Kanye West becomes richest black man in US history

Given that the rapper claimed to be $53 million in debt less than half a decade ago, his achievement is well deserved.
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Kanye West

Kanye West is the richest African American in the United States. He is a music producer, rapper, and fashion mogul. According to Bloomberg, West is the wealthiest Black man in American history, with a net worth of $6.6 billion.

With the aid of his popular clothing and sneaker company, Yeezy, and a new multi-year deal with Gap (NYSE: GPS +1.64 percent), West became a certified billionaire about the same time last year.

The Yeezy brand is worth $3.2 to $4.7 billion, according to Business of Fashion. The new Yeezy Gap line, which is expected to be released later this summer, is expected to be worth more than $970 million.

Since West is the sole owner of the Yeezy brand, most of his personal fortune is based on his recent business decisions and the $1.7 billion he earns from other investments, such as his substantial investment in his soon-to-be ex-Skims wife's label.

West's finances were also disclosed in an unaudited balance sheet, which revealed that he has $122 million in cash and stock, with his entire music collection priced at $110.5 million.

Despite the economic downturn caused by the pandemic, the Yeezy brand has seen a substantial increase in revenue. West's sneaker revenues at Adidas (XETRA:ADS.DE -0.87%) have increased by 31% year over year, taking in $1.7 billion in annual revenue. The Yeezy designer is expected to earn $150 million from his Gap partnership by the end of 2021.

Given that the rapper claimed to be $53 million in debt less than half a decade ago, his achievement is well deserved. However, how West's billion-dollar corporation was eligible for a $2 to $5 million loan under the Small Business Administration's Paycheck Protection Program remains a mystery.