Kanye West Becomes Richest Black Man In United States
Kanye West Becomes Richest Black Man In United StatesMusic producer, rapper, and fashion mogul, Kanye West is the richest African American in the United States according to Bloomberg.
Bloomberg reports that West is officially worth $6.6 billion, making him the richest Black man in America’s history.
Around the same time last year, West became a certified billionaire with the help of his successful apparel and sneaker brand, Yeezy and a new multi-year contract with Gap (NYSE: GPS +1.64%).
According to Business of Fashion, the Yeezy brand is valued at $3.2 to $4.7 billion. As for the new Yeezy Gap line which is set to be released later this summer, the new venture is expected to be worth more than $970 million.
Since West remains the sole owner of the Yeezy company, much of his personal net worth is attributed to his recent business decisions and the $1.7 billion that he pockets from additional assets, including his significant investment into his soon-to-be ex-wife’s Skims label.
An unaudited balance sheet of West’s finances has also revealed that West has $122 million in cash and stock, while his entire music catalogue is worth $110.5 million.
The Yeezy brand has seen a large boom despite the economic downturn caused by the pandemic. West’s sneaker sales at Adidas (XETRA:ADS.DE -0.87%) have seen an uptick of 31 per cent from last year, bringing in $1.7 billion in annual revenue. By the end of 2021, the Yeezy designer is expected to rake in $150 million from its Gap partnership.
Considering the rapper claimed to have been $53 million in debt less than half a decade ago, his feat is worth the recognition. However, it still remains a mystery as to how West’s billion-dollar company was eligible for a loan of $2 to $5 million under the Small Business Administration’s Paycheck Protection Program.