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Jay-Z becomes ‘world’s first hip-hop billionaire’

JAY-Z has become the world’s first hip-hop billionaire, according to US business magazine Forbes.

The 49-year-old musician reached the milestone thanks to business interests in fashion, a sports management company and a stake in ride-hailing app Uber, the magazine said.

Jay-Z, married to pop star Beyonce, is also a part owner of the streaming service Tidal, another source of income on top of his chart-topping music.

It means his net worth ‘conservatively totals’ $1billion, about £789million, Forbes said.

The magazine calculated the figure 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’.

The nearest hip-hop figure to Jay-Z is Diddy, Forbes said, with an estimated net worth of $825million, about £651million.

Dr Dre became the first billionaire rapper when he sold his Beats company to Apple in 2014 for $3billion, but Forbes said his net worth would have been about $800million due to taxes.