Kanye West Is Now Officially the Highest-Paid Musician in the World

Kanye West
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Kanye West attends the Ralph Lauren fashion show during New York Fashion Week at Bethesda Terrace on Sept. 7, 2018 in New York City.

On Thursday (June 4), Forbes announced the 2020 edition of its annual Celebrity 100 list and revealed Kanye West as the world's highest-paid musician.

Clocking in with 2020 earnings of $170 million, the rapper ranks at number two, just behind sister-in-law Kylie Jenner, whose billionaire status was called into question last week by the magazine due to discrepancies in the financial statements of her ultra-successful Kylie Cosmetics brand.

According to the magazine, West is now officially worth $1.3 billion. His newly-acquired tax bracket is thanks in large part to the multi-hyphenate's contract with Adidas for his massively popular sneaker brand Yeezy, which drove in that same seven-figured number in sales in 2019. Adding to West's net worth are profits from his Yeezy apparel line -- the brand of which he owns outright -- as well as his music.

Interestingly, the next artist on the list is Elton John (No. 14 with $81 million in yearly earnings), followed closely by Ariana Grande at No. 17 ($72 million) and the Jonas Brothers at No. 20 ($68.5 million). All three entries in the top 20 are results of touring: John's electric Farewell Yellow Brick Road tour brought in a whopping $212 million in 2019 as the second most successful tour of the year, while Ari's Sweetener World Tour grossed $146 million. The JoBros' long-awaited comeback paid major dividends as well, earning the boys more than $1.5 million on each stop of the Happiness Begins Tour.

Check out Forbes' full Celebrity 100 below.