Tom Hanks is one of the most bankable Hollywood actors of all time. He’s won 2 Academy Awards, and he’s currently nominated for a Golden Globe for his performance in It’s a Beautiful Day In the Neighborhood. Hanks‘ continued success has led some fans to question how much money he has to his name.
According to Celebrity Net Worth, Hanks has an estimated net worth of $400 million. Read on to learn how he made his fortune, and how he likes to spend it when he’s not starring in award-caliber films.
Here’s what you need to know:
1. Hanks Earned $70 Million for His Role In 1994’s ‘Forrest Gump’
Forrest Gump was Hanks’ most lucrative film, in addition to being one of his most iconic. The actor signed on for a $7 million salary to play the titular character, but the film quickly went over budget. Celebrity Net Worth reports that Hanks offered to give up his salary in exchange for “first dollar” back end points, meaning that he would receive a share of the box office receipts owed to the studio after the film premiered.
Forrest Gump was a massive commercial success, grossing $678 million at the worldwide box office. Hanks walked away with an estimated $70 million, in addition to a Golden Globe and his second Academy Award for Best Actor. It is Hanks’ biggest acting paycheck to date, and adjusted for inflation (it translates to $120 million today), it remains one of the biggest acting paychecks in Hollywood history.
Hanks applied a similar strategy when he starred in the WWII epic Saving Private Ryan. Entertainment Weekly reports that the actor decided to forfeit his salary in exchange for “first dollar” back end points. Saving Private Ryan earned a whopping $482 million worldwide, and Hanks made a cool $40 million for his troubles.
2. Hanks & His Wife Have a Real Estate Portfolio Worth $150 Million
Hanks and his wife Rita Wilson have been buying and selling large properties for decades. Celebrity Net Worth reports that the couple purchased an oceanfront mansion in the Malibu Colony for $2.95 million in 1991, and today, the mansion is estimated to be worth $20 million. In 2010, the couple purchased a house in the Pacific Palisades area of Los Angeles, which has since become their primary residence. The house cost $26 million.
Hanks and Wilson sold neighboring properties to a lone client in 2017. The homes were put on the market for $8.75 million and $9.25 million, respectively, and the latter was owned by late director and screenwriter Frank Pierson. They were sold for a combined $17.5 million, which the client proceeded to tear down and replace with a mansion. According to Variety, Hanks and Wilson own 5 other properties in the Palisades, as well as a ski house in Sun Valley, Idaho.
In total, Celebrity Net Worth states that Hanks and Wilson’s real estate portfolio is worth at least $150 million.
3. Hanks Donates Money to Over 30 Charities & Foundations
In addition to his real estate dealings, Hanks works closely with other 30 charities and foundations. Shared reports that the actor donates both his time and his money to organizations like Elevate Hope Foundation and the Hole In the Wall Gang. The former provides abused children with alternative method of therapy through music, and the latter organizes summer camps for children between the ages 7 to 15 who are too ill to attend summer camp.
Other organizations that Hanks donates to includes the Women’s Cancer Research Fund (WCRF), which researches and develops the prevention of cancer in women, and the Elizabeth Dole Foundation, which improves the conditions of military families and caregivers. You can click here for a list of the additional organizations the actor is connected with.
In 2018, it was reported that Hanks and his wife Rita Wilson donated $1 euros to archaeological work on Despotiko, an island located near Antiparos, Greece. Wilson cleared up the confusion on Twitter, where she wrote: “To all my dear Greek friends, this is a false story. @tomhanks and I have no idea who this person is. Tom will not be attending this event nor have we donated to any of these causes. Not sure why people would post something untrue.”
4. Hanks’ Films Have Made Over $9 Billion At the Worldwide Box Office
Hanks’ biggest source of income is his film career. He made his screen debut in 1980, but it wasn’t until the 1984 comedy Splash! that he became a household name. The film grossed $69.8 million worldwide and remains a comedy classic. Hanks continued to land hit comedies throughout the decade, with the most notable being 1986’s The Money Pit and 1988’s Big. The latter grossed $151 million and earned Hanks his first Academy Award nomination.
Hanks’ career reached its peak in the 1990s. He appeared in a string of critical and commercial hits like the AIDS drama Philadelphia, which grossed $206 million; the space thriller Apollo 13, which grabbed $355 million; and the animated comedy Toy Story, which took in $373 million. His biggest success of the decade was Forrest Gump, which grossed $678 million worldwide and won 6 Academy Awards including Best Picture.
The actor has continued to find commercial success well into the 2000s. He’s lent his voice to three Toy Story sequels, and the last two installments have grossed over $1 billion. He landed his highest grossing live-action film with The Da Vince Code, which earned $785 million and spawned two sequels. Work and Money reports that Hanks’ films have grossed $9.28 billion at the worldwide box office, making him one of the most financially successful actors of all time.
5. Hanks Says the Key to Staying Wealthy Is ‘Avoiding Debt’
Hanks spoke frankly about money during a 2018 interview with The Guardian. He said that while he is wealthy, it’s important to avoid debt and to be wise with investments. “Look, I’m rich… I’m rich,” he admitted. “I read a long time ago that you can’t have debt. If you’re in debt, you can’t say no. You have to have what David Niven called f*ck-you money. So, the nut is what do you need in order to live right now, and that’s finite.”
Hanks also spoke on the different between staying grounded and succumbing to the glamour of the movie star lifestyle. He credits the former to his upbringing and the way his parents raised him. “The money can be good. But after that, man, you just want more money,” he explained.
“There’s always another level of mammon that you require in order to keep yourself happy. Are you in it for power? To do what? To have a parking place right next to your trailer? If those are the talismans, after a while none of it’s going to be enough. My money’s in the bank, man… If it stops tomorrow, we’ll be fine.”
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