Jay-Z has been hailed as the world’s first billionaire rapper.

Revered US business magazine Forbes says in its latest cover story that it’s “clear that Jay-Z has accumulated a fortune that conservatively totals $1 billion (£790 million), making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so”.

Forbes estimates that Jay-Z’s music back catalogue is worth an impressive $75 million (£59 million), but attributes his enormous personal fortune mainly to $220 million in cash and investments and his 100 percent stake in drinks brand Armand de Brignan – a.k.a. “Ace of Spades” champagne – which is worth $310 million (£244 million).

Jay-Z’s stake in Tidal is estimated at $100 million (£79 million) and his stake in Roc Nation is pegged at $75 million (£59 million). He’s also said to have a $100 million (£79 million) stake in D’Ussé cognac, a $70 million (£55 million) art collection and a $50 million (£39 million) property portfolio.

He joins a very select group of entertainment industry billionaires that includes Oprah Winfrey, George Lucas, Steven Spielberg and Michael Jordan. Forbes has estimated Dr Dre’s personal fortune at $850 million, a little way behind Jay-Z’s.

Back in March, Jay-Z and wife Beyoncé were presented by LGBTQ rights charity GLAAD with the Vanguard Award for “their LGBTQ allyship” during a ceremony in LA.

In his speech, Jay-Z paid tribute to his mother Gloria Carter, who is gay. “Life, this journey, is filled with highs, lows and a lot of learning. This is a momentous night, and I also want to honour my mother, who received an award last year,” he told the audience.

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