26 C
Friday, July 31, 2020
Home Business Kanye West is officially a Billionaire, thanks to his YEEZY empire

Kanye West is officially a Billionaire, thanks to his YEEZY empire

Kanye West has officially joined the billionaires club.

According to a report by Forbes published on Friday,24 April 2020, Kanye finally shared his financial records, giving the publication an  ‘authentic numeric look into Kanye, Inc.’ to prove the title.



The publication notes that his stake in YEEZY indeed makes him a billionaire. “A bit over $1 billion, actually“.

From the report, Forbes valued  Kanye’s assets at just over a billion, claiming that he is worth around $1.26 billion after he sent them documents, of which the bulk of that wealth comes from the YEEZY brand that has a revenue worth of around $1.3 billion (around $140 million from sales just last year).

“Our sources told us last year that West’s agreement calls for him to receive 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%. At that rate, he would have received royalties of over $140 million from Yeezy sales last year,” report says.

“Conservatively, as we typically are with such figures, a 10x multiple, applied to West’s Yeezy cut of $140 million, makes his stake worth about $1.4 billion. But that’s a private, highly illiquid $1.4 billion—our rule-of-thumb for private assets like that is to lop off at least 10%. That’s $1.26 billion”.

However, Kanye was not pleased by the Forbes report stating that he believes his net worth to be around $3.3 billion, rather than the $1.26 billion they have estimated.

“It’s not a billion,” West allegedly texted the publication Thursday night. “It’s $3.3 billion since no one at Forbes knows how to count.

Kanye’s statement of assets supplied by his team lists just $17 million in cash and $35 million in stocks. The largest assets are $81 million in “buildings and improvements” and $21 million in land, including the Hidden Hills mansion he shares with his wife Kim Kardashian and four children, and a pair of $14 million Wyoming ranches. Documents reveal West’s G.O.O.D. Music label, his own recorded music, and publishing rights to be worth at least $90 million. There were also a sizable deduction for $100 million worth of debts, which included mortgages and advances.

Forbes stressed the lack of independent verification of some of the figures supplied, though the rapper said the outlet had undervalued him. In response, Forbes compared his self-assessment with an informal rule they used to have with valuing now US President Donald Trump; “take whatever the future president insisted he was worth, divide by 3, and start honing from there”.

“All told, our current net worth estimate for Kanye West: $1.3 billion, which he’ll be pleased to note is $300 million more than little sister Kylie,” per the report.

Leave a Reply

- Advertisment -

Most Popular

Fans Worry Over BBNaija Season 3 Winner, Miracle Who Has Been Absent On Social Media For Almost One Year

Fans of Big Brother Naija season 3 winner, Miracle Ikechukwu Igbokwe have expressed their concern for the ex-housemate who has been off social media...

President Buhari Observes Eid-Kabir Prayers With His Family And Aides In Abuja

President Muhammadu Buhari has wished all Muslims a happy and safe Eid as the country joins other Muslims across the world to mark the...

Police Officer On The Run After Allegedly Cutting His Wife With A Machete

A police officer has been accused of cutting his wife with a machete because she served him cold food. The police officer, whose name was...

Teenagers who killed PC Andrew Harper jailed for total of 42 years

Three teenagers who dragged a police officer for more than a mile to his death have been sentenced for his manslaughter. Henry Long, 19,...
%d bloggers like this: