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Kanye West now the Richest Black Man in U.S. History


Kanye West now the Richest Black Man in U.S. History

Kanye West now the Richest Black Man in U.S. History

Bloomberg has reported that rapper and fashion mogul Kanye West is officially worth a whopping $6.6 billion USD, 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 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 USD. As for the new Yeezy Gap line which is set to release later this summer, the new venture is expected to be worth more than $970 million USD.

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 USD 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 USD in cash and stock, while his entire music catalog is worth $110.5 million USD.

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+0.84%) have seen an uptick of 31 percent from last year, bringing in $1.7 billion USD in annual revenue. By the end of 2021, the Yeezy designer is expected to rake in $150 million USD from its Gap partnership.

Considering the rapper claimed to have been $53 million USD 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 USD under the Small Business Administration’s Paycheck Protection Program.


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