Forbes magazine announced that the rapper Jay-Z is officially hip hop's first billionaire who also amassed his wealth from liquor, art and real estate.

"He 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," the magazine said in a new cover story.

The 49-year-old rapper’s original name was Shawn Carter and he grew up in one of Brooklyn's most notorious housing projects.

His house contains stakes in Armand de Brignac champagne and D'Usse cognac of a $310 million and $100 million value as well as $220 million in cash and investments that include a stake in Uber worth an estimated $70 million.

He’s amassed a $75 million music catalog, $75 million from the entertainment company Roc Nation and $100 million from streaming service Tidal.

Real estate holdings adjoin some $50 million to his name, Forbes reported.

"A guy that looks like us, sounds like us, loves us, made it to something that we always felt that was above us. If he's a billionaire now, imagine what he's about to be,” Jay-Z's producer, Swizz Beatz, said.