Forbes has disputed a widely circulated media report which claimed that rapper Kanye West now has a net worth of $6.6 billion, making him the richest black man in America.
The American business magazine on Thursday stated that West is actually worth about $1.8 billion.
On Wednesday, multiple media outlets reported that Kanye West is worth as much as $6.6 billion. The news came after Bloomberg reported that West’s sneaker brand, Yeezy and Yeezy Gap, have a combined value of $4.7 billion. With an additional $1.7 billion in assets, the “Jesus Is King” rapper was crowned the richest Black person in America.
According to Forbes, that is not true. The financial publication said West—by their estimates—is actually worth about $1.8 billion. And while this does indeed mean the recent Jesus Is King Grammy winner has seen substantial gains since May 2020, the figure does not equate to this week’s aforementioned claims.
Forbes said that the new purported net worth came as a result of over-reliance on “theoretical future expectations.”
“The Bloomberg story cites a UBS report on his businesses—the same document Forbes saw earlier this month. The bank made a number of assumptions based on projected future earnings, particularly for Yeezy Gap, which hasn’t even launched yet,” Forbes wrote.
Forbes added that: “West’s wildly optimistic approach to his net worth mirrors the approach used by Donald Trump, who insists the value of his name be included in any net-worth estimate. Trump, whom we value at $2.5 billion, says his brand has an intrinsic value, regardless of actual revenue. West and his camp are making a similar argument for businesses attached to the Yeezy name.”
According to Forbes, 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.
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