Rapper and record producer Kanye West has emerged as the richest black American in the United States’ history.
West, a fashion mogul and politician who’s now worth $6.6 billion, jumps from fourth place to first place, exceeding Oprah Winfrey’s $3.5 billion net worth, David Steward’s $3.9 billion net worth, Robert F. Smith’s $6.5 billion and Michael Jordan who is now the fifth-richest Black person in the US, with a net worth of $2.2 billion.
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Last year April, 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%).
The Yeezy brand is valued at $3.2 to $4.7 billion while the new Yeezy Gap line which is set to be released later this summer, is expected to be worth more than $970 million.
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Kanye owns 100% of the Yeezy brand, hence the valuations go straight to his bottom line and the $1.7 billion he rakes in from additional assets, including his significant investment into his soon-to-be ex-wife Kim Kardashian’s underwear/shapewear business, Skims.
An unaudited balance sheet of West’s finances has also shown that West has $122 million in cash and stock, while his entire music catalogue is worth $110.5 million.
The Yeezy brand expanded despite the effect of the COVID-19 pandemic on the economy. West’s sneaker sales at Adidas (XETRA:ADS.DE -0.87%) recorded an uptick of 31 percent from last year, bringing in $1.7 billion in annual revenue.
Meanwhile, the Yeezy designer is expected to rake in $150 million from its Gap partnership by the end of this year (2021).
© ControlTV 2021.
