Jay-Z’s diversified portfolio makes him hip-hop’s first billionaire, according to Forbes
It’s a hard-knock life no longer.
Jay-Z has been named hip-hop’s first billionaire by Forbes, and the publication’s breakdown of the assets he’s accumulated over the years ranks his music catalog toward the tail end of his biggest money-making ventures.
Music, of course, is where the 49-year-old rapper first made his mark, but Jay-Z the businessman knows full well the value of diversifying. Forbes said that it went conservative in estimating his worth, and that it subtracted “a healthy amount to account for a superstar lifestyle.
That billion $$$ mark is something that Jay-Z might secretly be snickering about.
Additionally, Forbes didn’t consider what Jay-Z’s wife Beyonce is worth, so there’s probably more cash stuffed in their mattress than the rest of us 99-percenters would even dare dream about.
“It’s bigger than hip-hop … it’s the blueprint for our culture,” producer Kasseem “Swizz Beatz” Dean told Forbes. “A guy that looks like us, sounds like us, loves us, made it to something that we always felt that was above us.”
Jay-Z’s frequent collaborator also said, “If he’s a billionaire now, imagine what he’s about to be. Because he’s only just starting.”
According to Forbes, Jay-Z has made an estimated $310 million from Armand de Brignac, also known by its “Ace of Spades” nickname, the champagne brand that he 100 percent owns. Some bottles sell for $300, and Jay-Z has been pushing the line since 2006.
He has also reaped about $100 million from his D’Usse cognac collaboration with Bacardi, and another $220 million from a varied investment portfolio that includes an estimated $70 million stake in Uber.
Other ventures include the streaming service Tidal ($100 million), his do-everything entertainment company Roc Nation ($75 million), an art collection ($70 million) and real estate holdings ($50 million). His music catalog has been responsible for about $75 large.
Jay-Z’s music career began when he released his debut “Reasonable Doubt” in 1996 under his own Roc-A-Fella Records label. Prior to that, he had dealt drugs at the Marcy housing projects in Brooklyn.
Forbes pointed to its 9-year-old article that chronicled a lunch meeting between Jay-Z and Warren Buffet in Omaha, Nebraska. Even back then, the billionaire businessman raved about Jay-Z’s potential.
“Jay is teaching in a lot bigger classroom than I’ll ever teach in,” he said. “For a young person growing up, he’s the guy to learn from.”
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