- Kanye West is the wealthiest Black person in US history with a reported net worth of $6.6 billion.
- USB values West’s Yeezy collaboration with Gap at $3.2 to $4.7 billion, according to Bloomberg.
- That valuation brings the mogul’s net worth to a historic new high.
- See more stories on Insider’s business page.
Kanye West just became the wealthiest Black person US history.
The multifaceted star’s new net worth tops out at $6.6 billion, thanks to a new valuation of West’s Yeezy collaborations with Gap and Adidas, according to a report from Bloomberg. The publication reviewed a document from UBS Group AG outlining economic predictions for the rapper-turned-fashion mogul.
The bank estimated the Yeezy shoe collaboration with Adidas and the upcoming Yeezy clothing collaboration with Gap Inc. are worth about $3.2 to $4.7 billion, according to the report. About $970 million of that is attributable to the Gap deal, Bloomberg reports. The collection for the retailer will feature men’s, women’s, and children’s clothing and is expected to drop sometime this summer.
West’s net worth is also boosted by $1.7 billion invested across a number of assets, including Kim Kardashian West’s Skims brand, according to Bloomberg, which viewed unaudited documents provided by West’s attorney. The rapper holds around $122 million in stocks and liquid assets, the report said, and his music catalog has reportedly been valued at more than $110 million.
Forbes claims West is likely “worth less than a third” of that $6.6 billion – $1.8 billion – calling the “sky-high estimate” only “the latest of West’s attempts to inflate his net worth.” The outlet said it would not speculate any value for the Gap collaboration “until the products start to sell.”
The Yeezy clothing partnership with Gap Inc. was announced in June of last year, sending the retailer’s stock soaring, but analysts at the time were skeptical.
“For the deal to truly change Gap’s outlook, it has to increase Gap’s relevance with consumers so the rest of its business stops shrinking,” UBS analyst Jay Sole wrote in a note sent to clients following the announcement. “We don’t think this will happen.”
In September of last year West appeared on an episode of Nick Cannon’s podcast “Cannons Class” and said that his net worth rose to $5 billion after announcing his partnership with Gap earlier that year.