Coming from humble beginnings as a worker in the oil fields of Oklahoma, Toby Keith rose to become one of the most beloved and well-known American country singers of all time. He built an estimated net worth of $400 million throughout his legendary life!
You’ve likely heard one or more of his chart-topping hits on the radio, such as Should’ve Been a Cowboy, Beer for My Horses, Courtesy of the Red, White, and Blue, and How Do You Like Me Now? Toby released 19 studio albums throughout his long and lucrative music career.
Aside from being a talented country artist, Toby was also an incredibly successful entrepreneur with his own restaurant chain, beverage brand, and a sizable investment in a record label.
Unsurprisingly, he quickly became one of the wealthiest country music singers, accumulating a massive wealth over his lifetime. In this post, we’ll discuss the details of Toby Keith’s impressive net worth, including his business ventures, sources of income, and journey to fame and fortune!
What Is Toby Keith’s Net Worth?
Toby Keith had an estimated net worth of $400 million from his 30-year career as a professional country music singer, songwriter, record producer, actor, and entrepreneur.
His business ventures included his restaurant chain, Toby Keith’s I Love This Bar & Grill, his beverage brand, Wild Shot mezcal liquor, and his clothing line, TK Steelman.
Toby also had a significant investment, a minority stake in Big Machine Records, a recording label that signed successful artists like Rascal Flatts, Tim McGraw, and even Taylor Swift!
On top of that, the country singer had a multimillion-dollar endorsement deal with Ford. He also owned a horse farm, an apartment complex, a golf club, and, surprisingly—a Starbucks branch.
Because of Toby Keith’s financial prowess and commercial success, he was named Cowboy Capitalist by Forbes and described as Country’s $500 MillCountry.
Forbes estimated that a year before their interview with Toby in 2013, the singer earned around $65 million, which is surprisingly even more than what famous singers like Jay-Z, Jennifer Lopez, and Beyoncé have earned.
Toby Keith’s Earnings from his Music Career
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As a country artist, Toby Keith released 19 studio albums, five compilation albums, and two Christmas albums, with over 40 million albums sold worldwide.
He signed his first-ever record deal for $20,000 in the early 1990s with a multi-platinum music producer, Harold Shedd. His first single, “Should’ve Been a Cowboy,” ranked No. 1 on the U.S. Billboard Hot Country Songs chart, and his debut album sold more than a million copies!
After releasing his major label debut, Toby earned $5,000 to $10,000 per night on his concerts. As his success grew with more No. 1 hits, venues offered him around $20,000 per show.
This number grew significantly, and as he reached the peak of his music career, he is estimated to have earned a whopping $1 million or more for every 90-minute concert.
Since then, Toby has charted 61 singles, with 20 number-one hits and 22 top 10 hits on the Billboard Hot Country Songs chart. He also founded a new label, Show Dog Nashville, in 2005.
At the end of his life and career, Billboard estimated that Toby Keith’s recording and publishing catalogs continued to earn him $9 million per year in streaming and sales activity.
Toby Keith’s I Love This Bar & Grill Restaurant Chain
One of Toby Keith’s first-ever business ventures, which turned out to be a massive success, was a chain of restaurants inspired by the country music singer’s 2003 single I Love This Bar. The first branches opened in his only native state, Oklahoma, in 2005.
Toby Keith’s I Love This Bar & Grill serves primarily American cuisine, particularly Southern food. Each branch is a full-service restaurant with large guitar-shaped bars and live music from local performers. During his life, Toby has made surprise visits and performances.
If you’re wondering what was on the menu, Toby chose it! He gave the chef a list of his all-time favorites: hand-cut French fries, cornbread, hush puppies, and fried bologna sandwiches, the number one selling menu item.
The restaurant earned three times its target revenue for the first month, and at the end of its first year, it was one of the top 50 grossing restaurants in the United States. According to Forbes, Toby earned an estimated $12 million yearly from his I Love This Bar & Grill restaurant.
Toby Keith’s Wild Shot Beverage Brand
Another of Toby’s top-earning business ventures began in 2007 when he saw the vast potential for profits in the beverage industry. He got this idea from his friend, Sammy Hagar, who had launched a tequila business and sold it to a beverage giant for $80 million that year.
Toby decided on mezcal after considering various beverage types, like bourbon, tequila, vodka, and wine. He partnered with Southern Wine & Spirits, a family-owned beverage distributor, began sampling mezcal flavors, and soon launched Wild Shot Mezcal in March 2011.
Before the year was over, Toby Keith’s Wild Shot was the number one premium mezcal brand in the coCountryIt is a feCountrydrink in his I Love This Bar & Grill restaurant chain, and he reportedly earned around $60 million to $100 million per year from this beverage brand.
Toby Keith’s Investment in Big Machine Records
But wait, there’s more! Toby Keith also owned a minority stake in Big Machine Records, a Nashville, Tennessee-based label founded in 2005 by Scott Borchetta. He paid $400,000 for a stake in the label, estimated at around 10%, and became part of the joint venture.
In a few years, Toby’s purchase proved to be one of the most significant investments in music history. Big Machine Records soon signed chart-topping and best-selling artists like Taylor Swift, Rascal Flatts, Tim McGraw, Danielle Peck, Callista Clark, and Payton Smith.
As a result, Toby gets paid a sizable portion of the profits that the artists bring to the label. Scott Borchetta, the label’s founder, said, “Toby’s an astute businessman.” He explains that he knows of Toby’s business savvy because he sends the country singer checks.
Here’s an interesting fact that not many know about Toby and his money: When asked how much money Big Machine artists, notably Taylor Swift, generate for him, Toby answered, “I know there’s an extra comma if you add up all the money I’ve ever made.”
Where Is Toby Keith Now?
Toby Keith passed away on February 5, 2024, at the age of 62, after a two-year battle with stomach cancer.
According to court documents obtained by In Touch, Toby’s widow, Tricia Covel, filed to be named the administrator of his estate on February 20 in an Oklahoma court. Tricia and their three children will inherit the estate.
Final Thoughts on Toby Keith’s Net Worth
American country singer and business tycoon Toby Keith has an incredible net worth of $400 million. He might’ve gained fame from chart-topping songs, but his fortune is another story!
Whether it’s a restaurant chain, beverage brand, clothing line, or a stake in a record label, you name it, Toby’s got it. The artist earns millions from endorsement deals, concerts, and music streaming. Don’t forget his horse farm, golf club, apartments, and Starbucks branch!
Indeed, Toby Keith earned the title of Cowboy Capitalist and will forever be remembered as CoCountry ’s500 Million Man.