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While Jay-Z is known as a music icon, his wealth accumulation can be attributed to his wide-ranging investment in different companies.
American rapper and founder of Roc Nation music label, Jay-Z has seen a dramatic rise in his net worth over the past year according to Forbes. Per the figures released, Jay-Z is now worth as much as $2.5 billion in what comes as a prophecy come true for the 53-year-old rapper.
Jay Z was not one of the founders of rap music in the United States, but he certainly was among the early pioneers. At the time when he was starting his career back in the 90s, he had to combat the demoralizing notion that it is important to be an artist and make good money. With his success today, Jay-Z has proven every one of the myths he grew up with wrong.
“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,” he said. “Hip-hop from the beginning has always been aspirational. It always broke that notion that an artist can’t think about money as well.”
While Jay-Z is known as a music icon, his wealth accumulation can be attributed to his wide-ranging investment in different companies. Jay-Z’s wealth over the past year comes typically from the Armand de Brignac champagne and D’Usse cognac. His stakes in the firm contributed in part to making Jay-Z the first rapper to cross the $1 billion net worth back in 2019.
Even without releasing a single album over the past year, there has been no slowing down in the growth of Jay-Z’s wealth which as early as last was valued at $1.4 billion as of last year. The impressive feat of this growth is even more compounded seeing the economic turmoil experienced in the global financial landscape in the Year-to-Date (YTD) period.
Jay-Z’s Net Worth and Wealth Ideology
As far back as 2010, the veteran investor known as the Sage of Omaha, Warren Buffett pointed out the greatness of Jay-Z as it concerns the propensity to generate wealth. In the sit-out, a discovery was made by the veteran rapper concerning the similarities in stock and investing.
As described, this similarity is hinged on betting on what one understands, connecting both Buffett and Jay-Z.
“Music is like stocks, there’s the hot thing of the moment” Jay-Z told Forbes following the interview at the time. “People tend to make emotional decisions based on that. They don’t stick with what they know.”
With current valuations, Jay Z is now ranked as the 1,210th richest person alive. The sale of his music streaming platform Tidal to Block Inc (NYSE: SQ) for $302 million has also contributed to the growth of Jay-Z’s wealth in recent times.
Just as Buffett predicted, Jay-Z is becoming an entrepreneur that young people can learn from.