Kanye West Reportedly Becomes Richest Black Man in US History
- Kanye's sneaker and apparel business Yeezy via Adidas and a new partnership with Gap Inc., have contributed to his new wealth
- Gap is said to be expecting its Yeezy line to break R2.2 billion in sales in its first full year
- The rapper reportedly has more than R25 billion in assets, including an investment with soon-to-be ex-wife Kim Kardashian's Skims innerwear collection
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Rapper Kanye West is reportedly the richest black man in US history after it was announced that he's now worth a whopping R97 billion.
According to Billboard, as revealed in a new Bloomberg report, Kanye's sneaker and apparel business, Yeezy via Adidas, and a new partnership with Gap Inc., have contributed to his newfound wealth.
The Yeezy deals have been valued at a staggering R47 billion to R69 billion by a Swiss investment bank UBS Group.
Source: Getty Images
R14 billion of the total is reported to be tied to Kanye's new clothing line for Gap, under the Yeezy Gap label and is set to be rolled out in July.
Gap expects its Yeezy line to break R2.2 billion in sales in its first full year and expects it to go up to R14.7 billion in eight years or even by the end of 2023 if business goes well.
The Gold Digger hitmaker will profit handsomely from the deal as he still retains sole ownership and creativity control of the Yeezy line and earns royalties.
The rapper's deal with Adidas has earned him so much money and is reported to have another R1.7 billion in cash and stocks, plus more than R25 billion in assets - including investment with soon-to-be ex-wife Kim Kardashian's Skims innerwear collection.
The musician's music catalog is also said to be worth R1.6 billion, according to a 2020 valuation by Valentiam Group.
In 2020, Forbes named Kanye West the richest musician in the world for the year.
The music star reportedly raked in most of his earnings from his Yeezy snickers deal with Adidas and it put him financially ahead of other musicians in the world this year.
He was also officially named a billionaire by Forbes in the same year, although he has maintained the status should have been awarded way earlier.
The disclosure made on Friday, April 24, revealed the 43-year-old rapper was worth R19 billion, $1.3B.
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Source: Briefly News
