The rapper Jay Z, born Shawn Carter, who grew up in one of Brooklyn’s most notorious housing projects, “has accumulated a fortune that conservatively totals $1bn, making him one of only a handful of entertainers to become a billionaire — and the first hip-hop artist to do so”, the magazine said in a new cover story.
Jay-Z is officially hip-hop’s first billionaire, Forbes declared on Monday, founding his kingdom on entertainment but also reaping earnings from liquor, art and property.
The house that Jay built includes stakes in Armand de Brignac champagne and D’usse cognac — worth $310m and $100m respectively — as well as $220m in cash and investments that includes a stake in Uber worth an estimated $70m.
He also boasts a $75m music catalogue, $75m from the entertainment company Roc Nation and $100m from streaming service Tidal.
In addition to his penthouse in New York’s Tribeca neighborhood, Jay-Z and his superstar wife Beyoncé own mansions in East Hampton, New York and Los Angeles’s swank Bel Air neighborhood — real estate holdings adding some $50m to the rapper’s name, Forbes said.
In 2017, Forbes said music’s first couple had officially amassed a joint billion-dollar worth.