In 2019, Jay-Z made history by becoming the first billionaire in hip-hop.

The rapper, whose real name is Shawn Carter, has created his wealth through his successful music career and various business ventures. According to Forbes, his net worth is estimated to be $2.5 billion as of December 2024, with half of that coming from his music career and the other half from “self-made” businesses.

During the Forbes 400 Summit in 2010, Carter told investor Warren Buffett that the “greatest trick in music” was convincing musicians that they “can’t be an artist and make money.”

“Hip-hop from the beginning has always been aspirational. It always broke that notion that an artist can’t think about money as well,” the Grammy winner said. “Just so long as you separate the two and you’re not making music with business in mind.”

Recently, on December 8, Carter was named in a lawsuit involving Sean “Diddy” Combs, accusing both of them of child rape in 2000. In a statement via his company Roc Nation on X, Carter accused the plaintiff’s attorney of attempting to “blackmail” him to get money.

He also stated that he wasn’t like other “celebrities” and described himself as a “young man who made it out of the projects of Brooklyn.”

From his music career success to becoming a business mogul, here’s how Jay-Z built his net worth.

What is Jay-Z’s net worth?

As of December 2024, Forbes reports that Carter is worth $2.5 billion, a rise from the $1.4 billion estimated two years earlier. In 2022, he ranked third in Forbes’ list of the highest-paid entertainers.

In 2021, Forbes stated that Carter’s wealth came from various sources, including his music catalog, businesses, investments, partnerships, art collection, and real estate holdings with his wife, singer Beyoncé.

That year, two major business deals—one with his liquor company Armand de Brignac and the other with his music streaming company Tidal—significantly increased his net worth from $1 billion to $1.4 billion.

Though Carter is now a billionaire, he didn’t expect it when he was younger. In a 2002 interview with 60 Minutes, the rapper was asked what he would have said if someone had told him 15 years earlier that he would be “rich” and “famous.” Carter responded, “How?”

“I had no aspirations, no plans, no goals, no backup goals,” he said. “How is that going to happen? Doing what?”

What are Jay-Z’s album and tour sales?

Carter’s music career has lasted for more than three decades, beginning with the release of his first album, Reasonable Doubt, through his entertainment company Roc-A-Fella Records in 1996.

Since then, the “Run This Town” singer has released 13 studio albums and earned 24 Grammy Awards as of 2024, according to GRAMMY. According to the outlet, he is tied with Kanye West for the most wins by a rap artist.

The rapper’s 2017 album 4:44 debuted at No. 1 on the Billboard 200 chart, making Carter the solo artist with the most No. 1 albums on the chart, according to Billboard.

Carter then went on the 4:44 Tour, which, according to Billboard, was his highest-grossing solo tour. Despite tickets being sold for as low as $6, Carter made $48.7 million by the end of the tour, according to Forbes in 2018.

In 2021, Forbes reported that Carter’s music catalog, which includes nearly 300 songs, was valued at $95 million. This was thanks to deals that gave him ownership of both the publishing rights and master recordings.

What are Jay-Z’s businesses?

Carter’s music career began at the same time as his business ventures. At the 2010 Forbes 400 summit, he told the crowd that “every single label shut the door” on him and his partners when he started his career, according to CNBC. Because of that, they “didn’t give up” and decided to create their own label, Roc-A-Fella Records, in 1994, so he could release his debut album.

Carter explained that it “wasn’t the same artist-label relationship” because he owned the company, which was the “best thing” for him and his team. However, according to MTV (per CNBC), record label Def Jam first bought half of the company in 1997 for $1.5 million, before purchasing the remaining half in 2004 for $10 million.

In 2008, Carter teamed up with Live Nation and created the entertainment agency Roc Nation, according to CNBC. In May 2017, Carter signed a $200 million deal with Live Nation to extend their touring partnership for another ten years. Forbes reported in 2021 that Roc Nation was valued at $140 million.

In July 2023, ESPN shared that Roc Nation signed a $25 million, five-year deal with the NFL to improve the Super Bowl halftime show, produce music for the season, and support the league’s social justice initiatives, among other goals.

Following the 2024 child rape accusations against Jay-Z, the NFL said “there’s no change to the relationship with Roc Nation and that includes the Super Bowl,” according to NBC Sports.

Forbes reports that the business mogul has also built a collection of profitable liquor businesses, including French champagne Armand de Brignac (Ace of Spades), where he sold a 50% stake to LVMH in 2021. The deal brought the value of the luxury liquor company to about $640 million, according to Forbes.

He also had a stake in the cognac brand D’Ussé, selling most of it to Bacardi in February 2023.

According to the 2021 Forbes report, he has shares in companies like Block and Uber and a fine art collection worth $70 million.

Along with his many profitable businesses, Carter co-founded the non-profit The Shawn Carter Foundation with his mother in the early 2000s. According to the foundation’s website, its goal is to close the opportunity gaps in education by offering college scholarships.

What has Jay-Z said about his wealth?

In a November 2017 interview with The New York Times, Carter explained that money isn’t “the endgame.”

“It’s not about who got more money and who got more houses … you’ve earned it, buy what you want,” the music mogul said. “But don’t forget what’s important. Without people, being rich would be very boring.”

The rapper added, “No one to share with, no one to have … You know what I mean? You’d just be a rich person, one person on the planet — just, like, well then what do you do?”

Carter has also talked about wealth in his music. In his song “Legacy,” his daughter, Blue Ivy, asks, “Daddy, what’s a will?”

“Generational wealth, that’s the key,” Carter sings. “My parents ain’t have s—, so that ship started with me.”