It’s been a long time bet in the Hip Hop industry who would be the first Mogul in the genre to reach the illustrious Billionaire status. Now Shawn “Jay-Z” Carter has won the race to become the first billionaire in hip-hop, beating music moguls Sean P. Diddy Combs and Dr Dre.
Forbes recently released its report stating that Carter “has accumulated a fortune that conservatively totals $1 billion” thanks to his savvy business acumen and diverse portfolio of lucrative investments, acquisitions, and deals. “Jay-Z’s steadily growing kingdom is expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber,” the article reads.
The article would later breakdown the method behind their conclusion dropping off a list of the rap moguls assets.
“To calculate his net worth, we looked at the artist’s stakes in companies like Armand de Brignac champagne—applying our customary discount to private firms—then added up his income, subtracting a healthy amount to account for a superstar lifestyle,” states the report. His assets are as follows:
- Armand de Brignac champagne – $310 million
- Cash and investments, including a $70 million stake in Uber – $220 million
- D’Ussé cognac – $100 million
- Tidal streaming service – $100 million
- Roc Nation – $75 million
- Music catalog – $75 million
- Art collection – $70 million
- Real estate – $50 million
Last year Forbes listed Carter as the wealthiest rapper with a $900 million net worth, with his counterpart Sean P Diddy Combs trailing at $820 million. As both artists were on their way to Billionaire status it was a hard race to predict with Jay-Z ultimately crossing the finish line first.
Hov joins four other successful black entrepreneurs in the US that include, Robert F Smith chief executive of Vista Equity Partners, is reportedly worth $5 billion. Oprah Winfrey the “Queen of All Media” who has accumulated a massive net worth of over $2.5 billion. NBA legend Michael Jordan worth an estimated $1.9 billion thanks to lucrative endorsements, like his lifetime deal with Nike, and big investments, like his purchase of the Charlotte Hornets. Last but not least David Stewart worth 3 Billion Steward invested $250,000 that he earned from two auditing ventures to launch World Wide Technology (WWT), an IT provider that offers hardware and software products and services to large public and private customers in various sectors. Its clients include Citi, Verizon, and the U.S. government.
Jay-Z coming from humble beginnings starting at the Marcy projects and later founding the record label Roc-A-Fella Records in 1995 and launching his debut studio album Reasonable Doubt in 1996. The rapper would go on to attain massive success in his musical career that would segway into his career as a businessman. In 1999, he founded the clothing retailer Rocawear, and in 2003, he founded the luxury sports bar chain 40/40 Club. Both businesses have grown to become multi-million dollar corporations and allowed Jay-Z to fund the start-up for the entertainment company Roc Nation.
Shawn Corey Carter is living proof with a little will power and determination no matter where you started in life anything is possible.