Jay Z Pips Diddy to Become World’s Richest Musician
Jay-Z has risen in the ranks of world’s richest passing Diddy to become not just the richest rapper but also the richest musician, on Thursday according to new data by Forbes magazine.
It seems that Jay-Z’s outright purchase of a $26 million East Hampton estate last year with wife Beyoncé didn’t affect his net worth. The 48-year-old“Hard Knock Life” rapper and music mogul increased his estimated net worth in 2017 to $900 million, up by $90 million from the year before in the annual list compiled by Forbes.
This mainly due to his investments in Armand de Brignac Champagne and D’Ussé cognac, which are booming, as well as his Roc Nation entertainment empire and the Tidal streaming service.
It’s the first time the business mogul rapper has topped the Forbes list of hip-hop’s wealthiest acts since it’s launch in 2011.
Combs, 48, who had been hip-hop’s wealthiest artist since Forbes first released the list in 2011, grew his estimated $825 million fortune by a minute $5 million last year, Forbes revealed. This was with help from his investment in DeLeon tequila, though his Revolt cable network has seen slower growth. The Sean John sportswear mogul also owns an East Hampton house, site of his famous White Party for years.
Jay Z’s position at the top spot may not last. Hip-hop’s third-wealthiest figure, Dr. Dre, is expected to add a nine-figure windfall of Apple stock to his estimated $770 million wealth this summer, Forbes said. Apple bought Dr. Dre’s headphone and audio speaker company Beats in 2014 for $3 billion an empire he built with Jimmy Iovine.
Drake and Eminem rounded out the latest top five, tied with an estimated $100 million fortune each.
Forbes compiles its rankings by valuing a combination of data including major assets and financial documents. The magazine also speaks with analysts, attorneys, managers, the stars themselves and other industry executives.