Kanye West has become the richest Black man in US history with a total net worth of $6.6bn (£4.7bn).
Last year Kanye West became a certified billionaire and since then the musician and businessman have managed to increase his worth rapidly. While many know Kanye West for his high-profile career as an artist and producer which saw him win numerous awards, he has also seen success in collaborations with GAP and Addidas through his own trainer brand Yeezy.
Bloomberg has noted that the deals West has made with Addidas and Gap with his Yeezy brand are worth an accumulative figure of between $3.2bn (£2.2bn) and $4.7bn (£3.4bn). This makes up a considerable portion of the musicians net worth. These deals have enabled the star to amass an incredible net worth that has made him the richest Black man in history only three years after he claimed that he was in $53m (£38m) in debt.
In recent years, Kanye has also managed to make smart business moves with his soon to be ex-wife Kim Kardashian. West invested in Kardashian’s Skims label and as a result of this, the rapper has managed to add $1.7 billion to his net worth. Despite the looming divorce, it seems that both parties may be able to continue an advantageous business relationship.
It appears that while many have struggled, the investments of West have also managed to weather the storm of COVID-19. Bloomberg reported that Yeezy’s Adidas trainers have managed to become more profitable over the last year. The value of the footwear rose by 31% to nearly $1.7bn (£1.5bn) in annual revenue last year. This made Yeezy $191m (£136.7m) in royalties.
Despite this quick accumulation of wealth by West, there is a clear racial divide in the list of the world richest people. Notably, the majority of billionaires are white and the likes of Elon Musk and Jeff Bezos have a net worth that is thirty times larger than West. Many will hope that this gap begins to close in the coming years.
Nonetheless, West has managed to surpass the likes of Michael Jordan and Dr Dre with his investments and many will be impressed with his historic achievement.
Some fans may now be concerned that West will focus on his business endeavours rather than his critically acclaimed musical projects. Interestingly, an audited balance sheet of West’s finances revealed that his music catalogue was worth $110.5m (£79m). This is a comparatively small sum when compared to his business endeavours which are showing significant growth.
It will be interesting to see what Kanye West does next, particularly as the artist has now shown a talent that surpasses music and can be seen on the stock market.
Well done Kanye!
Image via Alamy