Who would have thought that musicians particularly those in the Hip Hop and R&B genres would be multi millionaires?
A few years ago this seemed very unlikely, but in 2019 and beyond there will be an increasing wave of musicians getting wealthy through various musical and business ventures.
Given this trend African musicians can take a leaf from American first Hip Hop billionaire Jay Z and Rihanna whose net worth is estimated by Forbes to be around $600 million.
Have Investments Outside Music….
A common thing that most rich international musicians have is that they all invest in other business ventures outside music, whether it be investing in vodkas, clothing lines, start-ups and so on.
Africa is catching on to this trend and due to the increasing international appeal of the Afrobeat genre musicians like Wizkid, Mr Eazi, Stonebwoy, Shatta Wale, Cassper Nyovest, Sarkodie and many others are becoming millionaires through endorsements and other business ventures.
Jay Z business portfolio is quiet impressive, having its orinins in Rocafella Records he co-founded in 1996 with former partners Damon Dash and Kareem Biggs, then expanded into various ventures that include Roc Nation, Tidal, D’Ussé and Armand de Brignac champagne just to mention a few.
Clearly he had a blueprint in mind when he named his 2001 album The Blueprint, going from the notorious Marcy Projects in Brooklyn to sitting on top of a billion dollar empire.
His illustrious career saw him gain 14 number 1 albums, 22 Grammys and the title “Best Rapper Alive”.
Jay is also somewhat an avid Art collector, often rapping about his art collection is many of his songs. His art collection is worth $70 million and real estate worth $50 million, including an East Hampton mansion and a Tribeca penthouse.
Rihanna on the other hand also took Jay Z’s approach and invested in her own luxury make-up brand Fenty Beauty in 2017 which she partners with LVMH and is estimated to be now worth around $3 billion.
She is currently the richest female musician in the world with an estimated net worth of $600 million, beating other female musicians that include Taylor Swift, Beyonce, Madonna, Celine Dion, Brittany Spears.
Fenty Beauty contributes much of Rihanna’s fortune and has an annual revenue exceeding $500 million.
It’s initial few weeks on the market the brand generated over $100 million in sales plus over 70 million instagram followers.
LVMH is a French luxury goods conglomerate owned by billionaire Bernard Arnault and has interests in various sectors that includes Wines, Fashion, Watches, Jewelry, Cosmetics.
Real Estate is not bad going into….
Real estate is one area that African musicians can look because of the long-term value returns.
Investing in real estate can help African musicians in storing value which in turn helps create wealth in the long run, especially if you purchase properties in prime areas which can be rented out, generating money for you in the process.