Keke Palmer is challenging the veracity of publicly estimated figures regarding her net worth, contending that she does not possess the multi-million-dollar fortune that certain sources suggest.
In an interview with Speedy Morman for Complex Magazine “360,” posted on YouTube on Aug. 21, Palmer unequivocally refuted the statistics surrounding her net worth, which is reported to be $7.5 million.
The actress revealed that her actual bank balance is a far cry from the purported seven-figure sums, stating that when it was reported she was worth millions, she only had a mere $100,000 in her account.
Not to be Believed
“Y’all can’t believe net worths,” Palmer asserted. “Because first of all, they said my net worth was $7.5 million when I only had $100,000 in the bank. They’re lies. Do not look at those. Do not look at that, okay? It’s inaccurate.”
The reported $7.5 million net estimation attributed to Palmer, 30, as documented by Money Inc. in 2021, originates from a calculation grounded in her success in acting and music, spanning from the time she was 11 years old when she first entered the entertainment industry.
She has a remarkable portfolio of highly successful movies and chart-topping songs on the Billboard charts. Some of her notable works include “Akeelah and the Bee” and “Madea’s Family Reunion,” which grossed $19 million and $63 million, respectively. She also starred in a hit Nickelodeon series called “True Jackson, VP,” during her teenage years.
Where is the Money?
In a June interview on “The Terrell Show,” Palmer revealed that she faced financial stress during her transition from child star to adult actress due to fewer roles.
“I was off of ‘True Jackson, VP.’ Acting had kind of gotten to that murky age,” Palmer said. “Now when you go from being a child star to trying to transition over as an adult, it can be really difficult because you’re like too young seeming, but then also too old for maybe some younger roles. So, it was just hard for me to really kind of figure out how to rebrand myself, so to speak. So, I was focused on my music.”
After enjoying success in music, Palmer still had outstanding payments due from Interscope Records. Despite this, she invested her remaining funds into two projects called “Dance Alone” and “You Got Me.”
“Dance Alone” was created after Palmer left Interscope Records and demanded her due payments. She used the money to finance her own project.
When reflecting on this time, Palmer said, “I had to tell them, ‘Give me my money and let me do my own project.’ “
Palmer launched KeyTV, a digital network for the next generation of creators, in October 2022.
“I’ve been doing this for 20 years, but this is what I’m most proud of,” she captioned the video posted to Instagram. “Y’all always say I keep a job, now I’m making sure we ALL got one. Sharing the keys to the culture is my greatest gift — this is for you & for us, from me.”
It is not clear how much KeyTV is worth because it is not a public company.
Then There Are the Assets
According to Architectural Digest, the former child actress purchased a Mediterranean-style mansion spanning 2,600 square feet at a cost of $1.4 million.
Celebs Speak Out
As Finurah previously reported, Burna Boy has publicly denounced his purported net worth.
Former “Sex In the City” star turned politician Cynthia Nixon, who once was a Democratic primary challenger against then-Gov. Andrew Cuomo of New York told CBS anchorman Maurice DuBois not to trust Google in valuing her wealth.
However, estimating celebrities’ net worths can be challenging due to the confidential nature of financial information. Reputable sources such as Forbes rely on estimations to determine a celebrity’s net worth.
Forbes famously assessed Rihanna as a billionaire on the strength of her cosmetics line, Fenty.
This estimation hinged on statements made by the CEO of Fenty’s parent company, a French luxury conglomerate known as LVMH, who revealed in 2018 that the brand had amassed $500 million in revenue, translating to $600 million at that juncture.
Using Forbes’ practice of estimating celebrity net worth, citing Rihanna’s billionaire status based on her involvement in the Fenty beauty line is a prime example of the variability inherent in such calculations.
In Palmer’s case, her bank account balance has fluctuated throughout her career, complicating the assessment of her financial status and prompting her to be cautious against accepting reported net worth figures at face value.
“There were times where it was less, now it’s more,” she said. “But there were times where it was less than that. That’s why I’m like, don’t believe that.”