Jay-Z, the renowned rapper, can breathe a little easier now that his latest business venture has increased his net worth to an astounding $2.5 billion.
According to a live Forbes report released on Friday (March 24), the newly-minted entrepreneur has secured the 1209th spot on the list of the wealthiest individuals globally, thanks to his $750 million deal with Bacardi, the parent company of D'Usse cognac.
In 2021, Jay-Z's initial offer of $1.5 billion was rejected due to a discrepancy in brand valuation amounts, resulting in a dispute with Bacardi. However, a settlement has since been reached between the two parties.
Jay-Z, whose real name is Shawn Corey Carter, believed that the popular alcohol brand was worth three times more than Bacardi's valuation.
The parent company dismissed his claims without providing a clear explanation, causing a rift between the rapper and the brand.
However, the two parties have now reached a mutually beneficial agreement, with Jay-Z selling his 50% stake while retaining a significant portion of ownership rights. It appears that any past issues have been resolved.
Since being recognized as hip-hop's first billionaire in 2019, the Brooklyn-born rapper has experienced a remarkable increase in wealth.
Now ranked as the third highest-paid entertainer, the 53-year-old's net worth has steadily grown from 2020 onwards, largely due to his involvement in various projects and businesses beyond his longstanding music enterprise, Roc Nation.
Having made successful ventures such as Roc-A-Fella Music, which was sold for a staggering $10 million, the music mogul expanded into other fields, including his Roc Nation entertainment company, which helps startups achieve their objectives.
Jay-Z now holds the title of the richest rapper in terms of net worth, with other industry heavyweights like P Diddy, Dr. Dre, and Kanye West following closely behind.
With a single bottle of D'Usse cognac costing up to $9350 and a rare bottle from the 1969 Anniversaire Limited Edition range selling for a whopping $52,500 at a New York auction two years ago, it's not surprising that Jay-Z's wealth continues to soar.
The Empire State of Mind artist has only 1208 people to surpass to become the world's wealthiest OG.
To surpass the current titleholder, LVMH CEO Bernard Arnault, Jay-Z needs to surpass $217 billion in net worth. While there is still a long way to go, there is plenty of time for him to achieve this feat.