Forbes Magazine reported on Friday (April 24) that music producer/fashion magnate Kanye West (pictured) has been declared to be the latest hip-hop billionaire.
Last summer, right after Forbes officially declared West’s former mentor Jay-Z as hip-hop’s billionaire, the “Yeezus” album creator appeared on the cover of the financial publication. West’s cover story featured info about some of his major commercial successes in the worlds of music, fashion, and footwear.
However, the egotistical “Bary Bonds” hitmaker was not pleased with the Forbes article. According to Zack O’Malley Greenburg, Forbes Magazine’s Senior Editor for Media and Entertainment West claimed he was not given the proper recognition for his financial achievements.
“I showed [Forbes] an $890 million receipt, and they still didn’t say ‘billionaire.’ They don’t want us to know that we can buy land; they don’t want us to have the 100 percent ownership [that] I have at Yeezy,” West said, according to The Hollywood Reporter.
“When people say it’s crass to call yourself a billionaire, I say I might legally change my name to Christian Genius Billionaire Kanye West for a year until y’all understand exactly what it is…It will be on the license plate,” he also said.
Forbes has conservative guidelines for classifying massive net worth that is very stringent. However, under his direction, West’s financial numbers team gave Forbes the real rundown on how much the mentally and emotionally challenged superstar’s empire is worth. Like his buddy and idol Donald Trump, West touts a personal net worth of over $3 billion dollars.
However, after assessing the information Forbes was given about West’s assets, liabilities, and retained earnings, the publication ultimately declared the rapping producer’s net worth to be just under $1.3 billion dollars.
“Given the illiquidity of these myriad assets and the lack of independent backup, we’re giving all of this a 50% haircut, leaving about $125 million in assets outside of his Yeezy crown jewel,” Greenburg wrote.
“Then, there’s debt: Between mortgages, advances, and other liabilities, we saw about $100 million that West is on the hook for,” he also wrote.
West once rapped “I’mma beat my brother” on a song titled “Big Brother” (off his groundbreaking third album Graduation). The song paid homage to his doubter turned mentor Jay-Z, whose personal net worth is $1 billion dollars. With Forbes weighing West’s fortune in at $1.26 billion, it looks like he did beat his big brother in the net worth game.
The controversial American star who calls himself Yeezy is certainly a man who refuses to be denied and is willing to be tried; time and time again.