Psy Net Worth (Money & Salary)

What Is Psy’s Net Worth?

With a net worth of $60 million, Psy is a South Korean rapper who rose to international prominence. His infectious hit single and YouTube music video “Gangnam Style” propelled him to fame almost overnight.

To those unfamiliar with South Korea, Park Jae-Sang, known as Psy, appeared to burst onto the scene unexpectedly. His highly successful single “Gangnam Style” took global audiences by surprise, becoming one of the most-viewed videos on YouTube’s history. Prior to his international success, he was somewhat of a polarizing figure in Korea. Unlike the typical K-pop stars who are incredibly attractive, youthful, and rigorously trained in music, dance, and acting, Psy is older, has a fuller figure, dances freely, dropped out of Berklee Music School, and frequently releases songs with lyrics that lead to bans or “Ages 19+ only” ratings. Despite receiving numerous music awards, he faced significant criticism and backlash from various civic groups in Korea.

Following his required military service, Psy learned that it was deemed invalid, requiring him to serve an additional two years. During this time, he was unable to create music, leading to financial struggles, which ultimately motivated him to join YG Entertainment, a well-known Korean music label owned by a friend. Other artists on the label opposed his signing due to its focus on the teen demographic. Their concerns turned out to be unfounded as the first single from his second album under the label propelled him to international stardom.

How much money did Psy make from “Gangnam Style”?

The immense popularity of “Gangnam Style” allowed Psy to earn a substantial amount of money within the first year after its release. With over 7 billion views, the video generated millions in ad revenue. From 4 million downloads on iTunes, Psy earned approximately $4 million. His streaming earnings, however, were a modest $500,000. Additionally, Psy garnered around $8 million from endorsement partnerships with brands such as Samsung. Overall, the phenomenal success of “Gangnam Style” contributed over $20 million to Psy’s earnings before taxes, management fees, and other expenses.

Psy’s family has made Millions as Well

An intriguing development occurred for Psy and his family amid the “Gangnam Style” frenzy. For an unclear reason, shares of his father’s publicly listed company surged while Psy’s single gained immense popularity. To learn more about this unexpected rise, check out our article detailing how the Gangnam Style Rapper’s Family Just Made $30 Million.

Early Life

On December 31st, 1977, Psy was born Park Jae-Sang in the affluent Gangnam District of Seoul, South Korea. He hails from an upper-class family; his father, Park Won-Ho, serves as the chairman of DI Corporation, while his mother, Kim Young-Hee,

Psy is a restaurateur. He attended Sehwa High School, where he earned a reputation as the class clown due to his lack of interest in academics. His former classmates have described him as having brought a vibrant and cheerful atmosphere to his classes. His passion for music was greatly influenced by the band Queen, with “Bohemian Rhapsody” being a significant inspiration. Originally, Park intended to study at Boston University, but by the time he arrived in the U.S., he had lost interest in business administration. He decided to use his leftover tuition money to purchase musical instruments and equipment. Psy subsequently dropped out of Boston University and enrolled at the Berklee College of Music but eventually returned to South Korea to chase a career in music.

Early Career

In January 2001, he released his debut album, “PSY… From the Psycho World.” This album led to him being fined by South Korean authorities due to inappropriate content. His second album, released in 2002, also sparked controversy because of explicit content. A third album in 2003 marked a significant turning point in his success. Following its release, Psy entered mandatory military service, which applies to all South Korean men aged 18 to 35. He received an exemption from military service in 2005 as he was employed by a software development company. Returning to the scene in 2006, he released a fourth album that won accolades at the 2006 SBS Music Awards. During this time, prosecutors accused him of neglecting responsibilities in favor of his music career, resulting in a court ruling that led to his military re-enlistment. He was not discharged until July 2009. Facing financial difficulties, he found himself unable to release new music. In 2010, Psy joined YG Entertainment and launched his fifth album, featuring the lead single “Right Now,” which was banned for viewers under 19. By this time, Psy had achieved multiple number-one spots on domestic music charts but was still striving for international recognition.

“Gangnam Style”

The release of his sixth album, “Psy 6 (Six Rules), Part 1,” transformed everything for Psy. The track “Gangnam Style” surged into the global music scene, and describing the virality of its music video would be an understatement. On August 21, 2012, it clinched the #1 position on the iTunes Music Video Charts, surpassing major artists like Justin Bieber and Katy Perry. Since its release on July 15, 2012, “Gangnam Style” has amassed over 3 billion views on YouTube. It topped the iTunes sales charts and holds the record for the most-liked and viewed video in YouTube’s history. Countless parodies have been made across the globe, including a notable one on “Saturday Night Live,” where Psy made a surprise guest appearance. Thanks to the overwhelming success of “Gangnam Style,” he has appeared on platforms such as “The Today Show” and “The Ellen Degeneres Show,” among others. On November 24, 2012, it became the most-viewed video in YouTube’s history. The track has received accolades from people worldwide, even being acknowledged by political figures like President Barack Obama and British Prime Minister David Cameron. As of now, the YouTube video has 3.5 billion views.

Psy’s Gangnam Style:

Life After “Gangnam Style”

In November 2012, at the Oxford Union in England, Psy delivered a speech detailing the inspiration behind his hit song. He described the aftermath of “Gangnam Style” as being both a dream and a nightmare, acknowledging the difficulty of matching the success of his previous release. Later that same month, Psy made history as the second South Korean artist to perform at the MTV Europe Music Awards. As the success of “Gangnam Style” continued, he partnered with Justin Bieber’s manager, Scooter Braun, joining Schoolboy Records in 2012. Following this, he released two additional albums that achieved varying levels of success and established his own label, P Nation, in 2019. Since then, he has signed several artists including Hyuna and Dawn.

Personal Life

Psy tied the knot with Yoo Hye Yeon in October 2006; the couple is blessed with twin daughters. In late 2001, he faced legal issues when arrested for marijuana possession, which resulted in a fine and a 25-day jail sentence. Consequently, he was unable to attend his grandfather’s funeral and bid him a final farewell.