India, Jan. 3 -- Beyonce has officially joined the billionaires club, according to Forbes, becoming the fifth musician to reach the milestone.

The superstar was backed by a blockbuster year driven largely by touring and music-related revenue. Beyonce crossed the $1 billion mark following the success of her Cowboy Carter tour, which generated more than $400 million in ticket sales and an estimated $50 million in merchandise revenue. Her earlier Renaissance World Tour grossed close to $600 million.

According to Forbes, most of Beyonce's wealth comes from her music catalog and live performances, rather than her business ventures, which include hair care brand Cecred, whiskey label SirDavis and fashion line Ivy Park.

Her husband, Jay-Z, be...