Rapper and businessman Kanye West gets a lot of criticism because of the sometimes controversial things he says on his social media accounts and interviews. While most people are torn about his public persona, it can’t be denied that the man knows how to make money.
Plea for Help
Back in 2016, the rapper made news when he tweeted at Facebook CEO Mark Zuckerberg, who was then already one of the richest people in the world, asking him to invest $1 billion towards West’s idea. In another tweet, the rapper even admitted that he was $53 million in debt. He didn’t get the funding, in the end, but West reportedly got the chance to hang out with the CEO singing Backstreet Boys songs on the karaoke some two years later.
Looking at how far he’s come since his 2016 financial problems, one might say that he did not get what he wanted but ended up with what he needed. So, how did the rapper do it?
According to a CNBC report, West’s current earnings largely come from a lucrative deal his brand Yeezy has with Adidas.
The shoe collaboration between the two parties proved to be both popular and profitable with forecasts saying that the line would bring in $1.5 billion by the end of the year. Looking inside the ramifications of the deal between Yeezy and Adidas, Forbes says that the 15% royalty plus marketing fees that the rapper has negotiated is unheard of.
In comparison, basketball legend and fellow sneaker mogul Michael Jordan only gets about 5% in royalties from the $3 billion in sales his shoes bring in for Nike. It’s also worth noting that Jordan doesn’t actually own his brand while the rapper does.
This success definitely reflects in West’s personal wealth. His Yeezy brand has become a billion-dollar empire with the rapper earning a whopping $150 million within the last 12 months alone. Meanwhile, the musician turned businessman’s net worth is estimated to be around $250 million, a far cry from his financial situation just three years ago.
Unsurprisingly, West’s wife reality star Kim Kardashian can’t help but be proud of his achievements. She recently posted a message about his hard work on her Instagram where she praised the father of four for putting his ‘heart and soul’ into running his business.
Kardashian is a businesswoman herself being the mind behind the beauty brand, KKW. The 38-year-old is reportedly worth $350 million.
Meanwhile, West himself attributes his success to both his Christian faith and his bipolar disorder diagnosis. While some people may see the mental illness as a hindrance, the rapper considers it to be his ‘superpower’ and is actually the key to his creativity. In the end, though, West believes that he’s a ‘product guy’, who just want to make products that bring joy and solve issues.