Kanye West has become the single richest Black man in America’s history, as he is reportedly now worth over $6.6 billion.
A new report by Bloomberg examined the finances and business deals of Kanye West, and the rapper-turned-business/fashion mogul is raking in billions.
The 43-year-old’s worth is led by his successful apparel and sneaker brand Yeezy, which is now in partnership with Adidas AG and Gap Inc, with the business valued between $3.2 billion and $4.7 billion.
Around the same time last year, West became a certified billionaire with the help of Yeezy and the multi-year contract with Gap.
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According to Bloomberg, the upcoming collaboration between Yeezy and Gap – which is set to hit stores this summer “could be worth as much as $970 million of that total” with additional income coming from his music catalog, cash, stocks and business investments.
As well as having $1.7 billion in other assets, Kanye West has $110 million from his music catalogue and $122 million in cash.
West currently has full ownership and creative control of the Yeezy brand by himself after he previously signed a 10-year agreement to design and sell clothes under the Yeezy Gap label last year, Bloomberg adds.
According to Bloomberg, Gap expects West’s clothing and apparel collection to break $150 million in sales in its first full year in 2022.
The company also envisions it becoming a billion dollar revenue brand within 8 years, with potential to exceed $1 billion as soon as 2023.
Sales for Yeezy’s Adidas sneakers have continued to grow during the pandemic, increasing nearly 31% to nearly $1.7 billion in annual revenue last year. Yeezy’s footwear partnership with Adidas currently runs through 2026.
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Kanye West will also earn royalties on sales with his new Gap Yeezy line in accordance with his agreement with the brand, and according to a securities filing, the rate will increase as the business grows, with the highest tier being $700 million.
A major investment in his estranged wife Kim Kardashian’s SKIMS shapewear brand reportedly accounts for a large chunk of that figure. Kanye’s overall financial portfolio reportedly makes him worth $6.6 billion in total.
This marks a colossal increase from West’s previously reported net worth by Forbes last year.
Kanye West had sought to amend the billionaire status he attained in April 2020, as Forbes reported that the rapper is worth $1.3 billion, while he believes he is worth more.
He reportedly told Forbes; “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”
The latest analysis means the rapper with a tied record for the most Grammys for a hip-hop artist (22 awards) is now wealthier than other famous black billionaires like Jay-Z and Oprah Winfrey, making him the single richest African American in the United States of America.
Considering the rapper claimed to have been $53 million in debt less than half a decade ago, his feat is worth the recognition.
In 2016, the rapper made headlines when he begged Facebook CEO Mark Zuckerberg via Twitter to invest $1 billion into his “ideas,” because he was personally $53 million in debt.
The news of Kanye’s worth comes days after his 22nd Grammy win for Best Contemporary Christian Music Album for his Long Play, Jesus Is King.
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It also comes amid his split with estranged wife Kim Kardashian, who filed for divorce last month. The couple share four children: daughters North, 7½, and Chicago, 3, and sons Saint, 5, and Psalm, who will turn 2 in May.
