Jay Z has officially become hip hop's first billionaire

Jay-Z is hip hop's first billionaire. Photo / Getty Images

Jay-Z has done what no other hip hop artist has ever done before, and officially become a billionaire, Forbes reports.

Jay-Z, whose real name is Shawn Carter, is not only one of the most famous rappers alive, he's also a prolific writer, producer, record executive and entrepreneur.

Forbes surveyed Carter's entire empire from Roc Nation to Tidal, as well as his stakes in other companies like Armand de Brignac champagne. They tallied up his income, subtracted a generous amount to account for his "superstar lifestyle", and vetted the results with a "roster of outside experts".

Forbes concluded: "It's clear that Jay-Z has accumulated a fortune that conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so."

That sum was broken down to show where all of Carter's money lies, including $310 million in Armand de Brignac champagne and $220 million in cash and investments - including an estimated $70 million stake in Uber.

There's $100 million in both D'Ussé cognac and Tidal, $75 million in Roc Nation and his music catalogue, $70 million in his art collection and $50 million in real estate.

After Carter, Sean "Diddy" Combs and Dr. Dre are the second and third wealthiest rappers, with a net worth of $820 and $770 million, respectively.

Dr. Dre claimed in 2014 that he was hip-hop's first billionaire after he sold Beats Music to Apple, however while the deal did push Dre's net worth to about $1.1 billion, taxes ultimately saw it drop just below the $1 billion-dollar mark.