According to Digital Spy, tickets for the superstar couple's fundraiser - held at Jigga's New York club 40/40 - are thought to have sold for $40,000 (£24,618) a piece.
100 guests were thought to be present at the event, with Obama joking that himself and Jay have a lot in common.
Addressing the crowd, he said: "Jay-Z now knows, you know, what my life is like. We both have daughters. And our wives are more popular than we are... So we've got a little bond there. It's hard, but it's okay."
The President also praised Queen B, branding her a great role model for his daughters Sasha and Malia, stating: "She carries herself with such class and poise, and has so much talent."
In other related news, Katy Perry will apparently sing at Obama's campaign fundraiser on 7th October.
The Hollywood Reporter claims K-Pez will perform 30 Days To Victory at the event next month, with more acts expected to be announced in the near future.