Kanye West is a Music producer, rapper, and fashion mogul and he is now recognized as the richest United State based African. According to Bloomberg reports that West is officially worth $6.6 billion, making him the richest Black man in America’s history.
Just this same time last year he became a certified billionaire through the help of his successful apparel and sneaker brand, Yeezy and a new multi-year contract with Gap (NYSE: GPS +1.64%).
In the report of 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.
In as much Kanye West remain the sole proud owner of the Yeezy company, much of his 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
The balance sheet of West which was unaudited revealed that West has $122 million in cash and stock, while his entire music catalogue is worth $110.5 million.
Yeezy brand now has a boom not minding the pandemic that has stroke the economy of the world, 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.
West claimed to have been indebted of an amount worth $53 million less than half a decade ago. However, it still remains unquantifiable 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.