Jay-Z has won the race to become the first official billionaire in hip-hop!!! Beating the likes of moguls such as Sean ‘Diddy’ Combs and Dr. Dre to the threshold, according to a new cover story published in Forbes. This also makes Jay-Z the fifth African American in the country to reach this milestone.
Forbes says Jay, “has accumulated a fortune that conservatively totals $1 billion!”
How’d he do it?
It’s all thanks to his business acumen and diverse portfolio of 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.”
“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.
Here is a breakdown of Carter’s major assets.
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
In 2018, Jay-Z was the wealthiest rapper with a $900 million net worth, while Diddy was a close second with a net worth of $820 million. Dr. Dre ranked third with $770 million.
At the time, it was hard to predict which of the artists would hit the billion dollar mark first.
But it turns out, the Brooklyn native came the first to join the ranks with the four other black billionaires in the U.S.