Kanye West not richest black American, Forbes says
Forbes has denied reports that singer and businessman Kanye West is now the wealthiest black man in America’s history, after his businesses were valued at $6.6 billion.
Multiple media outlets had reported that Kanye West is now worth $6.6 billion after Bloomberg reported that his sneaker brand Yeezy as well as Yeezy Gap have a combined value of as much as $4.7 billion
However, Forbes says “it’s not true.”
The publication adds: “Based on our calculations. Forbes estimates he’s worth less than a third of that, or $1.8 billion.”
Forbes further stated that “reports that the celebrity is worth nearly $7 billion are based on the magical thinking around sales that don’t yet exist. This is why he’s currently worth less than one third of that.”
Vista Equity’s Robert F. Smith 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.
Forbes has now taken to Instagram to clarify the reports, here is what was published;
“No, Kanye West is not the richest Black person in America”.
Last May Forbes first pegged West’s net worth to be $1.3 billion, but nowhere near as much as the purported $6.6 billion.
“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”, Forbes stated.