Madonna has re-affirmed her place as the Queen of Pop after reportedly joining the billion dollar club.

The Material Girl has boasted a multi-million dollar fortune for years, but it appears she's finally joined the elite group of moneymakers whose bank balances top $1 billion.

Madonna's net worth had already been estimated at around $700 million (£437.5 million), thanks to her recent record-breaking Mdna world tour, which grossed more than $305 million (£190.63 million) last year (12), and drew $75 million (£46.88 million) from show merchandise sales and $10 million (£6.25 million) in Tv rights and Dvd sales.

Now Women's Wear Daily editors report that Madonna has boosted her personal fortune to a whopping seven figures by making wise investments in her Hard Candy gym chain and in coconut health drink Vita Coco, while she banked another $10 million (£6.25 million) after signing a recent deal with vodka brand Smirnoff.

Her Truth or Dare perfume has also been a big seller - it has taken in $60 million (£37.5 million) in sales, while her Material Girl clothing and accessories line is expected to earn her another $10 million (£6.25 million) in 2013 alone.

If the numbers add up, Madonna is in good company - filmmakers George Lucas and Steven Spielberg, Microsoft boss Bill Gates, co-founder Mark Zuckerberg and media mogul Oprah Winfrey were all recently named among the world's richest billionaires by editors at Forbes magazine.