But it wasn't enough to dethrone Sean "Diddy" Combs from the top of the magazine's annual list of the world's richest hip-hop artists.
Diddy retained his number one spot with an estimated net worth of $820m (£633m).
Forbes said that was helped by his deals with Diageo for Ciroc vodka and his Sean John clothing line.
But rapper and producer Jay Z moved into second place largely because of the $200m (£155m) investment in his Tidal music streaming service from US mobile phone operator and communications company Sprint in January.
