Jay-Z’s billionaire status adds up to a lot more than what’s in his bank account
Like Madam C.J. Walker and John H. Johnson before him, Jay-Z’s rise to business mogul is testament to the power of the black dollar
Jay-Z gathered his thoughts as he sat behind a desk at Roc-A-Fella Records’ headquarters in New York. In a rarely seen 1997 interview, the Brooklyn MC gave a striking answer to a question about what percentage of rappers he believed would still be viable artists a decade later.
“A rapper’s life is like three albums … unless you gon’ endure during the times,” Jay-Z said. “That’s a special case. It’s like 3 to 5% of artists who have a successful career. Crazy, right?”
Jay-Z, at the time, was only a few years removed from drug-dealing as a self-described “Marcy Projects hallway loiterer.” A product of post-civil rights movement America (I arrived on the day Fred Hampton died, he’d later rhyme) who came of age during the war on drugs, Jay-Z by 1997 was an independent businessman with a critically acclaimed rap debut in 1996’s Reasonable Doubt. But it’s likely that not even the notoriously confident Jay-Z saw this coming: Two decades after that interview, Jay-Z is hip-hop’s first billionaire.
On Monday, Forbes released a review of the Brooklyn MC’s financial portfolio that concluded Jay-Z’s empire had surpassed the 10-figure plateau. His fortune is spread across a variety of endeavors, including real estate, liquor, music, the streaming platform TIDAL, entertainment company Roc Nation, his art collection and more. The confirmation is both unsurprising — along with Diddy and Dr. Dre, he has long been near the apex of hip-hop’s top earners — and awe-inspiring.
“Here we had this hip-hop industry that everybody sort of wanted to dismiss and thought that it would go away,” said Angel Rich, author of History of the Black Dollar. “It has now turned into the fabric of American society. It’s weaved into every portion of business. We have [another] symbol of that success and what it means in Jay-Z becoming a billionaire.”
At the start of the 20th century, Madam C.J. Walker made a fortune through black hair. In the middle of the century, John H. Johnson became a mogul with lifestyle publications such as Ebony and Jet. And at the end of the century came the start of Jay-Z’s financial success rooted in black music. All cultivated in America. All tapped into the core of America’s spine, black culture, which has alternately been ignored, chastised and co-opted. All understood the power of the black dollar. These foremothers and forefathers of black wealth in white America were prophytes in The Blueprint MC’s real-life blueprint.
Jay-Z’s original (legal) revenue stream puts the moment in perspective. In a career notable for lyrics as literature and congressional honors, one of Jay-Z’s most recognizable lines is his declaration on Kanye West’s “Diamonds (Remix)”: I’m not a businessman/ I’m a business, man. The potency is rivaled only by its accuracy. The accumulation of wealth has been a constant narrative in his career. “You know n—as die for equal pay right? You know when I work I ain’t your slave right?” he rhymed in 2015. “You know I ain’t shucking and jiving and high-fiving/ You know this ain’t back in the days right?”
On 2017’s stellar 4:44, he referenced the history of black wealth and abandonment in “The Story of O.J.” and concluded with the poignant “Legacy.” With daughter Blue Ivy’s innocent inquiry, “Daddy, what’s a will?” Shawn Carter, the patriarch, launches into his explanation while sampling Donny Hathaway’s “Someday We’ll All Be Free.”
Take those monies and spread ‘cross families/ My sisters, Hattie and Lou, the nephews, cousins and TT/ Eric, the rest to B for whatever she wants to do/ She might start an institute, she might put poor kids through school.
Jay-Z then turned to his oldest daughter’s future: My stake in Roc Nation should go to you/ Leave a piece for your siblings to give to their children too.
Success has led to both praise and criticism as well as detailed examinations of his practice of both capitalism and philanthropy. Jay-Z’s financial rise occurred as the income gap between the robustly rich and all other classes has steadily increased over the past 30 years. The word “billionaire” is increasingly viewed as a piece of derogatory lexicon in some circles — even by actual billionaires. But Jay-Z’s black path to entrepreneur and billionaire status distinguishes it from most of his fellow moguls and emphasizes his kinship with his predecessors Walker and Johnson.
For the better part of the decade, Jay-Z, now 49, has taken on the most socially conscious role of his career. And his monetary boasts have evolved. He’ll never apologize for how he amassed his fortune — he never entered the business to stay a starving artist. I ain’t got a billion streams, got a billion dollars, he said on Meek Mill’s “What’s Free.” The 10-figure threshold is a topic of discussion in the Carter household too. We gon’ reach a billi first, he hypothesized on “Family Feud,” also found on 4:44. Generational wealth is a decades-long theme in Jay-Z’s arsenal, dating to 1996’s “Feelin’ It”: If every n—a in your clique is rich, you clique is rugged/ Nobody will fall ’cause everyone will be each other’s crutches.
This largesse has been displayed on a variety of fronts: Paying a considerable chunk of Meek Mill’s legal fees and Lil Wayne’s back taxes. Securing legal representation for 21 Savage’s deportation proceedings. Getting Jabari Talbot’s case dropped; the 11-year-old had refused to stand for the Pledge of Allegiance and was subsequently arrested. Covering the cost of college tuition, with Beyoncé, for 11 high school seniors through $100,000 scholarships during the domestic leg of their On The Run II Tour.
A man who doesn’t take care of his family can’t be rich, Jay-Z lamented on “Feud,” paraphrasing The Godfather. That notion gets reinforced in “Legacy.” Generational wealth, that’s the key, he noted. My parents ain’t have s—, so that shift started with me. Given where he started, reaching a billion dollars is an objectively resounding accomplishment and testament to his business acumen. But “Legacy” hits differently given who is touched by Jay-Z’s message and the fruits of his labor. TIDAL, the champagne, D’USSE, I’d like to see/ A nice peace-fund ideas from people who look like we/ We gon’ start a society within a society/ That’s major, just like the Negro League.
Jay-Z’s rise to become hip-hop’s first billionaire is important beyond the fact of it. His story is also the story of the black dollar in America. How it was used to build this country, and how it was manipulated — and worse, destroyed — because of the power and independence it carries.
Looking at Jay-Z today, it’s hard not to think about the young MC who sat in Roc-A-Fella’s offices discussing his plans in an industry often described as cutthroat and soul-draining. A billion dollars isn’t immune to lost friendships along the way — or evidence that he made the right decision every time.
“The genius thing that we did was we didn’t give up,” Jay-Z said years ago.
Some of hip-hop’s most promising thought leaders were murdered on the cusp of their fiscal, creative and business primes. The deaths of B.I.G., Tupac Shakur (his frequent yet spiritual partners in rap’s mythical “greatest of all time” debate) and just recently Nipsey Hussle, with whom Jay-Z shared a particularly close brotherhood that expanded far beyond music, is hauntingly painful.
He is the destiny their fate denied them. That’s why the moment matters far more than the actual figure in Jay-Z’s checking account. A billion-dollar industry that began in the boroughs of New York has been monetized, criticized and immortalized the world over. And now that industry has a billionaire of its own.