The 36-year-old singer has spent more than $1 million on a diamond ring and a watch for his fiancée Beyonce Knowles over the weekend.

Beyonce was given the luxury gift from Jay-Z for her 24th birthday.

The rapper also flew his private jet to London for 48 hours of partying at a cost of another $1.3 million.

"We're told Jay - whose £182.1 million fortune makes him the richest man in hip-hop - has requested that his specially invited guests are treated to the finest La Flor De Cano Selectos cigars, which are being flown in especially from Cuba",a source said.

Jay-Z has recently joined fellow rapper Diddy Combs to chip in $1.3 million for victims of Hurricane Katrina this week, and supported Kanye West's speech against President George W Bush.