Jay-Z is the professional name of Shawn Corey Carter. For the few who are unfamiliar with him, Jay-Z is considered to be one of the best rappers ever, which is supported by the fact that he has managed to remain a figure of note in the rap scene for two decades and counting. However, what is particularly impressive is that Jay-Z has proven to be successful with other endeavors in other fields as well. Combined, these initiatives have enabled Jay-Z to become the first rapper with a net worth of more than $1 billion, which is amazing, to say the least.
How Did Jay-Z Reach His Current Net Worth?
In short, Jay-Z and his siblings were raised in a Brooklyn housing project in the 1980s. He remembers his upbringing being very musical, not least because both his mother and his father had an extensive collection of records featuring artists such as Michael Jackson and Stevie Wonder. Unfortunately, Jay-Z’s father Adnis Reeves abandoned the family when Jay-Z was still at the age of 11, with the result that his mother Gloria Carter had to raise him and his siblings on her own. Unsurprisingly, the abandonment was devastating for Jay-Z as a child, so much so that he has said that being let down by someone that he had put up on a pedestal wasn’t something that he wanted to experience ever again.
On top of this, it should be mentioned that the 1980s were not a good time for Jay-Z’s neighborhood. The crack epidemic was in full swing, meaning that addiction, violence, and other serious social issues were widespread. As such, it is no wonder that the squalor, the scarcity, and the constant embarrassment of being poor have had such a profound impact on Jay-Z as well as Jay-Z’s music. Moreover, Jay-Z’s surroundings impacted him in other ways as well, as shown by his claim that he shot his older brother in the shoulder for stealing his jewelry when he was still at the age of 12.
Eventually, Jay-Z dropped out of high school so that he could sell crack, which proved to be a rather dangerous occupation. In those times, he had neither goals nor back-up goals. However, Jay-Z did have a love of music, which caused him to continue listening to music as well as experiment with making music of his own. By the late 1980s, Jay-Z had started appearing on the recordings of his musical mentor Jaz-O, though it wasn’t until he had managed to appear on Big Daddy Kane’s Daddy’s Home that he managed to find a widespread audience. In spite of these appearances as well as his connections with various figures in the world of music, Jay-Z couldn’t find a record label that was willing to bet on him, which was what convinced him to start up his own record label in cooperation with a number of other individuals.
From that point forward, Jay-Z started striding on the path of success, though it hasn’t been without its complications. For instance, he winded up stabbing a record executive named Lance Rivera in December of 1999 under the belief that said individual had been responsible for the bootlegging of his newest release. Something that eventually resulted in Jay-Z pleading guilty in exchange for a three-year probation sentence because he didn’t want to put either his life or the lives of everyone connected to his business on the line for a senseless cause. However, on the whole, it isn’t much of an exaggeration to say that Jay-Z has moved from success to success, as shown by what was once a record label expanded into a true business empire encompassing a wide range of interests in a wide range of companies. Moreover, Jay-Z’s business success has provided him with considerable influence as well, which can be seen in the number of artists who have had their careers launched with his involvement.
Nowadays, Jay-Z is known by a lot of people for his business skills as much as his music skills. This is wholly unsurprising considering some of his business deals that have been brought up on the news. For example, there was the time when Jay-Z spearheaded the $56 million buyout of a media tech company called Aspiro, with the result that he and a number of other notable names in music now serve as co-owners of the streaming service called Tidal. Likewise, there was the time when he made a sizable investment in an app called JetSmarter, which is an app that is meant to help interested individuals book executive flights.
Currently, Jay-Z’s net worth is estimated to be more than $1 billion. However, it seems reasonable to say that said figure is going to continue growing and growing in the times that are still to come. In part, this is because Jay-Z is still making music as well as heading out on tours, meaning that he is by no means a forgotten figure in the music world in spite of the fact that he has been immersed in it for more than two decades’ time. However, it should also be noted that Jay-Z remains very involved in the running of his business empire, meaning that there is still plenty of opportunities for it to see further expansion. Something that is particularly true because Jay-Z isn’t limited to either a single industry or even a small number of related industries but is instead perfectly willing to cast a much wider metaphorical net for potential investments. Combined with the fact that Jay-Z hasn’t even hit his 50s, this means that he has decades and decades in which to make more and more money, particularly if he continues to maintain the pace that he has been keeping so far. As such, it will be interesting to see just how high his net worth can soar in the future when combined with that of his wife, Beyonce.