Sunday 18 August 2019

Jay-Z becomes first hip-hop billionaire, according to Forbes

The magazine said its estimation of the rapper’s wealth was “fair and conservative”.

Rapper Jay-Z is the first hip-hop star to become a billionaire, according to Forbes (Dennis Van Tine/PA)
Rapper Jay-Z is the first hip-hop star to become a billionaire, according to Forbes (Dennis Van Tine/PA)

By Keiran Southern, Press Association Los Angeles Correspondent

Rapper Jay-Z is the first hip-hop star to become a billionaire, according to Forbes.

The 49-year-old musician reached the milestone thanks to business interests in fashion, a sports management company and a stake in ride hailing app Uber, the magazine said.

Jay-Z, who is married to pop star Beyonce, is also a part owner of the streaming service Tidal, another source of income on top of his chart-topping music.

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Jay-Z, who is married to Beyonce, has become the first billionaire rapper, according to Forbes (Adam Davy/PA)

It means his net worth “conservatively totals” one billion US dollars, about £789 million, Forbes said.

The magazine said it calculated his total amount by adding up his income before subtracting “a healthy amount to account for a superstar lifestyle”.

It then checked the estimate with outside experts to make sure it was “fair and conservative”.

The nearest hip-hop figure to Jay-Z is Diddy, Forbes said, with an estimated net worth of 825 million US dollars, about £651 million.

It had been thought Dr Dre became the first billionaire rapper when he sold his Beats company to Apple in 2014 for 3 billion US dollars, but Forbes said his net worth would have been about 800 million US dollars due to taxes.

Jay-Z, whose real name is Shawn Carter, was born in New York City and rose to fame after releasing his debut album, Reasonable Doubt, in 1996.

He married Beyonce, 37, in 2008, and they have three children.

PA Media

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