The race was originally due to be held on Tuesday but was postponed due to poor water quality in the River Seine and, after the swim and bike leg, a huge group of 32 hit transition to the run together.
Yee and Wilde immediately forged clear but the New Zealander, bronze medallist in Tokyo, surprisingly made an early move with Yee, widely regarded as the fastest runner in the field and silver medallist three years ago, declining to respond.
It looked to be Wilde’s race but the hard pace and heat sapped his energy and Yee, who won gold in the mixed relay in Tokyo, flew past with 400 metres to go and finished clear.
The pair, who have been trading podium places for years, collapsed after the finish line and Wilde put his arm around Yee.
Leo Bergere of France took the bronze on a good day for the host nation after France's Cassandre Beaugrand won the women's race.
Yee breaking the ribbon in Paris crowns an already remarkable career and adds to Britain's domination of the Olympic individual triathlon, marking the 10th medal for the country after Beth Potter earlier won bronze.
Britain's Sam Dickinson, who played the role of domestique to Yee for the bike stage, dropped back barely a kilometre into the run, pointing at his teammate in pole position and encouraging the crowd to cheer him on.
Dickinson's focus will now be on the mixed team relay on Monday, where France will be a force to reckon with and hoping to better their bronze from Tokyo.
