Akon burst onto the world stage back in 2004 with the release of his Billboard smash, “Locked Up,” but even though he’s taken a huge step back from music, he is set for life.
In a recent interview, the music mogul revealed how he manages to hold onto his wealth.
“Listen, you want to stay rich? Stay stingy,” Akon said during a recent episode of Logan Paul’s IMPAULSIVE podcast. “I’m the stingiest muthaf-cka on the planet. Any person of my caliber is not flying commercial. These dudes is flying jets all day. I attempted to own a jet. That sh-t lasted six months. I sold that muthaf-cka so fast. You have no idea [at upkeep costs]. I promise you.”
Akon says not owning a jet is a massive component of wealth retention.
“Buy some hours and use it only when necessary. And most of the time, use it as a way of negotiation. Let that be a part of your strategy to the money. But whatever you do, do not own a jet,” he went on. “Bro, owning a jet is spending at least $2-3million a year just on upkeep. You spend more on the maintenance than the actual jet costs.”
According to Celebrity Net Worth, Akon has a net worth of $60 million. The musician has used his success to provide new opportunities in his home continent of Africa. In June, he announced his plans to build a second Akon City in Uganda. The city will be powered by his digital currency, AKoin, and is slated to be completed by 2036.
Last September, Akon unveiled his plans for the first Akon City development. Senegalese nationals will be encouraged to live and work in the $6 billion smart city and members of the African Diaspora would also be welcome. The 2,000-acre city will feature a luxury resort, high-rise condos, recording studios and a stadium, which will also be powered by AKoin.