Financial milestone: Jay-Z is the first hip-hop artist to become billionaire
The multitalented entertainer and savvy businessman made his fortune from company deals and acquisitions in liquor, art and real estate.
Hip-hop artist, businessman, husband to Beyonce, and now, billionaire. That latest accolade was recently conferred by Forbes magazine, which wrote that Jay-Z has become the first hip-hop artist to be a billionaire.
The 49-year-old artist “has accumulated a fortune that conservatively totals US$1 billion (S$1.37 billion),” which according to the magazine, comes from a diverse portfolio of investments, including the liquor brand Armand de Brignac (US$310 million), cash and investments (US$220 million), D’Usse, his joint venture with Bacardi (US$100 million), music streaming service Tidal (US$100 million), entertainment company Roc Nation (US$75 million), his music catalog (US$75 million), his art collection (US$70 million), and his real estate holdings (US$50 million).
Swizz Beatz, one of Jay-Z’s music producers, heaped praise on the multitalented entertainer for his music abilities and business acumen in the article.
"It’s bigger than hip-hop … it’s the blueprint for our culture. A guy that looks like us, sounds like us, loves us, made it to something that we always felt that was above us," Beatz said. "If he’s a billionaire now, imagine what he’s about to be. Because he’s only just starting."
The financial milestone was the cherry on top of the cake for Jay-Z, whose other achievement just two months ago was being honoured with the President’s Award at the NAACP Image Awards.
In his speech at the awards, Jay-Z said: “I grew believing I could do anything. That I could accomplish anything because of those strong women in my house," he expressed, referencing his mother, Gloria Carter, and grandmother, Hattie White.
"I would like to dedicate this award to those beautiful women. I'd like to dedicate this award to beautiful women in my life, it's Beyonce."