Kanye West is officially a billionaire, according to Forbes magazine.

The acknowledgement has been a sticking point for the rapper and fashion mogul, who has long coveted the status.

The outlet says West provided an revealing glimpse into his personal finances and valued his net worth at $US1.3 billion ($A2.0 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 $US1.26 billion ($A1.97 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 $US81 million in property and $US21 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 $US90 million , Forbes said.

Kanye West is now officially a billionaire—and he really wants the world to know https://t.co/2v5cOV8ymg by @zogblog pic.twitter.com/HkIrgCI1LH

— Forbes (@Forbes) April 24, 2020

However, the outlet, which stressed there was a lack of independent verification for the figures, also listed West as having debt of about $US100 million.

That adds up to the $US1.3 billion total, the magazine said, placing him above sister-in-law Kylie Jenner, who has a comparatively modest $US1 billion net worth, largely from her cosmetics business.

Despite now being officially classed as a billionaire, West remains unhappy with Forbes, claiming they had undervalued him.

“It’s not a billion,” West reportedly text them. “It’s 3.3 billion since no one at Forbes knows how to count.”

He had been left displeased with an article from the magazine last year, in which Forbes refused to class him as a billionaire.

West is said to have texted a reporter it was a “disrespectful article,” that was “purposely snubbing me”.

His ire was further provoked earlier this month when Forbes released its annual billionaires list, with West’s name absent.

“You know what you’re doing,” West is said to have texted a Forbes journalist.

“You’re toying with me and I’m not finna lye [sic] down and take it anymore in Jesus name.”

-with AAP