FabAfriq Magazine

JAY-Z HITS THE BILLION MARK

 

The Journey

The Brooklyn-born rapper has been at the top of his game for decades now, beginning from when he debuted as a budding rapper with his very owned Roc-A-Fella records where his released his debut studio album Reasonable Doubtin 1996, and has produced some of the biggest artists like Rihanna, Ne-Yo, Kanye West, and others. He also doubles as record producer, songwriter, record executive, entrepreneur, investor and philanthropist.

The race for the first billion

Just two years ago, Forbes presented Jay-Z and long standing rapper Sean Combs AKA P Diddy as being "locked in a battle" in the race to accumulate their first billion. In fact, he beat other rap moguls like Andre Young AKA Dr Dre, Birdman and Drake.


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. At the time, it was hard to predict which of the artists would hit the billion benchmark first. But, as time would tell, the Brooklyn-born rapper became the first to join ranks with the four other black billionaires in the US. They are: Robert F. Smith, the founder, chairman, and chief executive of Vista Equity Partners, Oprah Winfrey- The “Queen of All Media” has accumulated a massive net worth of $2.5 billion according to the magazine,Michael Jordan the basketball legend who made about $90 million during his stellar career in the NBA but however today, is worth an estimated $1.9 billion thanks to lucrative endorsements, and finally David Steward, who is worth of $3 billion.

A breakdown of Mr. Carter’s major assets

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.


They then explain how they came to this conclusion, listing a breakdown of Carter’s major assets. “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,” states the report. His assets are as follows:

  • Armand de Brignac champagne – $310 million
  • Cash and investments, including a $70 million stake in Uber – $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

Shawn Carter is proving to the world and to the black community in particular that it does not matter where you are born or the fortunes you are born into. You can, through hard work and commitment, make it from the bottom right up to the top. As a philanthropist, Jay has encouraged millions in the world with his rags-to-riches story. Even though he prefers giving back in anonymity, he founded the Shawn Carter Foundation back in 2003 to improve the lives of at-risk youths and has donated more than 4 million dollars to community and scholarship programs. He has also done several concerts whose proceeds have gone entirely to resolve humanitarian issues..

 Congratulations are in order for you Sir Carter! Stay on your grind.


 

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