According to a new Forbes report published on Friday, Jay-Z’s net worth has soared to $2.5 billion.
Considered Hip-Hop’s first-ever billionaire, the Brooklyn-born rapper Shawn “Jay-Z” Carter has thus become the 1,203rd wealthiest person on the planet.
While the Forbes report is scant on details, it is being reported that the spike in the net worth is on account of a recent sale of a controlling stake in the D’USSE cognac for an estimated $750 million.
Jay-Z entered into a 50/50 partnership with Bacardi that owns D’Usse since 2011 to launch the Cognac D’Usse, which grew tremendously, thanks to the partnership and Jay-Z’s name, and went on to become one of the biggest and most well-respected names in the liquor industry
“Even in a year without a tour or album release, Jay-Z mints millions from his Armand de Brignac champagne and D’Usse cognac,” the report says.
The report also notes that Jay-z became hip-hop’s first billionaire in 2019: “The Brooklyn-born rapper was crowned hip-hop’s first billionaire in 2019, thanks to a sprawling and diversified empire.”
“Jay-Z’s assets range from entertainment company Roc Nation to a fine art collection including works by Jean-Michel Basquiat” the report adds.
The Forbes report also notes that Jay-Z is making a significant profit off of his Marcy Venture project: “Named after the housing project in which he grew up, his Marcy Venture Partners raised an $85 million fund in 2019”.
A 2019 report on Forbes had given the following breakdown of the rapper’s assets:
- Armand de Brignac champagne: $310 million
- Cash & investments, including a stake in Uber worth an estimated $70 million: $220 million
- D’Ussé cognac: $100 million
- Tidal streaming service: $100 million
- Roc Nation: $75 million
- Music catalog: $75 million
- Art collection: $70 million
- Real estate: $50 million