Net Worth: $450 million
Source of Wealth: music, entrepreneur
Born: December 4, 1969 in Brooklyn, New York
Shawn Corey Carter aka Jay-Z by being a rapper and entrepreneur. Jay-Z’s music career began in 1995 when he, Kareem “Biggs” Burke, and Damon “Dame” Dash created their own record label, Roc-A-Fella Records. His first album, “Reasonable Doubt”, was released in 1996.
In 1997, Jay-Z, Kareem “Biggs” Burke, and Damon Dash sold 50 percent stake of Roc-A-Fella Records to Def Jam for $1.5 million. In 2004, they sold their remaining 50 percent stake of Roc-A-Fella Records to Def Jam for $10 million. As part of the deal, became the CEO and President of Def Jam. He stepped down as President/CEO of Def Jam in 2007.
He has sold more 28 million albums in his career.
How much money does Jay-Z make?
Annual salary according to Forbes:
2012: $38 million
2011: $37 million
2010: $63 million
2009: $35 million
2008: $82 million
2007: $83 million
Jay-Z and and Kanye West’s “Watch the Throne Tour” in 2011 grossed $48.3 million. His Fall Tour 2009/Blueprint 3 tour earned more than $1 million per concert. His “Heart of the City Tour” with singer Mary J. Blige in 2008 grossed over $34.2 million.
In 2003, he opened his first 40/40 Club, a sports bars and lounge, in New York City and has since expanded to Chicago and New Jersey.
Jay-Z and Damon Dash created their own hip-hop clothing brand called “Rocawear” in 1999. In 2007, sold the rights to the Rocawear brand to Iconix Brand Group, owner of fashion brands including Candie’s and Joe Boxer, for $204 million in cash. Rocawear had yearly sales of more than $700 million when Jay-Z was owner.
In 2005, Jay-Z, Will Smith, Jada Pinkett Smith were part of a group that invested $10 million in “Carol’s Daughter, a Brooklyn-based beauty line.
In 2006, he was named co-brand director for Anheuser-Busch’s Budweiser Select beer and collaborates with the company on creative ad development and strategic marketing programs. He provides direction on brand programs and ads that appear in print, radio, TV and high-profile events.
He became part-owner of the New Jersey Nets (now known as the Brooklyn Nets) in 2004. He purchased a minority stake in the team for a reported $4.5 million.
In 2008, Jay-Z partnered with Steve Stoute to co-found Translation Advertising, an agency that helps marketers reach multicultural consumers. Jay-Z
After Jay-Z left Def Jam, he signed a 10-year, $150 million contract with concert giant Live Nation. In addition to paying him $25 million up front, Live Nation would also finance his future business ventures, including any albums, tours, talent consulting, clothing lines, and record labels. The deal created “Roc Nation”, a record label, management, and music publishing company founded under Jay-Z.
He published a memoir called “Decoded” in 2010.
These income streams have helped Jay-Z amass a $450 million fortune.
He has gotten endorsement deals with Reebok, Hewlett-Packard, Google Nexus, DJ Hero, and Rhapsody.