Rapper Kanye West has reached billionaire status, according to a new report by Forbes. Forbes determined Kanye was, in fact, a billionaire—something he claimed during an appearance at the 2019 Fast Company Innovation Festival.

“When I did Forbes, I showed them a $890 million receipt and they still didn’t say ‘billionaire,'” Kanye told the audience.

Well, according to the publication’s estimates, it appears Ye is worth just a little over $1 billion; a large chunk of which comes from his highly successful Yeezy brand and its partnership with Adidas. 

According to Forbes the super star rapper 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 …

Yeezy is West’s largest asset by far. His personal accountant, David Choi, provided an unaudited balance sheet that pegs the rapper’s net worth at $3.15 billion and lists more than $200 million of other assets. They include four houses in California — two in Hidden Hills, one in Thousand Oaks and another in Calabasas — as well as properties in Wyoming and his native Chicago, Choi said.

Separately, his entire music catalog — from “The College Dropout” to “Jesus is King” and everything in between — is worth about $110.5 million, according to a valuation by the Valentiam Group.

The recently released Yeezy financials show that the brand actually generated $1.5 billion in gross revenue and that trickled down to $154 million net royalty payments to Mr. Kanye West. His royalty rate is hard to pin down because he earns a much higher cut of sales generated off Yeezy.com as opposed to sales generated by Adidas.

Over the next six years (including 2020) Kanye is projected to earn more than $2 billion in royalty payments from Adidas. At that point, if all goes go plan, the Yeezy brand will be worth $2-3 billion.

Source: Forbes.com