Los Angeles, Mar 25 (IANS): Hip-hop mogul Jay-Z has seen his net worth soaring to a new height. He boasts a fortune of $2.5 billion.

According to a Forbes report on Friday (March 24), Jay-Z is now the 1,203rd wealthiest person on the planet. French business magnate Bernard Arnault, CEO of LVMH Moet Hennessy Louis Vuitton, currently sits at No. 1 on that list with a reported valuation of $216.1 billion, reports 'aceshowbiz.com'.

The report notes that the Grammy Award-winning artist's fortune reaches far beyond music. "Even in a year without a tour or album release, Jay-Z mints millions from his Armand de Brignac champagne and D'Usse cognac," it says.

"The Brooklyn-born rapper was crowned hip-hop's first billionaire by Forbes in 2019, thanks to a sprawling and diversified empire," the report adds, noting his assets range from his Roc Nation entertainment and sports empire to "a fine-art collection including works by Jean-Michel Basquiat."

With his reported current net worth, Jay-Z, also known as Jigga, has extended his lead as the richest hip-hop mogul. Last year, he topped Forbes' list with a reported $1.5 billion net worth.

Sean "P. Diddy" Combs, who finally joined the billionaire boys club last October thanks to the continued success of his Ciroc partnership with Diageo, DeLeon Tequila and REVOLT network, currently sits at No. 2 on the hip-hop rank after dethroning Kanye West.

For the record, Ye (Kanye West) is no longer a billionaire after Adidas cut ties with him amid his anti-Semitic scandal. In October 2022, it's reported that his $1.5 billion net worth had been brought down to $400 million after losing the deal with the world-renowned athletic wear company.

The report of Jay-Z's current net worth comes after he sold his 50 per cent stake of his D'Usse cognac back to its parent company Bacardi for a reported $750 million in February after an intense court battle. He still retains a significant ownership in the brand.