Elliot Grainge Net Worth: Here's How Rich Sofia Richie's Music Exec Husband Is

Sofia Richie is an heiress as the daughter of legendary singer Lionel Richie, who has a net worth of $230 million, but her now-husband Elliot Grainge is also a multi-millionaire.

Grainge — the founder of independent Los Angeles-based record label 10K Projects — has an estimated net worth of $10 million, Life and Style magazine reported, citing multiple reports. International Business Times could not independently verify the information.

The 30-year-old music executive, who grew up in England but moved to the U.S. in 2009, started 10K Projects in 2016 right after graduating from Northeastern University using $200,000 he'd earned flipping an apartment in Boston, according to the Los Angeles Times.

Grainge first signed Trippie Redd and controversial rapper Tekashi 6ix9ine, Forbes reported. His record label has since worked with artists such as Ice Spice, Summrs, Internet Money, Poor Stacy and Iann Dior, among others.

10K Projects has had 18 gold and eight platinum/multi-platinum singles, which have a total of 22 billion streams, according to the magazine.

The music executive is the son of Universal Music Group (UMG) chairman and CEO Lucian Grainge, who is considered one of the most powerful men in the music industry and has an estimated net worth of $50 million.

UMG has signed many internationally renowned musicians, including Rihanna, Ariana Grande, 5 Seconds of Summer, Jessie J, Lana Del Ray, Machine Gun Kelly, Post Malone, The Weeknd, Shawn Mendes, Taylor Swift, Lady Gaga and many more.

The younger Grainge grew up in the music industry and eventually inherited his father's love for the business. However, he wanted to make it on his own without the help of his father.

"I was a weird kid who used to read the music trades," he told Variety. "What I noticed about my father's negotiating style was how transparent, honest, and sensible he was. When you put your cards on the table like that, negotiating is less competitive and more about teamwork."

On Saturday, Grainge tied the knot with Richie at Hotel du Cap-Eden-Roc in Antibes, France, after two years of dating.

Long before they started dating in early 2021, Grainge and Richie knew each other as kids. Her dad Lionel has been friends with Grainge's father and has worked with him for years.

The 24-year-old model and fashion designer and Grainge have purchased and sold real estate properties in Los Angeles since getting together.

Months after becoming Instagram official, the pair bought a $17 million Beverly Hills mansion on a street famously known as "Music Row." They sold it for $22 million a year later, before purchasing a mansion in Los Angeles' Brentwood Park for $26.9 million. It will be their first home as husband and wife.

Richie has an estimated net worth of $8 million, so the couple has a combined fortune of $18 million.