Forbes Magazine Disputes Kanye West’s $6.6 Billion Net Worth!
Forbes Magazine Disputes Kanye West’s $6.6 Billion Net Worth! Following a Bloomberg piece that reported that Yeezy and Yeezy Gap have an estimated combined value of $4.7 billion, combined with additional assets, Bloomberg listed Kanye West’s net worth at an estimated $6.6 billion, which made him the richest Black person in the US. Forbes magazine has come out to dispute the reports that deem Kanye West as the richest black person in America.
Forbes stated that, “No, Kanye West is not the richest Black person in America. 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.”
Kanye West once criticised Forbes last year in an interview with Nick Canon calling it his ‘most favourite white supremacist’. “They cold, bro. My most favourite white supremacists is Forbes. Because, bro, I just gotta, like, respect. They gangster, bro. They don’t live in 2020. They act like it’s 1800s, still.”
Forbes reported in an article that, “In actuality, it’s nothing personal. 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. Bank documents like this are well-known for painting best-possible-scenario future valuations.”
“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.” Forbes added.
