Kanye West is officially a billionaire as per Forbes!
The rapper and fashion label mogul, Kanye West, last year suggested he may legally change his name to 'Christian Genius Billionaire Kanye West' for a while, and now the long-coveted title of "billionaire" is finally within Kanye West's grasp.
The 42-year-old star is the latest recipient of the title from Forbes Magazine that estimates his net worth at $1.3 billion, albeit he still isn't entirely happy about it.
Forbes gave the title to West after he shared his financial details following "months of requests."
Watch: Kanye West Is A Billionaire | Forbes
Last year, Kanye West featured on the cover of Forbes Magazine, but they did not label him as the billionaire then. Forbes journalist Zack O'Malley Greenburg explained:
Without sufficient documentation on his unusual stake, versus just his word and industry guesstimates, we didn't call him a billionaire.
As a matter of fact, the Magazine did not include the hip hop star in their annual billionaires' list either since there were insufficient documents to back the claim.
Forbes began to crunch the numbers after receiving genuine details from Kanye Inc. The Magazine calculated the worth of his entire assets, including West's Yeezy sneaker collaboration with Adidas, that helped him amass royalties worth over $140 million from sales last year. Meanwhile, his G.O.O.D. record label is valued at least $90 million.
The final number of $1.3 billion considered his debts and asset illiquidity, while the Magazine took into account the tendency to "look at self appraisals somewhat skeptically."
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The singer was still unhappy because he genuinely believes his worth stands at $3.3 billion. Kanye subsequently texted the Magazine to let them know, "It's $3.3 billion since no one at Forbes knows how to count." Nevertheless, the figure of $1.3 billion is still pretty impressive and puts him in an exclusive list.