Kanye West Is Now the Richest Black Man in U.S. History
According to reports, the rapper and fashion mogul is now worth $6.6 billion
Bloomberg has reported that American rapper and fashion mogul Kanye West is officially worth $6.6 billion USD, this makes him the richest Black man in the history of US.
Kanye West x Gap
Just around the same time last year, Kanye West became a billionaire with the help of his successful brand, Yeezy and securing a multi-year contract with Gap. According to Business of Fashion, Yeezy is valued at $3.2 to $4.7 billion USD. In addition to this, the new Yeezy x Gap line which is set to release mid-2021, the new fashion venture is expected to be worth over $970 million USD.
Since Kanye West remains the sole owner of Yeezy, a huge portion of his personal net worth is attributed to his recent business decisions plus the $1.7 billion USD that he takes away from additional assets, including his significant investment into his soon-to-be ex-wife’s label, Skims. There is also an unaudited balance sheet of West’s finances revealing that West has $122 million USD in cash and stock, lastly, his entire music catalog is now worth $110.5 million USD.
The Yeezy brand of Kanye West has seen a large boom despite the economic downturn caused by the current pandemic. West’s sneaker sales at adidas increased of 31 percent from last year, bringing in $1.7 billion USD to the brand’s annual revenue. By the end of this year, the Yeezy owner is expected to collect $150 million USD from its partnership with Gap.
Considering that Kanye West claimed to have been $53 million USD in recent past, his achievement is worth the recognition. However, how West’s billion-dollar company was eligible for a loan of $2 to $5 million USD under the Small Business Administration’s Paycheck Protection Program in the US is still a mystery.
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