Who would have thought that artists in Hip Hop and R&B genres in particular would be multi millionaires, or even billionaires?
A few years ago, this seemed quite impossible, but in 2019 and beyond, a rising wave of musicians would become rich through numerous musical and business projects.
Given this trend, African musicians should take a leaf from the first American Hip Hop billionaire, Jay Z and Rihanna, whose net wealth is estimated by Forbes to be about $600 million.
Have Investments Outside Music….
What is common to the wealthiest international musicians is that they all invest in other non-music business activities, whether they’re investing in vodkas, clothing lines, start-ups, and so on.
Africa is catching up with this trend, and the growing international popularity of Afrobeat genre musicians such as Wizkid, Mr Eazi, Stonebwoy, Shatta Wale, Cassper Nyovest, Sarkodie and many others are becoming millionaires through endorsements and other business ventures.
Jay Z ‘s business portfolio is indeed impressive, having its roots in Rocafella Records, which he co-founded in 1996 with former partners Damon Dash and Kareem Biggs, and then extended to 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.