Tyler Perry has officially become a billionaire.
The 50-year-old filmmaker has been named as Hollywood’s latest member of the club after earning $1.4 billion in pre-tax income since 2005, and it’s said he’s currently worth $1 billion overall.
According to Forbes magazine, Tyler has earned his wealth through shrew business prowess, and he owns 100% of everything he creates from TV series and films to stage productions.
In a breakdown of his money, the publication revealed $300 million resides in cash and investments, while a further $60 million comes from his BET stake.
He recently opened his own 330-acre film studio lot, and $280 million of his wealth comes from the value of the location.
And while another $40 million is made up of his homes and personal material assets, the largest source of his fortune comes from his film and TV media rights library, which is valued at $320 million.
Meanwhile, the director – who is set to receive a special Emmy at next month’s ceremony for his charitable efforts – recently credited his late mother Willie Maxine Perry for his charitable spirit.
Tyler – whose mum died aged 64 in 2009 – explained: "That’s the DNA of my mother. My mother was just such a kind woman.
"I’m thinking of her because I know that she would be smiling from heaven. So that’s definitely that part of my DNA."
The director acknowledges that some people "just need a hand up" in life and that "motivation can take them a long way".
He added: "I realise that people aren’t out there struggling because they want to. There are people that just need a hand up and that little bit of motivation can take them a long way.
"I’ll never forget being in the grocery store, in Winn-Dixie in Atlanta, trying to pay for some food and couldn’t pay for it.
"I was at Kroger. I couldn’t pay for it. There was a woman behind me who gave me the money to get the food that I needed. Never knew her again.
"But that little act of kindness made me feel like I could go on, so that’s what those moments are about for me. Just making people feel like they can go on."