Wednesday, April 18, 2012

Hip-Hop Moguls: Jay-Z & Diddy Take Top Spots on "The Forbes Five: Hip-Hop's Wealthiest Artist 2012"

Hip-Hop's Top 20 Earners

The Two Shawns (Shawn Carter and Sean Combs) once again take the top two spots on a Forbes Hip-Hop Cash List.  This time it's for The Forbes Five:  Hip-Hop's Wealthiest Artist of 2012.  Mr. Combs took the top spot (that CiRoc don't stop).  With a net worth of $550 million.  While Mr. Carter took the second spot with $460 million.  Not bad for a Brooklyn and Harlem boy!!! Sweet.

According to Forbes here's how the two moguls accrued their wealth:

King Carter:  Next up is Jay-Z at $460 million. Unlike his fellow Forbes Five members, Jay-Z still churns out music and goes on tour—most recently with pal Kanye West—adding to his considerable war chest. He sold his Rocawear clothing label for $204 million in 2007 and signed 10-year $150 million deal with Live Nation in 2008, and also holds stakes in the New Jersey Nets, his 40/40 Club chain, ad firm Translation, cosmetics company Carol’s Daughter and other businesses. (For more on his rise as a businessman, check out Zack’s Jay-Z biography, Empire State of Mind).

“Who’s going to be hip-hop’s first billionaire is still to be determined,” says Steve Stoute, the advertising guru who founded and co-owns Translation with Jay-Z. “But clearly Jay and Puffy are far and away positioned to surpass that.”

King Combs:   The Bad Boy Records founder has remained a mainstream mainstay for 15 years thanks to his knack for self-promotion. Lately, he’s been channeling that energy toward Diageo-backed Ciroc vodka, much to the benefit of his bank account: he receives double-digit millions annually as a share of profits. Sales of the spirit spiked 122% last year in the wake of strong demand for new flavor Ciroc Peach; he is entitled to a nine-figure chunk of cash if the brand is ever sold.

Diddy also boasts stakes in clothing lines Sean John and Enyce, marketing firm Blue Flame, record label Bad Boy and a handful of tech startups. But it’s his deal with Comcast to launch cable channel Revolt in 2013 that could push him into billionaire territory. He’ll own the channel outright, and based on projected viewership totals, its value could soar into the low-to-mid nine figures within the next few years.

For the rest of the list head over to Forbes.

--Princess Carter

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