Shawn Carter, popularly known as ‘Jay-z’ has become the first billionaire in hip-hop and also the fifth African American in the country to reach this historic milestone, beating music moguls Sean P. Diddy Combs and Andre “Dr. Dre” Young to the threshold, as published on Forbes’ new cover story.
Forbes reports that Carter “has accumulated a fortune that conservatively totals $1 billion” thanks to his savvy business acumen and diverse portfolio of lucrative investments, acquisitions, and deals.
“Jay-Z’s steadily growing kingdom is expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber,” it reads.
The American business magazine explained how they arrived this conclusion by listing Carter’s major assets, his stakes in companies and their worth.
According to the report, “To calculate his net worth, we looked at the artist’s stakes in companies like Armand de Brignac champagne—applying our customary discount to private firms—then added up his income, subtracting a healthy amount to account for a superstar lifestyle.”
It would be recalled that in 2018, Forbes listed Carter as the wealthiest rapper with a $900 million net worth, while Combs came in second with a net worth of $820 million. Young ranked third with $770 million.
