Jay-Z to Receive Medallion of Honor

Jay-Z has had No. 1 hits, platinum plaques and heaps of accolades over the years -- but he hasn't gotten anything quite like this. Alpha Kappa Alpha Sorority, Inc. -- the Greek organization for college-educated women -- has decided to bestow the emcee with the Anna Eleanor Roosevelt Medallion of Honor for being "one of the most financially successful hip-hop artists and entrepreneurs in America -- having had a net worth of over $500 million in 2009."

Jay will be given the medallion at their Public Meeting on July 11 in St. Louis, Mo. The 40-year-old Brooklyn native will also be honored for his philanthropic work, which includes partnering with the United Nations to fight the world water shortage and for joining Sean 'Diddy' Combs in pledging $1 million to the American Red Cross to help victims of Hurricane Katrina. The award, named after the First Lady who was made an honorary member in 1949, was previously given to President Jimmy Carter for his humanitarian service.

As an emcee, Jay-Z has sold more than 40 million albums worldwide and nabbed 10 Grammy Awards for his work, earning his first number one hit with 'Empire State of Mind' last year. His entrepreneurial endeavors include opening a chain of exclusive 40/40 Clubs as well as having a stake ownership in the New Jersey Nets and holding tenure as the CEO of Def Jam Recordings. His latest pursuit is launching his own imprint, Roc Nation, to which he has signed artists like Range, J. Cole and Bridget Kelly.

Jay's latest album, 'The Blueprint 3,' was released in September 2009, sold 476,000 copies and, as it stands, is just shy of becoming crowned double platinum.