- Forbes declared Kanye West a billionaire on Friday, although somewhat begrudgingly.
- Both Forbes and Bloomberg reported Friday that the hip-hop artist turned footwear mogul provided documents claiming that his net worth is more than $US3 billion.
- According to Forbes, West has campaigned to be added to their annual Billionaires List for years, even once accusing the magazine of omitting him because of his race.
- West has complained about not being included on billionaire lists in the past, including during an appearance at The New York Times’ DealBook conference in November.
- Visit Business Insider’s homepage for more stories.
Kanye West is officially a billionaire, according to Forbes.
The declaration was the culmination of a years-long campaign by West to get added to the magazine’s annual Billionaires List,Forbes reported Friday. Forbes now says that the rapper and fashion designer is worth $US1.3 billion, mostly because of his sole ownership of his brand Yeezy. West reportedly claims that he is worth $US3.3 billion.
Bloomberg, which seemingly reviewed the same documents provided to Forbes, acknowledged that West’s accountant provided documents showing that he has more than $US3 billion worth of assets, but stopped short of explicitly calling West a “billionaire.”
Bloomberg also wrote that Bank of America’s valuation of Yeezy may no longer be accurate, as it was calculated in 2019, before the coronavirus pandemic took hold in the United States. The crisis sank US apparel, accessories, and footwear sales 79% per cent lower in April than they were during the same time in 2019, Bloomberg reported. Bloomberg estimates that Yeezy may be faring above average, however, as it has no retail stores and relies on Adidas for logistics.
According to Forbes, West’s $US1.3 billion net worth comes from:
- A $US1.26 billion stake in athletic wear brand Yeezy, which Bank of America valued at $US3 billion last year
- $US17 million in cash
- $US35 million in stocks
- $US21 million in real estate
- $US3,845,162 worth of vehicles
- $US297,050 of livestock
- $US53 million in debt, divided between West and his wife Kim Kardashian West
West publicly chastised Forbes‘ previous estimations of his net worth during an appearance at The New York Times’ Dealbook conference in November. West said Forbes “chose to call him a centi-millionaire,” despite having “showed them receipts,”Business Insider reported at the time.
According to Forbes, West’s campaign to be added to the Billionaires List didn’t end there. Forbes editor Zack O’Malley Greenburg wrote Friday that when the magazine published the list in March without West’s name but with his 22-year-old sister-in-law Kylie Jenner featured as the world’s youngest self-made billionaire for the second year running, West texted Forbes reporters accusing them of omitting him because of his race.
“You know what you’re doing,” the hip-hop artist turned footwear mogul wrote, according to Forbes. “You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.”
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