After factoring in household expenses, legal fees and life insurance, that multi-million dollar contract can quickly whittle down to a fraction of its former self (not that the end number ends up making the celeb a 99 percenter).
In this week's New York magazine, readers get a taste of the Celebrity Economy, with a chart tracking the A-lister's average net earnings. So how much can a star such as George Clooney actually reap from his work each year? Let's find out.
Initial fees for roles in movies can hover around $10,000,000. However, that number soon starts to dwindle: $300,000 for boat expenses; $300,000 for children's expenses; $40,000 for medical expenses; $25,000 for charitable contributions; $10,000 for gifts; $486,400 for mortgage payments; and even $80,000 for gardening. After adding everything up (you can read the entire list over at New York), you come to a total expense level of $11,437,360 and a net income of $4,474,640 -- plenty leftover to be living large. (Time to buy that second caviar statue!)
Of course, there ways to add to that net number, too. For instance, if you are popular enough, you can get paid just for having kids (Brad and Angelina received a reported $11 million for their baby photos). Another star perk is the ability to get pretty much everything for free: festivals and events are guaranteed to have giveaways (iPads, leather jackets, year-long car leases; on average "a regular red-carpet walker will receive about $100,000 in free goods and services annually"), which can help an actor cutback on those expenses.
The entire New York feature is pretty fascinating, and a must-read for anyone interested in getting a closer look at the economics of Hollywood; check it out here. Oh, and if you're looking to get in on the action, maybe take up celebrity boat maintenance. Remember, $300,000 per year in expenses?
HIGHEST PAID ACTRESSES:
[via New York]