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Jay-Z has become the first rapper to become a billionaire according to Forbes.

The musician, 49, reached the milestone thanks to business interests in fashion, a sports management company and a $70m (£55.2m) stake in Uber.

He has $310m (£245m) in Armand de Brignac champagne, $100m (£79m) in his own cognac, a joint venture with Bacardi, and a $70m (£55.2m) art collection.

Image: Jay-Z and hie wife Beyonce have stakes in Tidal which help toward their huge wealth

Jay-Z and his wife Beyonce also own equity in the streaming service Tidal, which helps bring in more money.

Forbes suggests his net worth "conservatively totals" about $1bn (£789m).

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The total was estimated by adding up his income and then subtracting a "healthy amount to account for a superstar lifestyle".

Outside experts checked the figures to make sure they were "fair and conservative".

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Jay'Z's nearest on the list is Diddy, worth about $825m (£651m).

Dr Dre was thought to be the first rapper billionaire when he sold his company Beats to Apple in 2014, but he had to pay such a large sum in taxes, his net worth would have been about $800m (£632m).

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