Psy Net Worth (Money & Salary)

What Is Psy’s Net Worth?

With a net worth of $60 million, Psy is a rapper from South Korea. His catchy hit single and YouTube music video “Gangnam Style” propelled him to near-instant international fame.

For those unfamiliar with South Korea, Park Jae-Sang, widely known as Psy, seemed to burst onto the scene. His wildly popular track “Gangnam Style” captivated audiences worldwide, becoming one of the most-watched videos on YouTube. Before achieving global recognition, he was viewed as a rather controversial figure in Korea. In contrast to the typical K-pop stars, known for their stunning looks, youth, and extensive training in music, dance, and acting, Psy stands out with his age, heavier build, and unorthodox dance style. He left Berklee Music School before completing it and frequently releases songs with provocative lyrics that have led to various bans and restrictions. Despite winning numerous music awards, his career faced significant criticism from civil groups in Korea.

Upon finishing his mandatory military service, Psy discovered that his service had not been properly legitimized, resulting in an additional two years required in the military. This period of being unable to produce music left him in a difficult financial situation, ultimately leading him to sign with YG Entertainment, a renowned Korean music label owned by a friend. His signing was met with protests from other artists on the label, who primarily targeted the teen demographic. However, their concerns were unfounded once his first single from the second album with YG propelled him to international fame.

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

The tremendous success of “Gangnam Style” netted Psy a considerable sum in its first year. His video’s 7 billion views generated millions in ad revenue. From approximately 4 million iTunes downloads, Psy earned around $4 million, while his streaming revenue totaled a modest $500,000. Moreover, an estimated $8 million came from endorsement deals with companies like Samsung. In total, the phenomenal success of “Gangnam Style” has added over $20 million to Psy’s earnings, excluding taxes and management fees.

Psy’s family has made Millions as Well

During the whirlwind created by “Gangnam Style,” an interesting development unfolded for Psy and his family. For reasons unknown, the stock price of his father’s publicly traded company surged at the same time Psy’s single was gaining traction. To delve deeper into this phenomenon, check out our article on how the Gangnam Style Rapper’s Family Just Made $30 Million.

Early Life

Born Park Jae-Sang on December 31, 1977, in the Gangnam District of Seoul, South Korea, Psy hails from an affluent background. His father, Park Won-Ho, is the chairman of DI Corporation, and his mother, Kim Young-Hee, runs a restaurant. Psy attended Sehwa High School, where he earned a reputation as the class clown, as he was not particularly fond of academics. Former classmates have described how he brought a playful and energetic vibe to their classes. His passion for music was ignited by the band Queen, especially their iconic track “Bohemian Rhapsody.” Although initially planning to attend Boston University, Psy lost interest in his educational journey.

By the time he arrived in the U.S. and started his classes, he had completed business administration studies. Using what was left of his tuition funds, Psy purchased musical instruments and equipment. He left Boston University to enroll at Berklee College of Music, yet ultimately withdrew to go back to South Korea and chase a music career.

Early Career

In January 2001, he released his debut album, “PSY… From the Psycho World.” For its inappropriate content, South Korean government authorities imposed a fine on him. His subsequent album in 2002 also attracted controversy due to explicit content. Then, in 2003, after the release of his third album which marked a significant breakthrough, Psy had to fulfill his mandatory military service, a requirement for all South Korean men aged 18 to 35. In 2005, he received an exemption from the military due to his employment with a software development company. Psy returned in 2006 with a fourth album that garnered accolades at the SBS Music Awards that year. During this period, state prosecutors accused him of abandoning his work to focus on music, leading to a court ruling that allowed the military to recall him, not releasing him from duty until July 2009. Financial struggles hindered his ability to release more songs. In 2010, he was signed by YG Entertainment and launched his fifth album. Its lead single, “Right Now,” faced a ban for audiences below the age of 19. At this point, despite having topped the domestic music charts several times, Psy had not yet achieved international recognition.

“Gangnam Style”

The release of his sixth album, “Psy 6 (Six Rules), Part 1,” changed everything for Psy. The song “Gangnam Style” burst onto the global mainstream music scene, and labeling the video as viral would be an understatement. Officially charting at #1 on the iTunes Music Video Charts on August 21, 2012, it surpassed major artists like Justin Bieber and Katy Perry. Since its launch on July 15, 2012, “Gangnam Style” has amassed over 3 billion views on YouTube, achieving the #1 position on the iTunes sales chart while becoming the most-liked and viewed video on the platform’s history. Countless parodies have emerged worldwide, including those on “Saturday Night Live,” where Psy made a surprise appearance. The success of “Gangnam Style” also led to Psy being featured on programs such as “The Today Show” and “The Ellen Degeneres Show.” On November 24, 2012, it became the most-viewed video in YouTube’s history. The song has received praise from individuals globally, including political leaders like President Barack Obama and UK Prime Minister David Cameron. To date, the YouTube video showcases 3.5 billion views.

Psy’s Gangnam Style:

Life After “Gangnam Style”

In November 2012, Psy delivered a speech at the Oxford Union in England, where he shared the inspiration behind his hit song. He reflected on the aftermath of “Gangnam Style,” describing it as a blend of both a dream and a nightmare; he realized that matching the success of his previous hit would be an unattainable challenge. Later that same month, he became the second South Korean music artist ever to perform at the MTV Europe Music Awards. Following the wave of success from “Gangnam Style,” Psy joined forces with Justin Bieber’s manager, Scooter Braun, and his Schoolboy Records in 2012. Subsequently, he released two more albums with mixed success and established his own label, P Nation, in 2019. Since its inception, he has signed artists such as Hyuna and Dawn, among others.

Personal Life

Psy wed Yoo Hye Yeon in October 2006, and together they have twin daughters. In late 2001, he faced legal troubles and was arrested for marijuana possession, resulting in a fine and a 25-day jail sentence, which unfortunately prevented him from attending his grandfather’s funeral and giving his last respects.