Connect with us


Entertainment

Kanye West officially joins league of Billionaires

Published

on

Kanye West has officially become a Billionaire, making him the second American rapper to reach that status after Jay-Z.

 

Advertisement

According to Forbes, ’Ye’s Yeezy brand, which he owns in its’ entirety and falls under the Adidas umbrella, helped push him over the $1 billion mark.

 

Advertisement

The publication said they dissected the Chicago rapper’s success with Yeezy, while also sharing how they tabulated Kanye’s net worth.

 

Advertisement

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. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11 percent. At that rate, he would have received royalties of over $140 million from Yeezy sales last year,” the report says.

READ ALSO:   Tonto Dikeh pledges love for Gistlover, as she sympathizes with the blog over its loss

 

Advertisement

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.

 

Advertisement

Forbes also noted that they gave Kanye’s net worth a “50 percent haircut” due to the illiquidity of his assets and the “the lack of independent backup.” The team also deducted $100 million for debts, which included mortgages and advances, putting Kanye’s estimated net worth at $1.3 billion.

READ ALSO:   #Oniduro: What Bobrisky Said About Tope Alabi And Yoruba Nollywood Celebs

 

Advertisement

But Kanye reportedly disagreed with Forbes. “It’s not a billion,” he allegedly texted the reporters Thursday night. “It’s $3.3 billion since no one at Forbes knows how to count.”

Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *







Also Read...