Jay-Z, born Shawn Carter, came from humble beginnings, growing up in Brooklyn’s notorious Marcy housing projects, he was a drug dealer before he became a musician.
No longer living the hard-knock life, Jay-Z has just become the first billionaire rapper, according to Forbes.
Jay-Z has officially reached a level of wealth that not many entertainers have achieved, Forbes has valued his empire at US$1billion, making him hip-hop’s first billionaire.
In a new cover story by Forbes, Jay-Z has been named the first ever billionaire rapper. The magazine has claimed that the 49-year-old’s empire “conservatively” totals US$1billion (roughly AU$1,435,000,000), after valuing his expansive “steadily growing kingdom” that encompasses liquor, art, real estate and stakes in companies like Uber.
Some of his most valuable assets include his $310m ownership of Armand de Brignac champagne, a $100m stake inD’Ussé cognac and a $70m investment in Uber.
He also boasts an impressive $75m music catalogue, $75m from the entertainment company Roc Nation and $100m from streaming service Tidal.
Carter and his wife Beyonce also own a penthouse in New York’s upscale Tribeca neighbourhood, along with mansions in East Hampton, New York, and Los Angeles’ glamorous Bel Air neighbourhood – the real estate which adds an estimated $50m to his net worth.
Kassem ‘Swizz Beatz’ Dean, the producer behind some of Jay-Z’s biggest hits, looks at Jay-Z as a game changer, saying that this is “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.”