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Saturday, April 13, 2024

Kanye West Now 2nd Hip-hop Billionaire With $1.3 Billion Networth

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[dropcap]K[/dropcap]anye West, an American rapper, is now hip-hop’s second billionaire after Jay-Z. According to Forbes, Kanye West was confirmed as a billionaire after he shared financial records.

West’s financial records reveals details about his popular Yeezy sneaker empire. Forbes Magazine looked at documents provided by Kanye, and from the records he is estimated to have a net worth of $1.3 billion.

Forbes says the rapper and fashion designer’s networth includes his stake in the Yeezy trainer line, which Forbes describes as “one of the great retail stories of the century”, worth $1.26 billion. Added to that, Forbes said the statement of assets supplied to them by West’s team lists $17 million in cash and $35 million in stocks.

West’s other notable assets, according to his team include $81 million in property and $21 million in land. West and his wife, the reality TV star Kim Kardashian West, are known to own several properties in Los Angeles and Wyoming.

The 42-year-old star is one of the most acclaimed and biggest-selling artists of the past 20 years.

In total, his record label GOOD Music and the rights to his back catalog are worth at least $90 million (£71.9 million). West also has a debt of about $100 million.

That adds up to the $1.3 billion total, placing him above sister-in-law Kylie Jenner, who has a net worth of $1 billion, largely from her cosmetics business.

Despite now being officially classed as a billionaire, West was unhappy with Forbes and claimed they had undervalued him. “It’s not a billion,” West reportedly said in a text to the magazine. “It’s 3.3 billion since no one at Forbes knows how to count.”

He had been left displeased with an article from last year in which Forbes refused to class him as a billionaire. West is said to have texted a reporter it was a “disrespectful article” that was “purposely snubbing me”.

His ire was further provoked earlier this month when Forbes released its annual billionaire’s list, with West’s name absent.

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