Written by Anthony Katz
Aside from being a music mogul, Beyoncé’s 49-year-old husband has accumulated an estimated wealth of one billion dollars thanks to a diverse portfolio of lucrative investments.
Real estate, alcohol, music: Jay-Z is the first rapper to become a billionaire, announced Forbes Magazine on Monday, June 3. The American, in business since 1996, “has accumulated a total fortune of $1 billion, which makes him only one of a handful of billionaires-entertainers, and the first coming straight from Hip-Hop”, reads the article.
Raised in Brooklyn’s housing projects, Jay-Z’s success story cannot but be inspiring.
He used to be a drug dealer before starting music, shortly followed by the creation of his own label Roc-A-Fella Records, with which he amassed no less than 22 Grammy Awards.
He now acts as a respectful figure among New York’s most elitist business circles, and has developed a tight friendship with former President Barack Obama over the years.
Alcohol and real estate
His Armand de Brignac and D’Ussé cognac stocks respectively represent $ 220 million and $ 100 million. Jay-Z’s musical catalog is worth $ 75 million, while his streaming service Tidal is worth $ 100 million.
Beyoncé and Jay-Z own a penthouse in Tribeca, Manhattan, as well as other properties in New York and Bel Air, California for a total real estate portfolio worth $ 50 million.
The race to be the first billionaire started a while ago between Dr. Dre, Diddy, and Jay-Z.
Dr. Dre believed he could reach this historical milestone with Apple’s purchase of Beats By Dre for $ 3 billion in 2014, but according to Forbes’ ranking in 2018, he “only” had $ 770 million. Diddy is worth $ 825 million, according to the same source.
The three men are not only the richest rappers, but the richest of all entertainers.