Kanye West Makes History As Richest Black Man In America

Kanye West

American music producer and performer, Kanye West may still be hurting from the pain of divorce to Kim Kardashian but he is certainly not having any troubles making money.

This is obvious because latest reports show that Mr. West is now officially worth $6.6 billion, to become the richest African American in the United States and also in American history.

Wondering how he did that?, well just last year, the fashion mogul, 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%).

Still wondering?; 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.

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