After spending part of 2019 arguing with Forbes about his net worth, there’s no debate that Kanye West has now cleared the billionaire mark. On Wednesday, Bloomberg released a new estimate that puts West’s projected net worth over the $6 billion mark, possibly somewhere around $6.6 billion. If they hate then let them hate and watch the money pile up.
Bloomberg broke down West’s earnings, which are projected to see a major increase in the coming years once his partnership with Gap and the subsequent clothing line for men, women and children is released in stores. Bloomberg reports they’ve seen a private document produced by UBS Group AG, who estimate that the total net worth of West’s deals with Adidas AG and Gap Inc. are together in the $3.2 billion to $4.7 billion ballpark. West’s upcoming line with Gap, which is slated to be released this summer, likely represents about $970 million of that total amount.
The document also estimates that West’s line with Gap is expected to make at least $150 million in sales in the first year and up to $1 billion by 2023. The document reportedly shows that West’s Yeezy shoe line with Adidas saw a 31 per cent increase in sales over the past year during the pandemic as shoppers searched for high-end and comfortable footwear. This amounted to $1.7 billion in annual revenue, translating in $191 million in Kanye bucks.
Rounding out his financial snapshot, West’s lawyers provided Bloomberg with an unaudited balance sheet that shows $122 million in cash and stocks and annual royalty earnings from his Adidas Yeezy line of around $100 million. West also has $1.7 billion in other assets, which includes his music catalogue, valued around $110.5 million. The other assets also include a large investment in his soon-to-be ex-wife Kim Kardashian’s SKIMS line, which continues to expand.
West’s partnership with Gap was made in an effort to help save the struggling clothing retailer. Several Gap stores, as well as Old Navy, Banana Republic, and yoga brand Athleta, which all fall under the Gap umbrella, have been forced to close as sales dwindle. As noted by Bloomberg, West’s partnership with Gap will not include footwear since the rap mogul’s partnership with Adidas currently extends to 2026.
West will likely be pleased with his new valuation going public. In August 2019, he appeared on the cover of Forbes but did not hand over his financial information, which caused the respected magazine to stop short of calling West a billionaire. West publicly and privately blasted the magazine and in 2020, with more financial information to back his claims, Forbes acknowledged that West had crossed the billionaire mark. Now he’s sailing by it.
In February, it was confirmed that West and his wife of almost seven years, Kim Kardashian, were divorcing. Kardashian came into the marriage with her own small fortune from her reality show and several endorsement deals and has continued to increase her wealth through KKW Beauty and her SKIMS line. The pair signed a prenuptial agreement before their May 2014 wedding and it appears as though dividing their property has been relatively drama-free, with Kardashian remaining in their Calabasas home while West lives in his ranch in Wyoming.
[video_embed id='2162268']BEFORE YOU GO: Demi Lovato opens up about two sexual assaults [/video_embed]