Table of Contents
Profile
Russell Simmons
American Entrepreneur, Writer and Record executive. Co-founded the hip-hop label Def Jam Recordings.
$500 Million
$90 Million (15%)
Russell Simmons has a net worth of $500 Million USD, as of 2024. Even though he lost millions of his assets to divorce and alimony, Simmons is still very rich, thanks to his clothing line and other business ventures.
Alimony
Russell Simmons married model Kimora Lee in 1998. They have two children. In 2006, after Simmons got caught cheating on his wife, the couple divorced. As part of the divorce settlement, Simmons paid his ex-wife a lump sum payment of $50 Million.
Simmons also makes Alimony payments of $1.2 million to his ex-wife each month. In addition to this, he pays $4 Million annually for Child Support, Education, and other expenses as ordered by the court.
Russell Simmons Net Worth 2024 (Forbes)
| Net Worth | $500 Million |
| Annual Income | $47 Million |
| Alimony Payments | $15 Million per year |
| Monthly Spends | $2.8 Million |
Other Settlements
Taking note of his huge wealth, A number of women, some of whom were aged 17 at the time of the alleged incidents, have accused Simmons of sexual harassment, assault, or rape. Simmons has paid huge sums to settle a few cases outside the court.
He has made a total of $36 million in settlements to various women to drop the charges.
All the women were made to sign an agreement to never speak to the media or the public about Simmons. He was represented by his lawyer Van Jones.
Car Collection
Russell Simmons owns over 20 cars in his garage. Simmons has most recently gifted himself with a Bugatti that cost him $1.3 Million.
Simmons’s car collection includes Two Ferraris, One Lamborghini, Three Mercedes, Two Audi, One BMW, One Tesla, and Two Lexus.
Allegations
Russell Simmons has faced multiple allegations of sexual misconduct, harassment, and assault. These allegations began to surface in late 2017 as part of the broader #MeToo movement.
Jenny Lumet, a screenwriter and the daughter of director Sidney Lumet, alleged that Russell Simmons sexually assaulted her in the 1990s. She detailed the incident in a 2017 article for The Hollywood Reporter.
Keri Claussen Khalighi, a model, accused Russell Simmons of sexual misconduct in 1991 when she was 17 years old. She alleged that Simmons coerced her into performing sexual acts while director Brett Ratner was present.
Drew Dixon, a former music executive, accused Russell Simmons of sexual harassment and assault during her time working at Def Jam Recordings in the 1990s.
Aftermath
In November 2017, Russell Simmons announced that he would be stepping down from his various businesses, including Def Jam Recordings and Phat Farm.
In 2020, the documentary “On the Record” was released, featuring several women who accused Russell Simmons of sexual assault. Russell Simmons Net Worth was growing at 20% annually during this phase of his life.
The allegations against Russell Simmons have had a significant impact on his reputation and career. Several business partnerships and projects were affected or discontinued severely affecting his net worth.
Frequently Asked Questions
Run-DMC was an American hip-hop group that is valued at over $80 million by Forbes.
No. With a net worth of $500 million, Russell Simmons is not a billionaire yet.
Russell Simmons owns a successful clothing brand Phat Farm through which he earns $16 Million annually.
Russell Simmons’s ex-wife Kimora has a net worth of $250 Million.
