Russell Simmons's net worth is estimated at around $10 million, a steep decline from the roughly $340 million to $500 million he was reported to be worth at his peak, following his 2009 divorce from Kimora Lee Simmons and more than a dozen sexual assault and misconduct allegations that emerged beginning in 2017.
Quick Facts
| Full Name | Russell Wendell Simmons |
| Born | October 4, 1957, Queens, New York |
| Known For | Co-founder, Def Jam Recordings (1984); founder, Phat Farm |
| Marriage | Kimora Lee Simmons (1998-2009) |
| Children | Two daughters, Ming Lee and Aoki Lee |
| Allegations | Accused of sexual assault or misconduct by approximately 13 women since November 2017; denies all allegations |
| Estimated Net Worth | Around $10 million |
Early Life
Simmons was born in Queens, New York, to two public-school administrators and grew up in the Hollis neighborhood. He attended City College of New York to study sociology but left before completing his degree, having already begun promoting local hip-hop acts and writing "Christmas Rappin'" with Kurtis Blow.
Def Jam Recordings
In 1984, Simmons co-founded Def Jam Recordings with Rick Rubin, serving as the label's business-side partner while signing acts including Run-D.M.C., LL Cool J, and the Beastie Boys. Rubin sold his stake in the label to Sony/Def Jam in the late 1980s; Simmons sold his remaining stake to Universal Music Group for $120 million in 1998. Simmons also founded Rush Artist Management and later brought rap into the mainstream with productions like Run-D.M.C.'s "Walk This Way" collaboration with Aerosmith.
Phat Farm and Other Ventures
Simmons launched the urban fashion label Phat Farm in 1992 and sold it to Kellwood Company for $140 million in 2004. He also built ventures in film (Def Comedy Jam, Def Poetry), finance (the RushCard prepaid debit card), and yoga/wellness media.
Marriage to Kimora Lee Simmons
Simmons married model and businesswoman Kimora Lee on December 20, 1998. The couple had two daughters, Ming Lee and Aoki Lee, before separating in March 2006 and finalizing their divorce in 2009. The divorce settlement and subsequent business changes significantly reduced Simmons's fortune from its reported peak.
Sexual Assault Allegations
Beginning in November 2017, amid the broader #MeToo movement, multiple women publicly accused Simmons of sexual assault, harassment, or rape spanning several decades of his career. The Los Angeles Times and The New York Times documented accounts from a total of roughly 13 women. Simmons has denied every allegation, stating, "I never had a sexual encounter that was not consensual or lawful. Ever."
Simmons relocated to Bali, Indonesia, where he has continued to reside. Court filings from October 2024 stated that Simmons had failed to pay more than $3 million in settlements he had agreed to in 2023 with three accusers -- Wendy Franco, Sil Lai Abrams, and Sherri Abernathy -- who said they had not been paid as agreed. Simmons has separately sued HBO for $20 million over a 2020 documentary, "On the Record," that detailed several of the allegations against him.
Frequently Asked Questions
What is Russell Simmons's net worth?
Estimated at around $10 million, down sharply from a reported peak of $340 million to $500 million before his divorce and the sexual assault allegations that began in 2017.
Did Russell Simmons co-found Def Jam Recordings?
Yes, in 1984, with Rick Rubin. He sold his remaining stake to Universal Music Group for $120 million in 1998.
Has Russell Simmons been accused of sexual assault?
Yes. Beginning in November 2017, approximately 13 women publicly accused him of sexual assault or misconduct. He denies all allegations.
Where does Russell Simmons live now?
He has resided in Bali, Indonesia, since relocating there amid the allegations and related lawsuits.