From humble beginnings to becoming one of the wealthiest musicians worldwide, country music icon Dolly Parton has used her strong work ethic and shrewd business sense to create a vast empire.

Parton expanded her brand this year by introducing four new Duncan Hines cake mixes, launching a fragrance called Scent From Above, creating a pet apparel brand called Doggy Parton, and designing limited-edition cookie cutters for Williams Sonoma. As Dolly explains, "I always say, when it comes to business, I look like a woman, but I think like a man."

Forbes estimates Parton's worth at $350 million, although some claim it could be double that. She attributes her success to the simple motto, "Always keep something back for you." This principle was instilled in her by her parents, Avie Lee and Robert, while growing up in a one-room cabin with 11 siblings in rural Tennessee. A friend adds, "She’s no fool when it comes to dealmaking.”

In 1974, Dolly's business acumen was tested when Elvis Presley wanted to record her song, "I Will Always Love You." Elvis' manager, Col. Tom Parker, demanded she sign away half her publishing rights to the song. Dolly refused, trusting her intuition, and as a result, Elvis didn't record the song. "Something in my heart [said,] 'Don’t do that,' and I just didn’t do it, and they just didn’t do it," she recalls.

Later, Whitney Houston recorded the song for The Bodyguard soundtrack, making it the bestselling single by a woman in the U.S. and selling over 20 million copies globally. Parton's publishing rights for her music are now estimated to be worth $150 million, but she has no plans to sell her catalog, at least not yet. "It’s very possible that, for business reasons, estate planning, and family things, I might sell the catalog," she reveals.

Dolly's music brings in approximately $8 million annually, and her other ventures, including product licensing and Dollywood parks, generate millions more. Despite her immense wealth, she lives modestly and spends money mostly on practical items. The exception, however, is her stage wear, with custom-made outfits costing thousands of dollars.

In addition to her business success, Parton focuses on philanthropy. Her Imagination Library has donated nearly 170 million books to children worldwide, and her Dollywood Foundation raised $700,000 for Tennessee flood victims in 2021. Parton shares, "I just give from the heart. I never know what I’m going to do or why I’m gonna do it. I just see a need, and if I can fill it, then I will."