Kanye West has officially reached the long coveted billionaire status, according to a newly published Forbes report.
The rapper and fashion designer who was in more than $50 million debt in 2016 saw seen a turn around in 4 years.
Forbes in its report has now said Kanye West has an officially net worth valued at $1.3bn (£1.05bn).
According to the outlet, Kanye recently provided documents that is believed to be an “authentic numeric look into Kanye, Inc.”
After analyzing his assets, Forbes determined he is a billionaire, though the business mogul had already in 2019 claimed to be one.
During the 2019 Fast Company Innovation Festival, Kanye told the audience that;
When I did Forbes, I showed them a $890 million receipt and they still didn’t say billionaire.
He even joked at the event that he might change his name to “Christian Genius Billionaire Kanye West”.
But, according to the publication’s estimates, it appears Kanye is worth just a little over $1 billion; a large chunk of which comes from his highly successful Yeezy sneaker brand and its partnership with Adidas.
Yeezy is a fashion collaboration between the German sportswear brand Adidas and designer Kanye.
The collaboration has become notable for its sneakers, and the Yeezy Boost sneaker line has been considered one of the most influential sneaker brands in the world.
While mostly known for its sneakers, the collaboration also produced shirts, jackets, track pants, socks, and women’s shoes.
Kanye West’s net worth was collated from the business mogul numerous money-making moves which includes: royalty off Yeezy revenue from Adidas, private assets, millions in cash, stocks, building and improvements and land. Also his music, which includes publishing rights and his G.O.O.D. Music imprint.
However, Kanye insists his assets are valued at around $3 billion.
Forbes stated that;
We [Forbes] gave the analysis of the figures “a 50% haircut” because of the assets’ liquidity and a lack of independent confirmation. The team also deducted $100 million for debts, which included mortgages and advances, putting Kanye’s estimated net worth at $1.3 billion—about $300 million more than his 22-year-old sister-in-law, Kylie Jenner.
But Kanye reportedly disagreed with Forbes. On Thursday night, he allegedly texted the reporters saying;
It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.
Nevertheless, congratulations to Kanye for hitting that mark.
