The argument could be made that rappers are becoming more materialistic. However, there is a stronger argument to be made that many rappers are cashing in on the American capitalistic society that has so long cashed in on their talents. Over the last decades, Dr. Dre, Jay-Z and Diddy have emerged as not only leaders in culture, but leaders in business. After years of being cash cow’s for major labels, they have transitioned into becoming label owners and overall business owners. As a result, the three have inched towards billionaire territory. If reports from Forbes are true, Kanye West may soon be joining the three in a land of wealth.
Forbes has confirmed reports that Kanye West has achieved billionaire status. For much of his career, West’s primary source of income has been music. In recent years, his focus has shifted towards fashion and that is ultimately what has pushed him over the billion dollar mark. West reportedly owns 100% of Yeezy, the popular shoe brand. For the next five years, the shoe brand is tied to Adidas. As a result, he earns 15% in royalties from Adidas. Last year, the royalty agreement landed him approximately $140 million. From there, valuators work to establish a multiple or an estimate of how much the West business would fetch on an open market with investors. After all of that is done, West’s net worth is now considered to be approximately $1.3 billion.
While most would be happy with being considered a billionaire, West also goes for more. The Chicago native believes that his net worth is closer to $3 billion.
“It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count,” West reportedly texted the media outlet.
In response, Forbes broke down their decision to land West’s net worth at $1.3 billion instead of $3.3 billion.
“We tend to look at self-appraisals somewhat skeptically,” Forbes reports.
“Aside from the music, half of all this presumably belongs to his wife, though she’s no slouch and that math goes two ways,” they added.
Regardless of whether his net worth is $1.3 billion or $3.3 billion, West has come a long way from being a college dropout. Over the last two decades, the Trump-supporting musician has managed to release seven solo platinum albums and produce more than two handfuls of platinum singles. More recently, he has turned his attention to making sneakers. Last year, the Yeezy brand brought in a reported revenue of $1.5 million. He has also shifted his sound towards Gospel and plans on going on tour with Joel Osteen. Most notably, he has become a vocal supporter of reality show host turned politician, Donald Trump. West has openly shared that he will vote for Trump again in November, citing the real estate market as the primary reason why.
West now joins Jay-Z as the most recent musicians turned moguls to be recognized as billionaires by the media outlet. Jay-Z’s net worth is listed as $1 billion by Forbes as of April 9, 2020.
