Jay-Z
Jay-Z's achievement is termed "bigger than hip-hop".Getty images

Jay-Z is officially the first billionaire rapper in the world with a net worth of $1 billion, Forbes declared on Monday. He is reported to have built his empire on record labels, music stream, liquor, art, real estates and stakes in companies like Uber.

According to the US magazine, one of the factors that led to his financial stardom was his decision to make his own brand instead of endorsing other clothing lines. In 1999, he launched 'Rocawear' that was later sold to Iconix in 2007 for $204 million. His investment in a wide range of companies such as D'Ussé, a cognac that he co-owns with Bacardi,  'Tidal', a music-streaming service, validate his widely quoted expression, "I'm not a businessman. I'm a business, man."

Being the first hip-hop artist to be included in the illustrious list, the ride to the top is impressive because it started all the way from the bottom. Jay-Z, born Shawn Carter, grew up in one of New York City's most notorious areas.

Known to be a drug dealer before becoming a musician, he started his own label, 'Roc-A-Fella Records' and released his debut, 'Reasonable Doubt' in 1996. Since then, the rapper has collected more than 14 No. 1 albums, 22 Grammy awards and over $500 million in pretax earnings in a decade.

jay-z grammy
Jay-Z at the 2013 Grammy Awards.Getty images

Kasseem "Swizz Beatz" Dean, the producer behind some of Jay-Z's biggest hits ("On To The Next One,"), told Forbes that Jay-Z's achievement is "bigger than hip-hop".

"A guy that looks like us, sounds like us, loves us, made it to something that we always felt that was above us" he said.

Calling it "the blueprint for our culture' he further added: "If he's a billionaire now, imagine what he's about to be. Because he's only just starting."

Forbes calculated his wealth by adding the artist's stakes on companies and subtracting a "healthy amount to account for a superstar lifestyle".

His assets include:

1. Alcoholic beverages

Liqour
Right to left: Armand de Brignac Brut Gold champagne, D'usse cognac

His stake in brands like Armand de Brignac champagne and D'Ussé cognac amount to a whopping $410 million.

2. Cash & investments

Uber
The rapper owns a stake in Uber worth $70 million.Reuters

His vast investment portfolio includes a stake in Uber worth an estimated $70 million, making the hip-hop artist's total cash and investments worth an estimated $220 million

3. Music Streaming

Tidal
In 2015, Jay-Z bought Tidal from Norwegian company, Aspiro for $56 million.Forbes

Jay-Z acquired Tidal from Norwegian media technology company Aspiro for $56 million in 2015. As per the magazine, he makes $100 million in stakes from the music streaming site.

4. Music Catalog

Music catalog
About $75 million is made through copyrights of his music catalogs.Apple

According to Forbes, when Jay-Z signed on to become record label Def Jam's president in 2004, he had negotiated the return of his masters (publishing rights, royalty of 10-15% on music sales). With his streams clocking close to 1 billion streams annually, Jay-Z makes $75 million.

5. Entertainment company

Entertainmnet company
Rihanna and Jay-Z at Roc Nation's pre-Grammy's brunch in 2017Getty images

His entertainment company Roc Nation, worth $75 million, represents top sports stars such as Kevin Durant, Todd Gurley to artist giants like Rihanna and J. Cole.

6. Art collection

Art collection
Basquiat's 'Mecca' was bought anonymously by Jay-ZNew York Post

The value of his art collection is estimated to be at $70 million. His collection includes Jean Michel Basquiat's "Mecca," purchased in 2013 for a reported $4.5 million.

7. Real estate

Real estate
Their Bel Air estate was bought for $88 millionForbes

The magazine estimated that he owns real estate properties in upscale New York and Los Angeles that is worth $50 million. His property list includes the twin $26 million East Hampton mansions, a $88 million Bel Air estate he bought with his wife Beyonce as well as a Tribeca penthouse bought for $6.8 million.

Jay-Z and Beyonce
The couple has had a net worth over $1 billion for several years.Getty Images

With Beyonce reportedly worth about $335 million, the couple has had a joint net worth over $1bn for several years

While rumours had it that Dr Dre had reached billionaire status after selling his Beats headphone business to Apple in 2014, last year Forbes put his personal wealth at about $770 million.

Forbes cover
Forbes 2010 edition had Warren Buffet and Jay-Z on its cover.Forbes

In 2010, Jay-Z appeared on Forbes' cover along with another billionaire, Warren Buffet, who is 40 years his senior. The magazine stated that Buffet was impressed by the rapper 10 years ago. "Jay is teaching in a lot bigger classroom than I'll ever teach in. For a young person growing up, he's the guy to learn from" he was reported to have said.

Jay-Z and Beyonce's single "Apeshit" won two awards from eight nominations at the 2018 MTV Video Music Awards.Youtube