Forbes magazine has determined that rapper and fashion designer Kanye West is officially a billionaire.

The outlet says that West, who has long coveted the status of being super-rich, provided an eye-catching glimpse into his personal finances and valued his net worth at $1.3 billion.

That includes valuing his stake in the Yeezy sneaker line, which Forbes describes as "one of the great retail stories of the century," at $1.26 billion.

Added to that, Forbes said the statement of assets supplied to them by West's team lists $17 million in cash and  $35 million in stocks.

West's other notable assets, according to his team, are$ 81 million in property and $21 million in land.

West and his wife, the reality TV star Kim Kardashian, are known to own several properties in Los Angeles and Wyoming.

There is also the matter of West's music. The 42-year-old is one of the most acclaimed and biggest-selling artists of the last 20 years.

In total, his GOOD Music and the rights to his back catalogue is worth at least $90 million, Forbes said.

However, the outlet, which stressed there was a lack of independent verification for the figures, also listed West as having debt of about  100 million (#81 million).

That adds up to the  1.3 billion total, the magazine said, placing him above sister-in-law Kylie Jenner, who has a comparatively modest  1 billion net worth, largely from her cosmetics business.

Despite now being officially classed as a billionaire, West was unhappy with Forbes and claimed they had undervalued him.

"It's not a billion," West reportedly texted them. "It's 3.3 billion since no one at Forbes knows how to count."