Forbes has released its annual Hip-hop’s Wealthiest Artists list for 2018 on Thursday, with Jay-Z topping the list for the first time.
The publication reports that Jay-Z increased his net worth from $810 million to $900 million over the past year. This is due to his many business endeavours, including his label Roc Nation, streaming service Tidal and ventures with spirits brands Armand de Brignac and D’Ussé.
Businessman and artist Diddy trails Jay-Z with $825 million, just a $5 million increase on last year’s total. His interests in DeLeon Tequila, CÎROC vodka and Revolt TV and partnership with beverage company Diageo continue to prove lucrative.
Dr Dre ranks third, with his net worth totalling $770 million last year. He is in line to receive a chunk of Apple stock this year, worth well over $100 million, depending on the tech giant’s share price at the time.
The hip-hop producer could topple Diddy and Jay-Z when that happens.
Drake and Eminem round off the list, tied at an even $100 million each. The 31-year-old Drake has earned more than $250 million since 2010 before taxes and spending. An equity stake in Virginia Black whiskey and pricey estates in Toronto, Canada, and Hidden Hills, California, pad his holdings.
The site reports that his inclusion in the Forbes Five represents yet another career goal achieved.
Eminem, who is not known as a businessman, like some of the other names on the list, is nevertheless the best-selling rapper of all time and moved more albums in the USA during the 2000s than any act in any genre.
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To compile the top five rankings, Forbes follows the same procedures used to calculate its list of world’s billionaires, valuing major assets, poring over financial documents and speaking with analysts, attorneys, managers, other industry players and, in some cases, the moguls themselves.
Additional sources: Forbes and Billboard