Music producer, rapper, and fashion mogul Kanye West is the richest African American in the United States. 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%).
Rapper Kanye West Yeezy Gap expected to be worth $970 million
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.