Jay-Z becomes hip-hop's first billionaire
June 4, 2019
Jay-Z is the first hip-hop artist to reach billionaire status, Forbes reported on Tuesday.
The musician-turned-businessman is one of "only a handful of entertainers to become a billionaire — and the first hip-hop artist to do so," the US magazine wrote.
Forbes estimated Jay-Z's fortune "conservatively totals $1 billion."
Forbes wrote that the key to Jay-Z's success is that he has built brands instead of promoting other businesses.
Born Shawn Carter, Jay-Z grew up in a New York City housing project and sold drugs before launching a music career.
His 1996 debut album, Reasonable Doubt, was followed by 14 top albums.
Forbes calculated Jay-Z's net worth by adding his stakes in companies and income, then subtracted "a healthy amount to account for a superstar lifestyle."
His wife, Beyonce, has an estimated net worth of $355 million.
Jay-Z's assets include:
- Cash and investments of $220 million, including a $70 million stake in Uber
- Stakes in Armand de Brignac champagne and D'Usse cognac, valued at $410 million
- A $100 million stake in streaming service Tidal
- A music catalog and entertainment company worth an estimated $150 million
- Property in Los Angeles and New York
- An art collection worth $70 million.
In addition to a penthouse in New York's Tribeca neighborhood, the couple own mansions in East Hampton, New York and Los Angeles' Bel Air.
Fellow artist Dr Dre sold his headphones and speaker company, Beats by Dre, to Apple for $3 billion in 2014, but Forbes estimates his worth at $770 million.