Jay Z has been named the richest rapper alive and his business moves have earned him the respect of many.

Shawn Carter known as Jay Z has more than doubled his net worth according to new estimates by Forbes. Forbes reported on Friday that the Run This Town hitmaker's net worth was $2.5 billion making him not only the richest rapper alive but the 1,208th wealthiest person.

The publication stated that he made millions from his Armand de Brignac champagne and D’Usse cognac brands.

The rapper has not released new music or toured recently but has managed to increase his wealth in just a year, reported The Shade Room. Jay Z is not far behind media mogul Oprah Winfrey who is 1,204th on the ranking list. Kanye West who once held the richest rapper title, lost his billionaire status after Adidas terminated their partnership with him.