Jersey City, New Jersey | By Michael Wandati | Forbes, an American business magazine after reviewing Kanye Wests’s finances upon request, the publication has officially named the rapper a billionaire, worth $US1.26 billion, thanks largely to his stake in Yeezy sneaker line (basketball shoes bearing his name), that he developed with Adidas, Forbes magazine revealed on Friday 24, April 2020.
The news officially makes West hip-hop’s second billionaire after Jay-Z.
The 42-year-old, Chicago-born rapper’s Yeezy footwear often sells for more than $200 a pair in the United States and elsewhere.
Kanye West was associated with Nike for years but broke away in 2013, lending his name to Adidas as they launched their first shoe together in 2015.
Forbes said that for years West has been pressing the magazine to be listed as one of its mega-rich but that it declined, for lack of proof.
The magazine said tongue in cheek that for years it had applied what it called the Trump rule to West: “take whatever the future president insisted he was worth, divide by three, and start honing from there.”
Kanye 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.”