Is Kanye West worth $6.6bn? Not yet, according to Forbes
Rapper and designer Kanye West is worth $1.8bn, contrary to reports last week that he is worth $6.6bn.
People named West the richest black person in America after Bloomberg reported his sneaker deal with Adidas and apparel business with retailer Gap (which hasn't launched) have a combined value of up to $4.7bn.
The publication projected the sales from West's upcoming collaboration with Gap to be worth nearly $1bn. Bloomberg said the estimated figures were provided by a private document from UBS.
The upcoming clothing line with Gap is expected to launch by July. The sales, according to the figures provided by UBS, are expected to break the $150m mark by July 2022.
Bloomberg cites an unaudited document of West's finances, provided by his lawyer, which indicates he has over $1.7bn in assets, including a stake in Kim Kardashian's Skims business.
Forbes magazine disputed the claims, saying West's net worth is less than a third of the touted $6.6bn. This is partly because the clothing line with Gap has not launched yet.
Here's a breakdown of the rapper's worth, according to the magazine:
Last year, West's net worth was $1.3bn. This figure has now increased to $1.8bn.
The sneaker business with Adidas is worth $1.5bn. Its revenue went up to $1.7bn last year, a significant increase from $1.3bn in 2019. He reportedly earned $191m in royalties from the brand last year.
Cash and other assets
West's cash and assets are worth $160m. This includes over $100m in real estate, $9.3m worth of artwork and $5m worth of vehicles.
The rapper's stake in his wife's shapewear company is worth $64m.
West rakes in millions from his music royalties each year. His music catalogue is worth $90m.