Forbes reported rapper Jay-Z has become the first rapper to become a billionaire. Fashion, sports agency, investments, real estate and music have all contributed to Jay-Z reaching the billion dollar mark. An Icon of his generation, Jay-Z has changed the game once again.
Jay is the first
Back in 2014, music mogul Dr. Dre claimed he was hip-hop’s first billionaire after he sold Beats Music, to Apple. But it’s estimated that while that blockbuster deal pushed Dre’s net worth to about $1.1 billion, taxes ultimately nudged it to just below the $1 billion-dollar mark.
Jay-Z has a fortune that conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so. Jay-Z’s steadily growing, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber.
Jay-Z has an impressive beginning growing up in Brooklyn’s notorious Marcy housing projects. He was a known drug dealer before becoming a musician, then starting his own label, Roc-A-Fella Records, to release his 1996 debut, Reasonable Doubt. Since then 14 No. 1 albums, 22 Grammy awards and over $500 million in pretax earnings in a decade.
I’m a business, man!
Jay realized that he should build his own brands rather than promote someone else’s. He started his own clothing line Rocawear, in 1999. He sold it for $204 million to Iconix in 2007. Another company D’Ussé, a cognac Jay co-owns with Bacardi. We can’t forget Tidal, a music-streaming service.
Jay not only is building an empire he is becoming a leader in social justice. He has helped Meek Mill social justice, he has supported many causes where regular people were being charged unjust. Jay-Z is a billionaire and he is making a difference with everything he is involved in.