American rapper, music producer and business man, Kanye West, has made history as the richest black person in US history with his worth estimated at $6.6 billion, putting his worth ahead of the top 10 richest rappers combined.
This bit of news was revealed in a new Bloomberg report and confirmed by a rep to Billboard.
According to a private document, Yeezy – West’s sneaker and apparel business with both Adidas and Gap – has been valued at between $3.2 billion to $4.7 billion by the Swiss investment bank UBS Group.
As much as $970 million of the $3.2 billion is tied to West’s new clothing line, Gap (under the Yeezy Gap label) that the retailer has slated for release by July, part of a 10-year agreement the parties signed in June last year.
The document further reveals that Gap’s partnership with Kanye West, expects its Yeezy line to break $150 million in sales in its first full year in 2022 and projects it surpassing a billion dollars in revenue within eight years, or even as soon as 2023 on the upside.
Mr West will also receive stock warrants when the collection hits sales targets, with the highest set at $700 million, according to a securities filing.
West’s longstanding deal with Adidas has been the most lucrative part of his business endeavors, with Yeezy sneakers growing 31% to nearly $1.7 billion in annual revenue last year, netting Yeezy royalties of $191 million. West has been in business with the company since 2013, with their current deal running through 2026.
see how West stacks up against the top 10 rappers:
- Kanye West – $6.6b
- Jay Z – $1.4b
- Diddy – $820m
- Eminem – $230m
- Master P – $200m
- Drake – $180m
- Ice Cube – $160m
- Pharrell – $150m
- Snoop Dogg – $150m