Jay-Z Just Declared World’s First Ever Billionaire Rapper–Here’s the Surprising Non-Music Business That Bolstered His Fortune
It’s no secret that entertainers earn a lot of money. But not many of them can accumulate a billion-dollar fortune. Rapper-turned-businessman Jay-Z is one of these select few.
And now that his wealth and investments have reached a combined $1 billion, the 49-year-old artist is dubbed by Forbes magazine as the world’s first ever billionaire rapper.
Musician Turned Billionaire
Jay-Z, born Shawn Corey Carter, started out as a rapper and music producer in the 90s. He’s always been business savvy though. In fact, he founded his own record label even before he made his debut as a musician with the release of his first album, ‘Reasonable Doubt‘ in 1996.
As he enjoyed both critical and commercial success as an artist, Jay-Z didn’t stop pursuing various business ventures throughout the years. These endeavors would later on bring him more profits than his actual musical career. Valued at an impressive $75 million, Jay-Z’s music catalog is actually no match compared to the current value of his other investments and non-music related businesses.
So, how did Jay-Z earn the rest of his $1 billion net worth?
‘Most Lucrative Investment’
According to Forbes magazine, the billionaire rapper’s ‘most lucrative investment’ so far is his purchase of the luxury Champagne brand Armand de Brignac in 2014. Also known as ‘Ace of Spades’, the brand has reportedly earned Jay-Z around $310 million over the past years. He also owns some stakes in the Cognac brand D’USSÉ which brings the total value of his liquor investments up to $410 million!
While Jay-Z was proclaimed the world’s first billionaire rapper, the title was actually first claimed by Dr. Dre a few years back. The 54-year-old musician, best known for being the mind behind the Beats headphone brand, said that his net worth reached the billion-dollar mark in 2014.
The claim came right after he successfully sold the brand to Apple. However, CNN speculates that state and local taxes actually shaved off enough dollars from his net worth to put it just below his billion-dollar claim.
Jay-Z’s Successful Empire
Aside from his music catalog and beverage investments, the rest of Jay-Z’s fortune comes from a collection of real estate properties, high-value art pieces, stock investments, and other businesses.
According to Forbes magazine, the rapper currently has $220 million worth of investments in different companies including Uber. He first invested in the transport company in 2013 spending $2 million to buy shares. Years later, his stock in the company is currently valued at $70 million.
Over the past decade, Jay-Z has also been collecting numerous art pieces most notably those from the catalog of the late American artist Jean-Michel Basquiat. He purchased a piece by the artist called ‘Mecca’ for $4.5 million in 2013 and has even referenced the artist in one of his songs.
More in Rich & Famous
The Doctor is Home—Here’s a Look Inside Dr. Oz’s Family Mansion in New Jersey
About two decades ago, Turkish-American celebrity doctor Mehmet Oz and his author wife, Lisa, went on looking for the perfect home...April 30, 2020
Coronavirus and Retirement: Mistakes to Avoid with Your 401(k)
Anyone who got accustomed to viewing his 401(k) account balance move higher for a considerable length of time, the market’s ongoing...April 29, 2020
This L.A. Abode Was HGTV Star Leanne Ford’s ‘Forever Home’ Until She Realized Something Life-Changing
When HGTV star Leanne Ford decided to take on this renovation project of a house located in Rustic Canyon in...April 29, 2020
List of Wealthiest Charitable Foundations and Their Area of Focus
Here are some of the wealthiest foundations which are listed according to their net assets. Bill and Melinda Gates Foundation The...April 27, 2020
A 3 Minute Read for Students who are Thinking about Launching Their Careers During the Outbreak
Usually, graduates who receive their diplomas and degrees always have new jobs available for them in the job market and are...April 23, 2020
The Career Woman’s Guide to Managing Stress
It’s not easy keeping a balance between striving for professional success and maintaining a happy personal life. With all the things...April 22, 2020
New McLaren Sports Series Hybrid Seen in Production Bodywork
Although the camouflage is quite heavy, one can clearly see that the new McLaren prototype is going to follow the tract...April 22, 2020
A Noob’s Duide to Investing in a Bear Market
If you looked closely at the stock movements these days, there is a question that you might ask. The bear market...April 21, 2020
Want to Save More During the Crisis? These Are the Expenses You Should Give up ASAP
Due to the aftermath of the coronavirus pandemic, the economy has reportedly gone into a recession. That, paired with the sudden...April 21, 2020