Los Angeles - Jay-Z might have 99 problems, but a fortune
ain't one: The rap mogul is now considered a billionaire.
The bona fide title comes by way of Forbes, the financial magazine
known for its annual wealth rankings, which conservatively estimates
a 10-figure fortune, accounting for his "superstar lifestyle." Of
equal note, the Brooklyn-bred rapper is reported to be the first
hip-hop artist to reach billionaire status.
That's a title that could be contested by fellow mogul Dr. Dre, who
declared himself "the first billionaire in hip-hop" back in 2014
around the time he cut an estimated 3.2-billion-dollar deal with
Apple for Beats Electronics. However, at the time, Forbes estimated
his value climbing to 800 million dollars, which isn't a figure to
sneeze at.
Like Dre, though, Jay-Z's fortune isn't attributed to his musical
success but is a consequence of the name recognition it afforded him.
Forbes reported that his empire-building prowess came from
recognizing "that he should build his own brands rather than promote
someone else's."
Jay-Z, real name Sean Carter, got his start in the Brooklyn projects
as a drug dealer, giving his rags-to-riches tale an ever-aspirational
element. His business savvy could be traced back to the launch of his
Roc-A-Fella record label to release his 1996 debut album "Reasonable
Doubt." Needless to say, several critically acclaimed albums followed
(14 of which went to No. 1), as well as 22 Grammy Awards and notice
by the Songwriters Hall of Fame.
He's also married to singer-turned-business shark Beyonce, and
together they've repeatedly topped the charts, not to mention lists
for power couples. Together, they surpassed the billion-dollar mark
in 2017.
Jay-Z has since amassed his wealth through massive liquor, art and
real-estate deals, by buying stakes in companies like Uber and
starting up Tidal.
Forbes calculated his 1-billion-dollar net worth through stakes in
Armand de Brignac champagne and D'Usse cognac, which together earned
him am estimated 410 million dollars. Add to that 220 million dollars
from cash and investments, 100 million dollars from streaming service
Tidal, 75 million dollars from his entertainment company Roc Nation,
another 75 million dollars from his music catalog, 70 million dollars
from his impressive art collection and 50 million dollars from real
estate deals that frequently make headlines.
That further proves another of his lyrics that he's not a
businessman: He's a business, man.