Information currently gathered by Pinaxonline.com indicates that Kanye West is officially a Billionaire and thus making him the second American rapper to achieve such status after his best friend Jay-Z. Forbes disclosed that, Kanye’s Yeezy brand which he owns falls under the Adidas umbrella and thus pushed him to the $ 1 billion status. Forbes said they went into details with Kanye’s success with the Yeezy and further went ahead to show how they calculated his net worth.
They further disclosed that a portion of Kanye’s net worth can be attributed to his royalty agreement with Adidas which sees the rapper grabbing around 15% of Yeezy revenue from the Adidas group. From further investigation, they also disclosed that even though he has about 15% of royalty, some expenses and deductions brings it down to a total of 11% which contributes to a total sum of $140 million from Yeezy sales just last year.
Reports also has it that Kanye’s teams provided a statement detailing his assets which were listed as $35 millions in stocks, $17 million in cash, $81 million in buildings and improvements, $21 million in land not forgetting his G.O.O.D label and publishing rights which is said to be worth at least $90 million. Sizable deduction for $100 million worth of debts which included mortgages and advances were also taken note of. Forbes then disclosed that they gave Kanye’s net worth a “50 percent haircut” due to the liquidity of his assets and the “lack of independent backup”. So currently, it is estimated that Kanye is worth $1.3 billion.
Reports also has it that Kanye West currently disagrees with Forbes stating clearly that “it’s not a billion” but revealed the actual amount stating “it’s $3.3 billion since no one at Forbes knows how to count”.
Excerpts taken from: Forbes