea. His house is located in one of the most exclusive districts of South Korea’s Seoul.
An average unit in Gangnam district costs about $800,000.
The South Korean star has a sizable collection of cars. He mostly prefers luxurious and modern wheels as his daily driver.
His collection includes Rolls Royce Phantom worth $450,000, Mercedes-Benz S Class worth $380,000, McLaren MP4 12C worth $180,000, and Hyundai Equus worth about $90,000.
Psy leads a pretty lavish lifestyle. He’s been married to Yoo Hey-yeon since October 2006, and the couple now has twin daughters.
He loves spending time with his family and friends in the States as well as back home.
Moreover, Psy is an avid marijuana smoker. In fact, he was arrested for possession of marijuana in late 2001 and was fined and sentenced to 25 days in jail. Consequently, he never got to say goodbye to his grandfather.
Psy was born and raised in a well-off family. His father is the CEO of DI Corporation, and his mother is a famous South Korean restaurateur.
Psy dropped out of Boston University and enrolled at Berklee College of Music, but the future had something else planned up.
He ultimately dropped out of college as well and returned to South Korea to pursue a music career.
Furthermore, everything changed with the release of Gangnam Style.
His unusual song exploded in the mainstream music scene and saying it went viral online would be an understatement. It smashed numerous records and peaked on the top of almost every chart.
As of 2021, the song has over 4.22 billion views on YouTube.
The song has been acclaimed by people around the world, including famous politicians such as British Prime Minister David Cameron and President Barack Obama.
Psy has a generous heart and often indulges in charitable causes and organizations.
Back in 2017, he donated over 100 million and about $92,284 to local charities to help the earthquake victims in Pohang.
Similarly, back in 2013, the rapper donated 500 million won and about $424,000 to Children with Cancer.
Moreover, Psy performed at a charity concert in Washington D.C, United States. He performed his most famous song, Gangnam Style.
Among the attendees was former president Barack Obama. The concert aired on TNT on 21 December 2012.
Furthermore, he also supports World Vision and Rotary International, among other organizations.
Investments and Endorsements
The South Korean rapper and singer Psy has been a part of several brands over the years.
Following the success of his hit single Gangnam Style, he made over $8 million from endorsement deals alone.
He’s been inked in endorsements with brands such as Samsung and Wonderful Pistachios.
Similarly, back in 2012, Hyundai partnered up with rapper Psy to endorse its Equus luxury Sedan.
Psy has not just earned money from his successful music career but has also made some clever investments.
After he left YG Records, he went on establishing his own record label, P Nation, in 2018. Reportedly, he invested $6.8 million on the record company, which has already produced artists such as HyunA and E’Dawn.
South Korean rapper and singer Psy released his first album entitled Psy From The Psycho World in 2001. However, the rapper was fined by the South Korean government authorities stating inappropriate content.
Likewise, his second album also stirred controversy in 2002 because of explicit content. It was not until 2003 that Psy tasted a little blood of success with the release of his third album.
After that, he served the mandatory South Korean military service. In 2005 he was discharged from the military because he had an exception from working at a software company.
After that, he focused completely on his music career and released his fourth album, which won honors at the 2006 SBS Music Awards.
He was also accused by state prosecutors of neglecting his work to embark upon his music career.
Following the accusation, he was redrafted by the court and was not released from duties until 2009.
In 2010 he joined YG Entertainment and also released his fifth album. At this point, he was already gaining domestic attention but was yet to reach mainstream audiences.
Ultimately, on 15th July 2012, Psy released his single Gangnam Style as the lead single of his sixth studio album, Psy 6 (Six Rules), Part 1, and the rest is history.
Unknown Facts About Psy
- South Korean star received a Diamond Play Button from YouTube for surpassing 10 million subscribers on his official channel, which made him the first Asian artist to accomplish the feat!
- He considers Freddie Mercury from the rock band Queen to be his musical influence.
- Psy’s favorite actor is superstar Tom Cruise, and he really wants to meet him personally.
- The name Psy is actually short for Psycho.
What is Gangnam mean in English?
In a literal sense, Gangnam means south of the river. Gangnam is also the glamorous and richest place in Seoul, South Korea. And the chorus of the song Oppa Gangnam roughly means your man has Gangnam Style.
What was the first YouTube video to hit a billion views?
The first-ever video to reach a billion views on YouTube was obviously Psy’s Gangnam Style.
Did Psy retire?
Psy left YG Entertainment in 2018 after eight years to start his own record label. He still produces and releases music from his own record label, P Nation.