Abel Tesfaye, more popularly known as The Weeknd, is a Canadian born rapper who has turned a decision to drop out of high school (that decision was made on a weekend, hence the stage name of The Weeknd) into a million dollar music career. His decision came when he was 17 years old, so unlike other youth with musical talent his career decision came at the brink of adulthood – and at a time when finishing school seemed more like a formality.
The estimates of his net worth range between $30 million and $70 million. The higher figure is to be believed because Abel is multitalented, having performance skills as a singer, record producer, songwriter, and recording artist. He has 2 Grammy awards to his credit, making him a marketable commodity. This statement is proven by his Oscar nomination for his musical composition “Earned It” in the movie “50 Shades of Grey.”
Endorsements came as a result of getting attention for his Grammy wins and Oscar nomination. To date they total roughly $700,000 a year, and that number is expected to grow. Estimates are he makes at least $70,000 a day on record sales.
But based on The Weeknd’s international success and the amount of money he generates, his total net worth should be significantly higher. His 2016 “Starboy” single produced more than $1.1 billion in sales and merchandise. Over the last two years, including tours, he has amassed about $5.5 billion in sales.
Are drugs a possible reason for the small number? He has a history of drug use. In fact, right before he moved out of his mother’s house and started on his music career it is reported that he was using Ketamine, cocaine, mushrooms, and MDMA with his friends. That can drain your earnings really fast, and with him making about $170k a day, he might be thinking there is no end to the money. Two symbols that once appeared on the end of his name of his signature – “xo” – are said to be code for ecstasy and oxycodone. Insider reports are that his youthful drug habits have gotten more expensive.
He does own some very expensive cars, and he considers himself to be a collector. It is part of his image and among his purchases are a limited edition hybrid Maclaren P1, a Lamborghini Aventador SV Roadster, and a Bentley. The price for the first two cars was just over $2 million, and even if he has a stable of cars hidden away somewhere, their cost still doesn’t add up to $4 or $5 billion.
On the real estate front, The Weeknd does own an estate in Hidden Hills, California where his neighbors are well-known names such as Kanye West, Miley Cyrus, Kylie Jenner, and Kim Kardashian. All of these stars have serious money, so how he managed to afford living in the area of this elite company may explain what happened to the money. The rapper supposedly spent $20 million for his mansion, which includes a 1200 square foot guest house. But given who his neighbors are it likely cost him a lot more than the reported $20 million.
One other thing worth mentioning is his legal problems. There aren’t many, with one incident having him being arrested and convicted for punching a Las Vegas police officer. What may be a bigger cash drain are his business legal problems. One case involves an action by Cutting Edge Music who alleges the bass line for “The Hills” is a piece of stolen intellectual property. That case started back in 2015, and losing it would not only mean paying lawyer costs, but also having to come up with financial restitution to Cutting Edge which could be financially damaging.
All we can come up with on why such a low net worth figure is because he is spending his money like there is no tomorrow. There might be a real side to this since rappers have been known to meet untimely deaths. If you consider that his mansion alone accounts for about one-third of his net worth, the numbers just don’t add up. There is definitely something in between the money coming in and what’s left at the end of the day. Despite the fact he is said to be somewhat of a philanthropist, the history says that The Weeknd needs to spend some of his weekends in a rehab facility.