Kanye West is the richest Black American, bank finds
CBSN
Rapper-slash-fashion designer Kanye West is now the wealthiest Black American ever, according to an estimate from Bloomberg News that places his net worth at well beyond $6 billion.
That figure includes West's Yeezy clothing and shoe deal with Adidas and Gap, which investment bank UBS valued at $3.2 billion to $4.7 billion. Bloomberg also estimated that West has $122 million in cash or stock, along with a $110 million music catalog and $1.7 billion in other investments. Sales of Yeezy's Adidas sneakers grew 31% during the coronavirus pandemic to annual revenue of nearly $1.7 billion last year, netting West $191 million in royalties, Bloomberg said in citing UBS. West's status as a billionaire is a far cry from where the Chicago-born college dropout found himself five years ago. West, 43, told BET News that he was $53 million in debt in 2016. About $16 million of that came from trying to get Yeezy up-and-running, West said.
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