Jay-Z has reportedly become the first rapper to amass $1 billion in earnings and assets. According to a new report shared on Monday, the Brooklyn hip-hop artist-turned-entertainment business mogul has apparently accumulated a fortune that “conservatively totals $1 billion.”
The report states that Jay-Z’s career earnings as arguably the most popular hip-hop artist in music since the mid-1990s have totaled up to $500 million (before taxes). That money, along with Jay’s income from investments as a business owner for high-powered companies like TIDAL, Roc Nation and Sovereign Brands, has enabled the 49-year-old to become the first hip-hop artist to join the billionaire club. The report makes a point to detail the various arms of Jay’s financial empire with an investment portfolio which ranges from spirits brands and artwork to real estate and tech companies like Uber.
It’s worth noting that fellow rapper Dr. Dre supposedly became hip-hop’s first billion-dollar artist when Beats Electronics, the popular headphones brand for which he was a co-founder, was sold to Apple for a whopping $3 billion back in 2014. Unfortunately for Dre, he’ll have to keep earning if he wants to join that billion dollar club, as his net worth only sits at a modest $700 million as of 2015.
Jay was recently back in his home city of NYC to help re-open the renovated Webster Hall in late-April. Jay is still currently scheduled to headline the upcoming Woodstock 50 event, although the fate of festival is currently in limbo after its financial backers pulled out of producing the high-profile music event. Hey, maybe Michael Lang could ask Jay-Z to invest some of that $1 billion of his!