The new total has been reported by Bloomberg and gives West a commanding lead over the likes of investor and businessman Robert F Smith and basketball legend Michael Jordan.

After claiming he was $53m (£38m) in debt just three years ago, the rapper and fashion tycoon became a certified billionaire last year with the help of his successful apparel and trainer brand, Yeezy, and a new multi-year contract with clothing retailer Gap.

According to Bloomberg, West's Yeezy brand - and deals with Gap and sportswear giant Adidas - is valued at $3.2bn (£2.2bn) to $4.7bn (£3.4bn).

The new Yeezy Gap line, set to be released later this summer, is expected to be worth more than $970m (£694m).

As he is the sole owner of the Yeezy company, much of West's personal net worth comes from there.

Some of his wealth also comes from the $1.7bn (£1.5bn) that he earns from additional assets - including his significant investment in his soon-to-be ex-wife's Skims label.