Jay Z becomes first hip-hop artist to attain billionaire status
Shawn Carter, American rapper and entrepreneur better known as Jay Z, has become the first hip-hop artist to attain billionaire status, according to a new cover story on Forbes Magazine.
Culled from TheCable, the business mogul, according to Forbes, has amassed a fortune that conservatively totals $1 billion and makes him “one of only a handful of entertainers to become a billionaire and the first hip-hop artist to do so.”
But the rapper’s success lies in the fact that he is not exclusively a musician; his fortune spans various investments and business ventures, including Armand de Brignac Champagne, D’Ussé cognac, and then Tidal, a streaming service.
“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,” Warren Buffet US business magnate and investor, had once said while speaking about the 49-year old rapper.
By perusing Jay Z’ stakes in companies, the renowned US business magazine came up with a conservative estimate of the artiste’s net worth as:
Armand de Brignac champagne $310 million
Cash & investments, including a stake in Uber worth an estimated $70 million $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
“Looks like us, sounds like us, loves us, made it to something that we always felt that was above us. If he’s a billionaire now, imagine what he’s about to be because he’s only just starting,” Swizz Beatz, producer behind Jay-Z’ biggest hits, was reported to have said.
The rapper earlier broke a record in 2017 for becoming the first rapper to be inducted as a member of the Songwriters Hall of Fame, a body honoring artistes whose work “represents the heritage and legacy of a spectrum of the most beloved songs from the world’s popular music songbook.”
He has also had a stellar career as a music artiste; record producer; and record executive. Jay Z won 22 Grammys, sold over 100 million albums worldwide and played a notable role in social activism among people of colour.