Forbes has released their new estimates and according to them, Jay-Z has become the first hip-hop billionaire, with estimated net worth of more than $1 billion (€890 million).
Jay-Z is one of “only a handful of entertainers to become a billionaire — and the first hip-hop artist to do so,” Forbes wrote. The reason for this is that the artist has taken the time and effort to develop his own brands, instead of promoting others.
Jay-Z, AKA Shawn Carter, has come a long way from selling drugs on the streets of New York. His first album, Reasonable Doubt, was released in 1996. He published 14 more, each reaching the top spots on the charts.
Forbs used their usually formula when determining Jay-Z’s wealth. They added all his known assets, then subtracted “a healthy amount to account for a superstar lifestyle.” His most profitable holdings include: a $70 million stake in Uber, $410 million worth of stakes in Armand de Brignac champagne and D’Usse cognac, a $100 million stake in streaming service Tidal, a music catalogue and entertainment company worth an estimated $150 million, property in Los Angeles and New York, and an art collection worth $70 million. His wife Beyoncé was estimated at $355 million.
For a while, it seemed that the first rapper to become a billionaire would be Dr Dre, since he sold his his headphones and speaker company Beats by Dre to Apple for $3 billion, but Forbes had him estimated at $770 billion.