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Kanye West has lost his billion-dollar status amid controversy, and the rapper and designer has a lot of money worth his Yeezy brand.
Who Is The Richest Black Person In America
Kanye West’s wealth dropped $1.6 billion on Tuesday after Adidas announced it was ending its partnership with Adidas amid controversy over the rapper’s anti-Semitic and hateful comments on social media.
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“After careful consideration, the company has decided to immediately terminate its partnership with Yeezy, stop production of Yeezy-branded products, and stop all payments to Yee and his companies. Adidas will immediately stop doing business with Adidas Yeezy,” Adidas said in a release.
According to reports, the Adidas x Kanye West partnership brings in about $2 billion in annual revenue for the company, which is about 10 percent of the company’s annual revenue.
The 43-year-old rapper, whose hits include “Stronger,” “Heartless” and “Gold Digger,” has an estimated net worth of $6.6 billion, less than a year after debuting as number one on the Forbes billionaires list. The jump is due to Yeezy’s footwear and western apparel business, which is currently valued at between $3.2 billion and $4.7 billion by UBS Group AG.
West initially said his net worth was over $3 billion as of April 2020, but Forbes disputed that figure at the time, placing it at $1.3 billion.
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The rapper has full ownership and creative control over Yeezy, Adidas AG and most recently Gap Inc. West signed a 10-year contract with the company last June 2020. Bloomberg reports that the total value of this partnership is about $970 million.
In addition to its Yeezy brand; West has $122 million in cash and assets. He has $110 million from his music catalog (the rapper has released nine studio albums and three joint albums to date) and $1.7 billion in other assets, including shares of his wife Kim Kardashian’s SKIMS.
West, along with investor Robert F. Smith, are two black entrepreneurs with a net worth of $6 billion.
Justin Chan is a journalist. Prior to that, he was a news editor at Verizon Media, where he was responsible for delivery, lifestyle It gave pop culture and technology. He is architecture, He was also assistant web editor at Architectural Record, where he wrote about travel and design. Chan Forbes; Reader’s Digest Time Out New York; HuffPost, He also wrote for Complex and Mic. He graduated from the Columbia School of Journalism in 2013, where he studied magazine journalism. Follow @jchan1109 on Twitter.
Aliko Mohammad Dangote: The Biography Of The Richest Black Person In The World Ebook By Moshood Fayemiwo
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‘I’m not a very good businessman’ – Kevin Costner has risked his money on a new venture for ten years in a row Aliko Dangote (1957) is set to be Africa’s richest man by 2023. That’s $13.5 billion. He is also the richest black man in the world. The business empire he started more than three decades ago, the Dangote Group, is one of the largest private sector employers in Nigeria and the most important conglomerate in West Africa.
How Nigerian Aliko Dangote Became The World’s Richest Black Person
Shortly after graduating from college at age 21, Dangote borrowed $3,000 from an uncle to import and sell agricultural equipment in his native Nigeria. His business quickly became successful, and as a result, he was able to pay off the entire loan within three months of starting the business. Finally, Dangote was able to turn the local commodity industry into a multi-billion dollar business.
Dangote was born in 1957; Nigeria He grew up in a family of businessmen in Kano State. He was brought up as a Muslim and lived a life of high standards. Dangote’s grandfather, Sanusi Dantata, was once considered one of the richest men in Kano. Crops such as wheat and rice became rich. Dantata became Dangote’s housekeeper after his father’s death in 1965.
Dangote spent his childhood with his grandfather and soon became interested in the world of business, “I remember when I was in primary school, I was asked to buy [sugar bins] and we were allowed to start. I only sold them when I got money. I was very interested in business at that time.”
At the age of 21, Dangote graduated from Al-Azhar University in Egypt, considered one of the most prestigious universities in Islam. There, the budding entrepreneur continued his business education.
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Dangote’s business interests include oil and gas; It dominates many industries, including consumer goods and manufacturing. However, Dangote Cement accounts for the majority of the conglomerate’s revenue, of which Dangote owns 85%. According to Forbes magazine, the sub-sector produces 48.6 million tons of cement annually and operates in 10 African countries.
Dangote also owns the third largest sugar factory in the world. In 2022, Dangote Cement Group reported an annual revenue of 443.7 billion Nigerian Naira to about 955.4 million US dollars.
After graduating in 1977, Dangote was able to convince his uncle to lend him money to start a business. The items obtained from the loan were imported cheaply from international importers at wholesale prices. Its main imports are rice from Thailand and sugar from Brazil. After that, he sold those items to customers in his village for a small amount of money.
Businesses flourished and became cash. In an interview with Forbes, Dangote said he earned $10,000 a day in his heyday. This allowed me to pay my uncle in three months.
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In 1997, Dangote realized that the middle segment was too expensive, so he built a factory that he bought and sold for years. 20- Pasta, sugar Salt and flour.
At the same time, Dangote awarded the State Cement Company. Dangote significantly expanded the company’s operations by building a multi-million dollar manufacturing facility. The construction was funded by a $479 million loan from the World Bank’s sister institution, the International Finance Corporation, as well as $319 million from Dangote.
Since then, each of its production units has been converted into a public company, Dangote Sugar Refinery PLC. Divided into National Salt Company of Nigeria PLC. and Dangote Cement PLC.
Dangote plows most of the profits into his business – one of the reasons why the company has come so far since its inception. In an interview with Al Jazeera News, Aliko Dangote said, “We [Dangote Group] do not behave like other Africans who keep most of their money in the bank. We don’t put money in the bank. We have invested fully and will continue to invest,” he said.
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Unlike many Nigerians who got rich from oil, Dangote entered the oil and gas industry although he initially chose a different path. To keep his money flowing, Dangote works at a large oil refinery. Lagos is expected to be operational by the end of 2021. If successful, it could significantly reduce Nigeria’s dependence on international oil and gas suppliers and eliminate $7 billion a year in fuel purchases.
The $15 billion refinery is the largest industrial project in Nigeria and is expected to produce 650,000 barrels of oil per day.
Aliko Dangote is a leading philanthropist and in 1994 established a private philanthropic foundation named after him. The Aliko Dangote Foundation (ADF) promotes health, We aim to economically add value to people’s lives in Africa by supporting education and empowerment initiatives. The foundation is now the largest private foundation in sub-Saharan Africa.
Importantly, Dangote’s foundation partnered with the Bill and Melinda Gates Foundation in 2013 to eradicate polio and strengthen routine immunization across the country. In August 2020, The entire continent of Africa (most recently Nigeria) has celebrated official certification as free of wild polio.
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Aliko Dangote bought and sold agricultural equipment, later oil and gas; He made his fortune by manufacturing and selling consumer goods. Most of Dangote’s wealth comes from Dangote Cement, which produces 48.6 million tonnes of cement annually and operates in 10 African countries.
Aliko Dangote is known as one of the leading industrialists in Africa. Dangote companies cement, It mainly produces other products such as oil and sugar.
Born in Nigeria, Aliko Dangote is one of the richest black men in the world. Overall, he is the 130th richest person in the world.
At the beginning of 2023, Elon Musk is the richest person in the world and his wealth is 180 billion dollars. Musk’s net worth is $114 billion, second only to Jeff Bezos.
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Aliko Dangote currently has one wife. He was married three times.
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