Kanye West officially the highest-paid musician in the world

WASHINGTON (SBG) - Forbes has announced the 2020 edition of its annual Celebrity 100 list, revealing Kanye West as the world's highest-paid musician.

With $170 million in earnings so far this year, the rapper and entrepreneur takes the number two spot on the list, just behind sister-in-law Kylie Jenner, whose billionaire status has been called into question regarding the finances of her highly successful Kylie Cosmetics brand.

West is far ahead of the next musician on the list. Elton John, who came in at No. 13 overall and at No. 2 in music, with earnings of $81 million. Ariana Grande, who is the highest-placing female musician, follows with $72 million. Next are the Jonas Brothers with $68.5 million and the Chainsmokers in fifth with $68 million.

According to Forbes, West is officially a billionaire worth $1.3 billion. Thanks in large part to the lucrative contract with Adidas for his massively popular sneaker brand Yeezy, which has seen much success with seven figure number in sales in 2019.

Adding to West's music along with his Yeezy apparel, he has catapulted himself into that elite tax bracket.

West continues to be a pioneer in the music and fashion industries. As of recently, the rapper and mogul has donated $2 million, which will be dispersed between the families of George Floyd, Ahmaud Arbery and Breonna Taylor. The donation will also cover legal fees for Arbery and Taylor's families and will be used to support black-owned businesses in Chicago and other cities.

You can check out the full list of Forbes' highest paid celebrities here.