After reviewing his finances upon request, Forbes says Kanye West is now officially a billionaire.
A new report from the American business magazine valued the rapper and fashion mogul at $1.3billion. The bulk of that wealth comes from West’s stake in his Yeezy sneaker line, which Forbes said was worth $US1.26 billion.
The news makes West hip-hop’s second billionaire after Jay-Z.
West’s music made up a relatively small portion of that wealth, despite being one of the highest selling artists of the last 20 years. His label GOOD Music, and the rights to his discography were valued at at least $90 million by Forbes.
Much of the rest of West’s financial worth resided in assets — $81 million in property and $21 million in land. The enigmatic artist’s team listed $17 million in cash and $35 million in stocks.
Forbes stressed the lack of independent verification of some of the figures supplied. Despite this, West said the outlet had undervalued him, claiming a value of $3.3billion. In response, Forbes compared his self-assessment with an informal rule they used to have with valuing now US President Donald Trump; “take whatever the future president insisted he was worth, divide by 3, and start honing from there”.
The new Forbes assessment was in large part triggered by West’s unhappiness with his omission from the outlet’s annual billionaire list, published last month.
“You know what you’re doing,” he texted a member of Forbes’ staff.
“You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.