*When it comes to reports that Kanye West is worth $6.6 billion…Forbes says, don’t believe the hype.
The hip-hop star is said to be the richest Black man in America due to his sneaker and apparel business Yeezy. Per CNN, the combined value of West’s Yeezy sneaker partnership with Adidas and his clothing line with the Gap is worth $3.2 billion to $4.7 billion, according to a UBS report published in February.
West also has “$122 million in cash and stock and $110 million from his music catalog, alongside $1.7 billion in other assets, including estranged wife Kim Kardashian’s SKIMS business,” writes PEOPLE.
Forbes’ Madeline Berg said West’s estimated net worth at $6.6 billion as “magical thinking around sales that don’t exist yet.” The rapper is actually worth less than one-third of that value, according to Berg.
Meanwhile, the banking institution UBS Group AG estimates that West’s Gap Inc. and Adidas AG partnership is worth between $3.2 billion to $4.7 billion, Bloomberg reports. The Yeezy Gap brand alone “could be worth as much as $970 million,” the outlet writes, citing the UBS Group report.
Meanwhile, Kanye’s deal with the Gap brand is for 10 years, with an option to renew after five.
“Under West’s creative direction, the Yeezy design studio will develop the new line to deliver modern, elevated basics for men, women, and kids at accessible price points,” Gap announced in a statement.
“This partnership brings the relationship between West and Gap full circle, as Kanye worked in a Gap store as a teen growing up in Chicago,” the brand stated.
Meanwhile, West joins investor Robert F. Smith as the only two Black businessmen with a reported net worth of at least $6 billion.