RAPPER AND mogul JAY-Z has officially reached billionaire status, according to Forbes.
In a cover story from the publication, they reveal that his fortune “conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so.”
They explained how they came to this conclusion, writing, “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. We checked our numbers with a roster of outside experts to ensure these estimates were fair and conservative.”
The breakdown of his ventures which made him a billionaire include investment in real estate, his art collection and music catalog.
The report also notes that he built his own brands: the Rocawear clothing line (sold for $204 million in 2007); D’Ussé, a cognac he co-owns with Bacardi; Tidal, the music-streaming service; and his Roc Nation music and sports empire.
Read the full report here.