Kanye West is officially a billionaire, joining Jay-Z as the only two hip hop acts to crack the financial milestone.
Less than a year after Forbes declared that Jay-Z had become the first-ever billionaire rapper, the same publication has reported that Kanye West now has a net worth of over $1,000,000,000.
West has apparently been asking to be called a billionaire for several months, and now Forbes has crunched the numbers and discovered that Yeezy is worth $1.3 billion.
The vast majority of his worth comes from his Addidas shoe company Yeezy. The shoe empire is valued at $1.26 billion.
Forbes says that one of the reasons that they’ve previously been unable to verify West’s worth is that Yeezy is “a complicated asset” because it is “functionally tied… to Adidas, which produces, markets and distributes the shoes.
“West’s aggressive $3 billion self-appraisal is clearly based on the idea that the business is infinitely portable.
“It’s not. Taking Yeezy away from Adidas seems almost prohibitively cumbersome, if not contractually impossible.”
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Forbes also tallies that West’s second-biggest asset is his discography and GOOD Music imprint, valued at $90 million.
He also owns property ($81 million), land ($21 million) and stocks ($35 million).
Check out ‘Follow God’ by Kanye West:
Forbes says that after West was alerted to their report of his currently wealth, he responded in a text.
“It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”
The rapper has been doing some philanthropic work amid the coronavirus crisis, providing 300,000 meals to vulnerable people that have had their lives uprooted amid the pandemic.
West has partnered up with US fast-food giant Chick-fil-A and has provided around 11,000 meals each day since March. The meals were distributed by nonprofit Christian organisation, Los Angeles’ Dream Centre.
