Forbes has refuted reports making the rounds that troubled rapper Kanye West and estranged hubby of reality TV star, Kim Kardashian, is now the richest black man in America’s history after his businesses were valued at $6.6 billion.
A report recently published by Bloomberg stated that Kanye West is now worth $6.6 Billion, with all thanks to his popular Yeezy brand, and his previously announced Gap partnership deal.
Bloomberg, further revealed in the report that Kanye West who is already a billionaire, is now making much more than he has in the past while his popular sneaker and apparel brand Yeezy is now valued at $3.2 billion to $4.7 billion based on a private document reviewed by the news platform.
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.”
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,” Forbes added.