American rapper and business mogul, Kanye West has now been named a Billionaire by Forbes, making him the second American rapper to reach that status after Jay-Z.
According to Forbes, Kanye West’s brand, Yeezy, which he owns in its’ entirety and falls under the Adidas umbrella, helped push him over the $1 billion mark.
The publication said they dissected the Chicago rapper’s success with Yeezy, while also sharing how they tabulated Kanye’s net worth.
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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. Meanwhile, 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 puts 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, “It’s $3.3 billion since no one at Forbes knows how to count.”
West in an exclusive interview with GQ magazine, had alluded to his discomfort with the Left’s hate for billionaires.
He claims being shamed or not being allowed to be a billionaire is not freedom.
“I remember when I became a billionaire I was told not to say out loud that I was a billionaire. What? What is the point of being a billionaire if you can’t even say it out loud? We’re not completely free yet,” West said.
TMZ