Kanye West’s Net Worth Soars To $6.6 Billion – He Is Now The Richest Black Person In US History
With 22 Grammy awards, over 140 million albums/single sales, and numerous music shows around the world, Kanye West is considered one of the greatest musicians of all time.
He owns a great apparel and sneaker business, he is one of the most successful and wealthy celebrities on earth. Recently he added two new huge business valuations, he has added a new title to his curriculum vitae: Kanye West is now officially the richest black person in United State history.
Last April Blazing Reports learned that Kanye West has become a billionaire after details about the huge success of his Yeezy brand were made public. Kanye West is not just a billionaire, but a multi-billionaire. At that point, his estimated net worth was $3.2 billion.
With some new details that has revealed today, his estimated personal fortune is now been updated.
According to some of the valuations made available by investment bank UBS, Kanye West’s apparel/sneaker deal with Adidas is worth between $3.2 billion and $4.7 billion. Kanye owns the Yeezy brand 100%, so those valuations have sky rocked. Besides that, another piece of information released by UBS says he has a $1 billion partnership with The Gap.
With these current values released, Blazing Reports announce the following:
The Richest Black Person In US History
At a net worth of $6.6 billion, Kanye West is currently the richest Black person in United Sate of America history.
He jumped from fourth place to the top position, going past Oprah Winfrey who is worth $3.5 billion, David Steward with a net worth of $3.9 billion, and Robert F. Smith’s $6.5 billion. With Michael Jordan dropping to the fifth-richest Black person in the US, having a net worth of $2.2 billion.
With that, Kanye West is now the third wealthiest celebrity in the world, seating behind Steven Spielberg ($7 billion) and George Lucas ($10 billion).
How Is Kanye West So Rich?
Let’s look at the main thing people don’t understand – put it this way if Michael Jordan is actually the OWNER of the Jordan brand and he had just a distribution partnership with Nike. Kanye West did that with Yeezy and Adidas. If the Jordan brand is sold by Nike, Michael would still be earning royalties from the new owner, but nothing would be made from the sale – although the acquirer would make a wise decision by making sure Michael was VERY happy with the deal.
Kanye though is 100% the owner of Yeezy. In 2020 his partnership with Adidas was extended by another 10 years, 100% creative and equity control still belongs to him. If the Yeezy brand continues to flourish at its current pace when that 10-year deal comes around, Kanye could be left owning one of the most valuable apparel/sneaker brands in the world, as a free agent. and As a solo operator.
Kanye can decide to create his own production facility with this 10 years and there’s nothing stopping him if he decides to. But that also depends on if he owned a huge amount of land somewhere in the US were building a lot of shoe factories will be dirt cheap, and a place that is business-friendly.
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Perhaps also a with no income tax or a very low one, the state that all these feature is…..
WYOMING.[For Your Information to those who were not aware, Kanye owns undeveloped land in Wyoming measuring around 8,000 acres, plus a $2 million commercial warehouse facility.] Yeezy’s actual revenues from 2017 to 2020 is as follow:
2017 = $300 million
2018 = $864 million
2019 = $1.5 billion
2020 = $1.7 billion
NB: even during a global pandemic, Yeezy’s revenue still managed to go up by 13%, 2019 vs. 2020. According to the UBS report, $191 million was NETTED personally by Kanye from his 2020 operations in royalties.
The same report from UBS also showed that besides the Adidas and Gap deal Kanye also has other assets worth around $1.7 billion, including a catalog of music worth $110 million, $100 million in real estate, and a huge equity stake in his soon to be divorced wife Kim Kardashian’s owned Skims.
According to a document that was released last year, Kanye only has a debt of around $100 million, we called it only because it’s so small relative to his assets.
Kanye and Kim’s financial dealings were kept strictly separated during their marriage apart from Kanye investment in Skims. So if you were thinking was going to get a huge percentage of Yeezy they had a rock-solid prenuptial agreement.
