Jay-Z is the first rapper to become a billionaire in less than four years, and his wealth has not diminished.
According to Forbes’ most recent estimate, the artist who was born in Brooklyn now has a net worth of $2.5 billion.
With stakes in Armand de Brignac champagne and D’Usse cognac valued at over $400 million at the time, as well as various investment properties in New York and Los Angeles, Jay-Z became the first billionaire in rap in 2019.
His wealth has increased recently; thanks, in part, to the expansion of his entertainment company Roc Nation, his sale of Tidal, and his numerous investments in businesses like Uber. He was worth $1.4 billion according to Forbes just last year.
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According to Forbes’ report, “Even in a year without a tour or album release, Jay-Z makes millions from his Armand de Brignac champagne and D’Usse cognac.”
According to Forbes, his wealth is sufficient to rank him as the 1,210th wealthiest person in the world.
Nearly a decade before becoming a billionaire, Jay-Z compared his approach to his music career to that of the Oracle of Omaha, who invests only in businesses he understands rather than what is most popular, in a 2010 interview with the legendary investor Warren Buffett.
“Music is like stocks, there’s the hot thing of the moment” Jay-Z told Forbes at the time. “People tend to make emotional decisions based on that. They don’t stick with what they know.”
Contrary to the widespread belief in the 1990s that musicians shouldn’t strive for wealth, the 53-year-old approached his career with the intention of earning money.
He stated,
“That was the greatest trick in music that people ever pulled off, to convince artists that you can’t be an artist and make money. Hip-hop from the beginning has always been aspirational. It always broke that notion that an artist can’t think about money as well.”
At the conclusion of their conversation, Buffett stated that young people would soon seek financial guidance from Jay-Z.
Buffett stated,
“Jay-Z is teaching in a much larger classroom than I will ever teach in.” He is the person to learn from as a young person.”
Credit: cnbc.com
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