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Saturday, June 4, 2022

Jay-Z’s $1.3 Billion Fortune Has Nothing to Do with Music

Jay-Z started his music career as Shawn Corey Carter in the ’80s. He rapped to escape the poverty around him. Carter met his mentor Jaz-O and joined the older man in recording “The Originators.” The duo’s song earned them an appearance in Yo! MTV Raps.

This was the moment when Carter took up the name Jay-Z, paying homage to his mentor. The moniker punned on his childhood hood name, Jazzy. It also referred to the subway station near his home known as J/Z. Little did Jay-Z know it would become a household name.

In 1996, Jay-Z released his first album, Reasonable Doubt, when he and his friends founded a record label, Roc-A-Fella Records. The record reached No. 23 on the Billboard 200 and established Jay-Z as a rising star. The rest, as they say, is history.

Most people don’t know Jay-Z’s massive fortune has little to do with music. According to Forbes, the rapper has made most of his wealth from the alcohol industry. He is a brilliant businessman who’s had nothing but the Midas touch in business.  

Jay-Z co-owns Armand de Brignac, a champagne company with Moet Hennessey Louis Vuitton (LVMH). According to Forbes, Armand de Brignac is worth $310 million. In 2021, Jay-Z announced he would sell half of his champagne company, Ace of Spades, to LVMH. Forbes estimated that the gold-bottled champagne value stood at $640 million.

Another brilliant venture for Jay-Z is D’Usse Cognac, which he co-owns with Bacardi. D’Usse is worth over $100 million; it sells for $30 a bottle. In 2021, Sotheby’s had an exceptional 50 rare bottles of the brand. One of these rarities included a crystal, diamond-shaped decanter. The 50 bottles auctioned for approximately $24,000 to $75,000 per bottle.

The former rapper also owns stakes in Uber worth $70 million and $100 million in Tidal, a Scandinavian streaming service, according to Gem Tracks. The musician–turned–businessman has shares in Sweetgreen, a salad chain, and an insurance company, Ethos.

Jay-Z owns the master recordings and publishing rights to his music, worth approximately $95 million. The man owns several $50 million mansions and a massive art collection worth $70 million as of 2019. Roc Nation is Jay-Z’s entertainment company he started over 10 years ago with Live Nation. The company represents top stars via its sports agency and record label.

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