Tuesday, 4 June 2019
Jay Z is officially dubbed a billionaire by Forbes who claims he is the first hip-hop star to claim that honor
He has scored 14 No. 1 albums, 22 Grammy awards and more than $500 million in pre-tax earnings, according to the magazine.
The financial outlet has been keeping an eye on the rapper's wealth since it first featured him on the 2010 cover of the Forbes 400 - a ranking of the 400 richest Americans - alongside Warren Buffet.
The American business magnate said of the Grammy award winning rapper: 'Jay is teaching in a lot bigger classroom than I'll ever teach in.
'For a young person growing up, he's the guy to learn from.'
He tied for fifth place on Forbes' list of wealthiest stars with Kylie Jenner in 2018.
Jay has made a series of smart business choices like stakes in swanky booze brands Armand de Brignac champagne and D'Ussé cognac which the outlet claims are worth $310 million and $100 million respectively.
HOW DID JAY-Z MAKE HIS MONEY?
Forbes has named Jay-Z the first billionaire hip-hop star after the savvy musician launched his own fashion label, invested in liquor, art and even Uber and some smart investments in real estate h in LA, the Hamptons and NYC.
But how exactly did the musician become a billionaire?
Liquor - $410 million
Jay-Z owns 100% of luxury champagne brand Armand de Brignac and also has a stake in D'Ussé cognac.
The $300 gold bottles of Armand de Brignac featured in his 2006 music video 'Show Me What You Got'.
He also teamed up with Bacardi for D'Ussé cognac which sells around 200,000 cases and has grown nearly 80 per cent annually.
Art - $70 million
Forbes estimate Jay-Z has amassed a $70 million art collection featuring masterpieces like Basquiat's Mecca.
He raps about his pieces, mentioning the 'Basquiat in my kitchen corner' in song Picasso Baby.
Real estate - $50 million
Along with superstar wife Beyonce Jay has a $26 million home in the Hamptons, a $88 million Bel Air mansion and a $6.85 million Tribeca penthouse.
Music - $250 million
Jay has his own record label, Roc Nation representing some of the biggest stars on the planet, including Rihanna, and worth a reported $75 million.
He also relaunched Tidal with other celebrity investors and that's though to be worth $100 million.
With around 1 billion streams of his music each year the star's back catalog of hits is thought to have netted him $75 million.
Uber and other investments - $220 million
After snapping up a stake of ride sharing app Uber now thought to be worth $70 million Jay-Z is said to have cash and investments totaling $220 million.
He started his clothing line Rocawear in 1999 before selling it for $204 million to Iconix in 2007.
'Jay-Z has accumulated a fortune that conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so,' Forbes writes.
He told the magazine: 'Hip-hop from the beginning has always been aspirational.'