March 11, (THEWILL) — Music mogul, Andre Young, popularly known as Dr Dre, has officially reached billionaire status.
According to the latest rankings from Forbes, the legendary hip-hop producer now has an estimated net worth of about $1.1 billion, marking his first appearance on the publication’s annual billionaire list. He ranks 3,332nd globally and is the second-wealthiest figure in hip-hop, behind Jay-Z.
Dre first rose to fame in the late 1980s as a founding member of the rap group N.W.A. He later built a successful solo career and became one of the most influential producers in hip-hop.
Beyond music, Dre expanded into business ventures that significantly increased his wealth.
One of his biggest ventures came in 2006 when Dre co-founded Beats Electronics with music executive, Jimmy Iovine. The headphone brand quickly became one of the most recognisable names in audio technology.
In 2014, Apple acquired Beats for about $3 billion in cash and stock. The deal earned Dre hundreds of millions of dollars and helped cement his reputation as one of hip-hop’s most successful entrepreneurs.
Much of Dre’s ongoing wealth also comes from his record label Aftermath Entertainment, which he founded in 1996. The label has helped launch or elevate the careers of several major artists, including Eminem, 50 Cent and Kendrick Lamar.
Royalties, investments and real estate have also added to his fortune over the years.
With the new ranking, Dre joins a small group of billionaire musicians that includes Rihanna, Taylor Swift and Beyoncé.
The milestone comes more than a decade after Dre once declared himself hip-hop’s first billionaire following the Beats deal. At the time, taxes and investor shares meant his wealth was below $1 billion.
Now, Forbes says his fortune has finally reached the billion-dollar mark.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
