Jay Z is not your typical billionaire. The hip-hop superstar rose from very humble beginnings to carve his own path to success.
As one of the wealthiest musicians in the world, Jay-Z has an estimated net worth of $1 billion. Jay-Z’s empire continues to grow as he dabbles in liquor, art, real estate, and shares in companies like Uber.
However Jay-Z didn’t have a fairytale start to life and his rise to fame was more colourful than most. He was raised in Brooklyn’s notorious Marcy housing project and made his first dollars dealing drugs on the street of New York. Today he is one of the most influential figures of hip-hop from the early 21st century.
The Early Days
Jay-Z was raised in Brooklyn’s notorious Marcy housing project and made his first dollars dealing drugs on the street of New York. Jay-Z told NPR in 2010. “The burden of poverty isn’t just that you don’t always have the things you need. It’s the feeling of being embarrassed every day of your life, and you’d do anything to lift that burden.”Rap music was his ticket out of the Brooklyn projects so when he couldn’t get a record deal, Jay-Z and two of his friends decided to start their own record label Roc-A-Fella Records.
Jay-Z’s first stirred some controversy over the language that it used. Even with radio edits, it was a hardcore style that DJ’s didn’t feel comfortable putting out to the public. It was after his first album that his music became more refined and developed a glamorous feel to it. Shawnee Smith described it as “Armani suits, alligator boots, Rolex watches, expensive cars, broads, and Cristal.” Jay-Z solidified himself as a rap legend after he released several chart-topping albums in the late 1990’s and early 2000’s.
Check out the Youtube video below for a breakdown of Jay-Z’s success.
The Beverage Business
Even though Jay-Z’s first love was music, he was never one to shy away from the corporate world. In addition to this he has his own champagne brand which he bought in 2014 called Armand de Brignac which is famous for is ostentatious, gold bottle. He also became a partial owner when he signed a joint venture with D’Usse, a cognac made by the mega-brand Bacardi.
Eric Schmidt says “Jay-Z resonated with consumers who are attracted to the ultra-premium lifestyle”. In 2003 Jay-Z opened the doors to The 40/40 Club, and All-American sports bar and lounge.
The Sports Business
If music and beverages weren’t enough, Jay-Z also expanded into the sporting world. Starting in 2003 when he purchased a percentage of the New Jersey Nets. In 2013, his entertainment label launched its sports-management division called Roc Nation Sports. In 2019 a partnership deal was announced with the NFL which will bring music to football games.
And Everything Else..
Sounds pretty impressive, right? We’re not done yet. Back in 2015, Jay-Z purchased the music streaming service Tidal. Today this is worth about $600 million. He diversified his portfolio by co-founding the clothing retailer Rocawear which he went on to sell in 2007 for a cool $204 million. For over a decade he has been collecting fine art which is estimated to be worth $75 million. In 2017 Jay-Z and Beyonce welcomed a pair of twins and a pair of homes to match. He now owns real estate in the East Hamptons, Bel Air, and Tribeca.
Jay-Z and his wife Beyoncé have a net worth of an estimated $1.35 billion.
The legendary rapper has earned millions from his sell-out tours and multiple streams of revenue in different industries. He has solidified himself not only as a world-class musician but also as an incredible entrepreneur. His success can be summed up from his rap lyrics in 2005, “I’m not a businessman, I’m a business, man.”