Celebrities | Sep 08, 2020 10:00 PM EDT

Kanye West Epic Fail: Rapper Crashes Out of Major Billionaire Milestone

By Staff Reporter

Kanye West may be filthy rich, but he is not rich enough to enter the Forbes 400 list this 2020.

Known as the top 400 richest Americans list, the business magazine assessed the wealthiest personalities in the U.S. and ranked by net worth.

Kanye West Net Worth

In April, Forbes reported that the "Flashing Lights" hitmaker has an estimated net worth of $1.3 billion. The Grammy Award winner achieved his billionaire status, all thanks to his lucrative sneaker company, Yeezy.

Launched in 2017, the sneaker brand has collaborated with several money-making companies like the German sportswear brand Adidas, famous streetwear Supreme and, just recently, with the worldwide retailer Gap.

According to reports, Yeezy entered into a multi-year partnership with Gap that will debut in 2021. The collaboration will cover apparel for men, women and kids.

"We are excited to welcome Kanye back to the Gap family as a creative visionary, building on the aesthetic and success of his YEEZY brand and together defining a next-level retail partnership," global head of Gap Brand Mark Breitbard, mentioned in a statement.

Aside from this, West also has other assets worth $200 million, including real estate properties and his music catalog.

Bloomberg cited that the "Ultra Bean" rapper's music catalog is worth $110.5 million, which covers his 2004 album "The College Dropout" to his 2019 "Jesus is King."

Despite his influential sneaker brand and music's success, the iconic rapper did not make the cut on the list of wealthiest people in ther U.S.

Kanye West Fail

According to Forbes, to be considered on the Forbes 400 list, Ye needed to have a net worth of "$2.1 billion or higher to claim a spot."

"A record 233 U.S. billionaires did not make the cut - 12 more than last year. For the third year in a row, America's richest needed a net worth of $2.1 billion or higher to claim a spot on this, the 39th annual Forbes 400 list. When Forbes first published the 400 lists in 1982, the minimum net worth to make the cut was $91 million."

Aside from Kanye West, the chairman and CEO of World Wrestling Entertainment (WWE) and XFL founder Vince McMahon also fell short with only $1.8 billion. His entertainment business has been affected by the economic blow of the global pandemic, with XFL filing for bankruptcy last March.

Tyson Foods chairman John Tyson failed to enter Forbes' list as well, with an estimated $2 billion net worth. Like McMahon, his meat processing company fell by nearly 30 percent due to the COVID-19 crisis.

Meanwhile, Amazon founder and CEO Jeff Bezos earned the top spot for the third year in a row with a net worth of $179 billion. He is also number one on Forbes' Billionaire 2020 list -- an annual ranking by net worth of the wealthiest billionaires in the world.

The e-commerce mogul is followed by the business magnate and Microsoft founder Bill Gates with a whopping $111 billion value. He also owns the second spot in Billionaires 2020