Kanye West officially now a billionaire: Forbes

Ye better known as Kanye West gifts Ugandan President Yoweri Museveni with a pair of Yeezy sneakers at State House Entebbe on October 15, 2018. /File Photo
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Hip-hop artist Kanye West is now a billionae thanks largely to the basketball shoes bearing his name that he developed with Adidas, Forbes magazine said Friday.

In its latest report, Kim Kardashian’s hubby is now at $1.3billion. The bulk of that wealth comes from West’s stake in his Yeezy sneaker line, which Forbes said was worth $US1.26 billion.

West’s music made up a relatively small portion of that wealth, despite being one of the highest selling artists of the last 20 years. His label GOOD Music, and the rights to his discography were valued at about $90 million by Forbes.

The 42-year-old, Chicago-born rapper’s Yeezy footwear often sells for more than $200 a pair in the United States and elsewhere.

Ye autographs a pair of Yeezy Sneakers, as he hands the foot wear to President Museveni at State House Entebbe on October 15, 2018. /File Photo

He was associated with Nike for years but broke away in 2013, lending his name to Adidas as they launched their first shoe together in 2015.

Forbes said that for years West has been pressing the magazine to be listed as one of its mega-rich but that it declined, for lack of proof.

The magazine said tongue in cheek that for years it had applied what it called the Trump rule to West: “take whatever the future president insisted he was worth, divide by three, and start honing from there.”

Much of the rest of West’s financial worth comes from assets — $81 million in property and $21 million in land he owns. According to the magazine, the enigmatic artist’s team listed $17 million in cash and $35 million in stocks.

The news makes West hip-hop’s second billionaire after Jay-Z, who made the cut last year.

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