Famous rapper, Kanye West has been officially recognized as a Billionaire, making him the second American rapper after Jay-Z to reach that status.
According to Forbes, his renowned ’Ye’s Yeezy brand, which falls under the Adidas umbrella, helped push him over the $1 billion rating.
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.
Kanye receives a “royalty of 15% of Yeezy revenue from Adidas. At that rate, he would have received royalties of well over $140 million from Yeezy sales in the previous year deal,” the report wrote.
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 inland, as well as his G.O.O.D. label and publishing rights, which is said to be worth almost $90 million. There was also a sizable deduction for $100 million worth of debts, which included mortgages and advances.
According to Forbes, Kanye’s net worth was given a “50 percent haircut” due to the liquidity and the lack of independent backup of his assets. However, $100 million of debts was subtracted, which encompassed mortgage and advances, leaving Kanye West estimated net worth pegged at $1.3 billion.
Nonetheless, Kanye allegedly disagreed with Forbes declaration, He claims his net worth is well over a billion dollars. He allegedly told the reporters, Thursday night. “It’s $3.3 billion since no one at Forbes knows how to count well,” Kanye insists.