Kanye West has officially become a Billionaire, making him the second American rapper to reach that status after Jay-Z.
A Forbes Magazine article published Friday reveals how the rapper recently provided documents to the publication, giving them an ‘authentic numeric look into Kanye, Inc.’ to prove the feat.
However, the article notes that West was left unhappy with their research and findings – stating that he believes his net worth to be around $3.3 billion, rather than the $1.26 billion they have estimated.
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.”