Jay Z crowned first hip hop billionaire after building up huge business empire

Jay-Z has been crowned the first hip-hop star to become a billionaire, according to Forbes.

The 49-year-old, whose real name is Shawn Carter, has managed to reach billionaire status after amassing a fortune through various business interests.

Jay-Z has stakes in fashion, a sports management company and the taxi app Uber, the magazine reported.

Jay-Z , who is married to pop star Beyonce , is also a part owner of the streaming service Tidal, which means his net worth "conservatively totals" $1billion (£789million), Forbes reports.

The magazine said it calculated his total amount by adding up his income before subtracting "a healthy amount to account for a superstar lifestyle".

It then checked the estimate with outside experts to make sure it was "fair and conservative".

Diddy is the nearest hip-hop figure to Jay-Z. He has an estimated net worth of $825million (£651million).

It was believed that Dr Dre would be the first rapper to reach billionaire status, especially after he sold his Beats company to Apple in 2014 for $3billion.

According to Forbes though, it is thought that due to taxes, his net worth would have been approximately $800million.

Jay-Z married 37-year-old singer Beyonce in 2008, and they have three children together.

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