Kanye West is officially a billionaire, according to a new report from Forbes.
The 42-year-old rapper gave Forbes magazine a glimpse into his personal finances, and what do you know? His net worth is a cool $1.3billion (£1.05billion) – although he insists it’s actually more like $3.3billion (£2.6billion).
On Friday, Forbes gave the hip hop star the title after West shared his financial records following “months of requests.”
The magazine calculated the worth of the artist’s assets, including West’s Yeezy sneaker collaboration with Adidas, which Forbes estimated brought him royalties of over $140 million from sales last year, properties, assets and his G.O.O.D. record label, worth at least $90 million.
The final total of $1.3 billion, the magazine said, took into account debts,”asset illiquidity” and the magazine’s tendency to “look at self-appraisals somewhat skeptically.”Forbes reported that West insists his worth stands at $3.3 billion, and he texted the magazine to say: “It’s $3.3 billion since no one at Forbes knows how to count.” But the figure of $1.3 billion still puts him on an exclusive list.
“Aside from the music, half of all this presumably belongs to his wife, although she’s no slouch and that math goes two ways,” said the outlet. “Given the illiquidity of these myriad assets and the lack of independent backup, we’re giving all of this a 50% haircut: That’s about $125 million in assets, outside of his Yeezy crown jewel.
Then, there’s debt: Between mortgages, advances and other liabilities, we saw about $100 million that West is on the hook for. All told, our current net worth estimate for Kanye West: $1.3 billion.”
“It’s not a billion,” he allegedly texted the reporters last night (April 23). “It’s $3.3 billion since no one at Forbes knows how to count.”
West joins the billionaire ranks with JAY-Z, who became hip hop’s first in 2019.