• Tyler Perry is now worth $1 billion, according to Forbes
  • The entertainer recognizes the importance of "ownership" and he owns the entirety of his creative output 
  • Perry owns the mansion Prince Harry and Meghan Markle occupied in Los Angeles before they purchased their own home in Montecito

Tyler Perry came from humble beginnings but is now a new billionaire. All thanks to his successful business strategy.

Perry came from a poor family and was a victim of child abuse. His tough experiences made him wiser and tougher paving his way to huge success. Today, Perry is the newest self-made billionaire, according to Forbes. In an interview, Perry shared with the publication how he achieved his success.

"I mostly go on my gut and my instinct. I like to challenge the system and see what I can do differently," Perry said about his method to achieving his wealth.

"You got to understand, I had no mentors. My father doesn’t know anything about business, and my uncles and mother, they know nothing about this. I didn’t go to business school. Everything I’ve learned, I’ve learned in progress.”

Forbes broke down Perry's wealth showing that $300 million are cash and investments, $60 million from his stake in BET, $280 million from the value of his studio lot and the other $40 million comprises his home and other personal material assets.

Forbes attributed Perry's success to two things: he honed a product that many viewed was for the discount bin and he made sure he has control over it. The entertainer owns the entirety of his creative output including 1,200 episodes of TV, 22 feature films and at least two dozen stage plays.

Perry used that control to leverage a deal with ViacomCBS that pays him $150 million annually for new content and gives him an equity stake in BET+.

Forbes estimates Perry's net worth at $1 billion and he will soon be a member of The Forbes 400. The "A Fall From Grace" star recognizes his past and the importance of "ownership."

"I love when people say you come from ‘humble beginnings’ [It] means you were poor as hell," which for him makes success sweeter.

"Ownership changes everything.”

Perry is also close with Oprah Winfrey. The latter invited him on her show when he was just 30. At the time, Perry was already relentless and had been writing scripts. Winfrey shared her secret to Perry, one that he was beginning to learn, the importance of “writing your own checks” and being in full control.

Perry also owns the mansion that Prince Harry and Meghan Markle occupied when the Duke and Duchess of Sussex moved to Los Angeles. They stayed at Perry’s home for a couple of months before buying their own house in Montecito, Barbara.

Tyler Perry
Tyler Perry at the 7th Annual Produced By Conference at Paramount Studios in Los Angeles on May 31, 2015. Getty Images