(CNN) Kanye West has long coveted the title of "billionaire."

Last year, the rapper and fashion label mogul even suggested he may legally change his name to " Christian Genius Billionaire Kanye West " for a little while.

Now, the 42 year old star has been given the title by Forbes magazine, which estimates he has a current net worth of $1.3 billion -- though he is reportedly still unhappy with it.

On Friday, Forbes gave the hip hop star the title after West shared his financial records following "months of requests."

Forbes journalist Zack O'Malley Greenburg explained that when the magazine featured West on the cover of the magazine last year, they didn't label him a billionaire.

Read More