American business magazine, Forbes has refuted reports that Kanye West is now the richest black man in America’s history after his businesses were valued at $6.6 billion.
On Thursday, March 18, an American business and financial publication, Bloomberg in a report examined the finances and business deals of Kanye West, and the rapper-turned-business/fashion mogul is raking in billions.
According to Bloomberg, the rapper and fashion designer is now worth $6.6 billion, explaining that Kanye West’s sneaker brand Yeezy as well as Yeezy Gap have a combined value of as much as $4.7 billion.
Read Also: Kanye West Officially Becomes A Billionaire Four Years After Being In Over $50 Million Debt
However, Forbes on Thursday denied this report, saying;
Based on our calculations. Forbes estimates he’s worth less than a third of that, or $1.8 billion.
Forbes also said that Bloomberg’s report is based on ‘magical thinking’ around sales that don’t exist yet.
The magazine stated that since Yeezy Gap has not yet launched nor received any current revenues or profits, the numbers are, therefore, false.
Forbes then went ahead to give its own breakdown of what they believe West’s estimated net worth should be.
Read Also: Kim Kardashian Files For Divorce From Kanye West
It declared that;
Vista Equity’s Robert F. Smith [owner of private equity firm, Vista Equity Partners] remains the richest Black person in the U.S., with an estimated net worth of $6 billion. Nigeria’s Aliko Dangote remains the richest black person in the world with a net worth of $11.8 billion.
Read Also: Dangote Loses $900m In 24 Hours, Crashes To 114th Richest Person Globally
Clearing the air, Forbes wrote on Instagram:
No, Kanye West is not the richest Black person in America. On Wednesday, multiple outlets reported that West is the richest Black person in America, worth as much as $6.6 billion. The news comes after Bloomberg reported that his sneaker brand Yeezy—as well as Yeezy Gap, which has yet to sell one item of clothing—have a combined value of as much as $4.7 billion. The publication mentioned, without going into full detail, an additional $1.7 billion in assets. It’s not true, based on our calculations. Forbes estimates he’s worth less than a third of that, or $1.8 billion. That’s a big jump from last May when Forbes first pegged his net worth to be $1.3 billion, but nowhere near as much as the purported $6.6 billion. Vista Equity’s Robert F. Smith remains the richest Black person in the U.S., worth an estimated $6 billion, while Aliko Dangote of Nigeria, worth $11.8 billion, is the richest Black person in the world. The reports are based on the magical thinking around sales that don’t exist yet. Forbes’ much more grounded number is based on current revenues—not theoretical future expectations.
View this post on Instagram
Kanye West has yet to respond to the net worth reports.
