Jay-Z has been ranked as richest Hip-Hop Act of 2018 by Forbes

US rapper, Jay-Z has been named the wealthiest hip-hop act of 2018, according to Forbes’ annual list released on Thursday, topping the list with an estimated net worth of $900 million.

His mind-boggling earnings knock Sean "Diddy" Combs from the No. 1 spot, a title he previously held for seven consecutive years.

This is the first time the rapper has topped the list. Jay-Z upped his net worth from $810 million to $900 million thanks to the rising value of his Armand de Brignac champagne and D'Usse cognac. On top of that, the 4:44 rapper also has a nine-figure ownership stake in Roc Nation and Tidal.

Diddy trails behind with an equally impressive $825 million and Dr. Dre comes in third with $770 million, though there's a steep drop off when it comes to the fourth and fifth richest rappers in the music industry.

Dr. Dre keeps his No. 3 spot but saw a big increase from $740 million to $770 million. The legendary producer could also leapfrog into first place next year when he receives a chunk of Apple stock that could be worth over $100 million.

As for the fourth and fifth spots, there's a major drop for Eminem and Drake who come in tied with $100 million. Drizzy was actually fifth on the list last year, behind Birdman with $90 million.

If Jay-Z continues the kind of growth he saw from last year to this year, he could become hip-hop's first billionaire. The rapper could also be joined by either Diddy or Dre.

Forbes predicts the race to reach $1 billion is especially tight between Jay-Z and Diddy, a milestone that depends on the longevity of their various investments in beverage brands.

For now, Jay-Z finds himself in great company. None other than wife Beyoncé was named 2017's highest-paid woman in music with a $105 million salary.