For quite some time, rapper Kanye West has been quite unhappy with Forbes for not believing his self-assessment of his assets, which according to him are worth more than $3 billion, and thus keeping him from what he wants the most in the world- to be called a certified billionaire. So, guess who just got his wishes fulfilled- yep, Forbes has declared Kanye West as a billionaire but the Heartless singer is still far from happy.
It has been going on for months- West protesting for his inclusion in the billionaire list
In fact, when Forbes released its annual billionaires’ list earlier in April, with Kanye West’s name absent from the list, he reacted to the omission with “hurt and venom”. “You know what you’re doing,” reads his texts to the editors. “You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.” He even went on to claim that Forbes was “purposely a part of a group of media” that was “trying to suppress his self-made narrative because of his race.”
Kanye West assessed the value of his assets to be at $3 billion, more than his sister-in-law, Kylie Jenner. And even though Forbes has listed him among the billionaires for achieving the 10-digit milestone, the media house reported his net worth to be much lower than he claims. And obviously, Kanye West is not happy with his calculations being disregarded.
“It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count,” he reportedly texted Forbes.
“We tend to look at self-appraisals somewhat skeptically,” the Forbes report said. “Aside from the music, half of all this presumably belongs to his wife, though she’s no slouch and that math goes two ways.”
“Given the illiquidity of these myriad assets and the lack of independent backup, we’re giving all of this a 50% haircut: That’s about $125 million in assets, outside of his Yeezy crown jewel. Then, there’s debt: between mortgages, advances, and other liabilities, we saw about $100 million that West is on the hook for.”
By far, Kanye West’s biggest asset is Yeezy sneakers.
As per a recent report, the “Bank of America Corp. valued the sneaker side of the business” at “$3 billion last year.” But that alone doesn’t prove his “aggressive $3 billion self-appraisal” as his “business is infinitely portable.”
Yeezy is a label produced and distributed by Adidas and is like a “royalty stream, like music publishing or film residuals” for which Kanye West receives about an 11 percent royalty of the revenue.