American rapper Kanye West has been overtaken by Rihanna on the richest musician list after Adidas terminated its partnership deal with him. The contract forms the biggest portion of West’s net worth.
Investors King reported that Adidas which signed a $1.5 billion partnership deal with West, had to terminate his contract due to the anti-semitic remarks he made earlier this month.
Following the termination of its partnership deal with Kanye, the company said in a post “Adidas does not tolerate antisemitism and any other sort of hate speech. Ye’s recent comments and actions have been unacceptable, hateful, and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness.”
Kanye West’s net worth was estimated at $2 billion, with $1.5 billion coming from his partnership deal with Adidas.
Following Adidas’ decision to cut ties with him, this has seen Kanye’s net worth dropped to an estimated $400 million, which has seen him drop from the Forbes billionaires list.
With this development, U.S singer and Fenty Beauty founder Rihanna, who was second to Kanye in the richest musician list, with an estimated networth of $1.4 billion, takes over the number one spot ultimately making her both the richest female musician and the richest musician in the world as of 2022.
According to Forbes’s estimation, the bulk of Rihanna’s fortune came from the value of her Fenty Beauty Brand, which she has 50 percent ownership of. The company is reportedly worth $2.8 billion.
The Barbados born singer has so far made money from a variety of industries asides from Music, which include fashion, and beauty with several endorsement deals.
Rihanna has designed collections for top brands such as Armani and River Island. She has also had creative partnerships with MAC Cosmetics.
According to Vogue, her makeup line brought in $100 million in sales within the first 40 days of its launch. While in 2021, Forbes reported that Rihanna’s Savage X Fenty had reached a $1 billion valuation in the US women’s underwear sector.