Rapper Kanye West has officially become a billionaire. This makes him the second American rapper to attain that status after Jay Z.
According to Forbes, Kanye’s Yeezy shoe brand is what has helped him reach this mark.
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The publication said they dissected the Chicago rapper’s success with Yeezy, while also sharing how they tabulated Kanye’s net worth.
Nonetheless, a decent portion of Kanye’s net worth can be attributed to his royalty agreement with Adidas. West receives a “royalty around 15% of Yeezy revenue from Adidas. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11 percent. At that rate, he would have received royalties of over $140 million from Yeezy sales last year,” the report says.
Kanye West’s team provided a statement of the rapper’s assets, which were listed as $17 million in cash, $35 million in stocks, $81 million in “buildings and improvements,” $21 million in land, as well as his G.O.O.D. label and publishing rights, which is said to be worth at least $90 million. There were also a sizable deduction for $100 million worth of debts, which included mortgages and advances.
Forbes also noted that they gave Kanye’s net worth a “50 percent haircut” due to the illiquidity of his assets and the “the lack of independent backup.” The team also deducted $100 million for debts, which included mortgages and advances, putting Kanye’s estimated net worth at $1.3 billion.
But Kanye reportedly disagreed with Forbes. “It’s not a billion,” he allegedly texted the reporters Thursday night. “It’s $3.3 billion since no one at Forbes knows how to count.”
Kanye’s dream of becoming a Billionaire didn’t start today, in 2016 for instance, he begged Facebook CEO, Mark Zuckerberg for $1Billion which he can invest in his businesses.