How Luis Miguel Achieved a Net Worth of $180 Million
Luis Miguel is a popular Latin singer who found fame and popularity during the 1990s. He goes on record as one of the most successful music artists in Latin American history. It is reported that his estimated net worth is $180 million as of early 2022.
This made us wonder, did Luis Miguel become so very wealthy from his singing career or did he have other revenue streams that helped him amass his vast fortune? We looked into his personal and career history to learn more about how he established his wealth and here is what we discovered.
His early years
According to Celebrity Net Worth, Luis Miguel was born Luis Miguel Gallego Basteri on April 18, 1970, to Luis Gallego Sanchez and Marcela Basteri in San Juan, Puerto Rico. Miguel's birth certificate incorrectly lists his birthdate a day later because his father waited a day to register the document after he was born.
Luis's mother was an Italian actress and his father was known as Luisito Rey, a Spanish guitarist, songwriter, and singer. His parents moved to Mexico when Miguel was still young. His father who was a professional in the music industry already had a plan for his young son. He wanted him to have exposure to the Mexican audience and moved him to the country to market his talents. Miguel Luis began his career as a singer at the age of 11.
Luis Miguel's Musical Career
Miguel's father helped him establish his career as a singer. His first significant accomplishment was the "Un Sol" album, which was his debut album released in 1982 through EMI Records' Mexican branch. The debut album was a big success in Mexico and it earned the 11-year old a gold disc award.
This was the start of a very successful career that kept the youngster working continuously on one album after another. The same year he released his second album "Directo al Corazon," followed by "Ya Nunca Mas" the following year. The same year he released "Decidete" and in 1984, "Palabra de Honor" was released. He also sang with famous country and western singer Sheena Easton the same year o perform "Me Gustas Tal Como Eres" in a duet.
His music was becoming internationally broadcast. In 1985 Miguel released Fiebre De Amor" following a Grammy Award for Best Mexican Amerian Performance the previous year with Easton when he was only fourteen.
A pause in his career
In 1986, Miguel Luis took a break from his music career. His father had served as his manager, but there were tensions between the two. Luis was unhappy with the poor financial decisions his father had made.
He also claimed that he had withheld earnings and mismanaged his career. This all came to a head and the two were embroiled in a family/business disagreement which resulted in Miguel taking time off from his singing. It was a full ear before Miguel got the situation figured out for himself.
A new manager and brighter career options
Miguel Luis found a new manager and made a comeback in 1987. He released "Soy Come Quiero Ser," that year and it sold more than 2.5 million copies. This was followed by another release in 1988 titled "Busca Una Mujer" featuring "La Incondicional" which became a top ten hit throughout the Latin American music scene. He continued producing an album a year throughout the early 1990s as he transitioned from being a child singer to an adult.
Collaborations
Miguel rose to even higher fame when he performed duets with a variety of famous singers. He sang with Frank Sinatra, Natalie Cole, and Stevie Wonder. He won multiple Grammy Awards and continued to produce albums annually, or at least every other year through the 1990s during the Latin Music Explosion era.
Still producing music
Luis Miguel has released a total of 22 albums with his most recent in 2017. He is still popular with Latin music enthusiasts and he has also branched into other areas of the music industry. In addition to being a singer, he is also a songwriter.
Performing his works has allowed him the luxury of keeping all the royalties that come in from sales of the songs. This has also helped to contribute to his incredible net worth. His fame has spread through the world. He is also a record producer which is a lucrative business.
His acting career
Miguel Luis has also dabbled in the art of acting. He made his debut in this form of entertainment in the film "Ya Nunca Mas" released in 1984. Miguel also released an album that served as the soundtrack for the film. He went on to appear in the lead role of the 1985 film "Fiebre de Amor." His other career pursuits include his winery. He released a unique vintage of Cabernet Sauvignon wine he called Unico, Luis Miguel.
How did Miguel Luis earn his fortune?
He has had 2 albums go platinum. The bulk of his wealth has been made through his album sales, his grueling tours and exciting concerts he has put on through the past several decades, and the sales of his songs that provide residual income in the form of royalties. Miguel Luis has earned his vast wealth by working in the music industry since he was just 11 years old.
He has dabbled in a few other sidelines such as his vintage wine label. He also has a record production company. Additionally, Migue had a brief stint as an actor. He is a beloved singer, songwriter, and entertainer and it is through his music that he has reached out to so many fans. Miguel Luis is still a relevant celebrity figure in the entertainment world and he offers a legacy with significant contributions to the world of Latin music that continues to this day.
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Written by Allen Lee
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