The magazine claims that reports about the 'Stronger' rapper and Yeezy designer's net worth are 'based on the magical thinking around sales that don't yet exist.'
- Mar 19, 2021
AceShowbiz - Kanye West might not be the wealthiest black man in the American history after all. Shortly after making media headlines for having a $6.6 billion net worth, the "Stronger" rapper and Yeezy designer has his reported fortune disputed by Forbes.
The leading business magazine claimed on Thursday, March 18 that reports about the 49-year-old MC's net worth are "based on the magical thinking around sales that don't yet exist." The outlet added, "This is why he's currently worth less than one-third of that."
Per its own calculations, Forbes stated that Kanye is only worth around $1.8 billion. That made founder and CEO of Vista Equity Robert F. Smith remain the richest black man in the United States with an estimated net worth of $6 billion. As for the richest black person in the world, Nigerian native Aliko Dangote was claimed to be one with $11.8 billion fortune.
The publication further stressed that the numbers reflecting Kanye's estimated wealth were overly optimistic. "[His] 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," it stated.
"[The former POTUS], whom we value at $2.5 billion, says his brand has an intrinsic value, regardless of actual revenue," the magazine continued explaining. "[Kanye] and his camp are making a similar argument for businesses attached to the Yeezy name."
Forbes additionally mentioned that the estranged husband of Kim Kardashian has $1.5 billion from Yeezy, $160 million in cash and other assets, and $90 million from his music catalog. As for his investment in his estranged wife's SKIMS company, it was estimated to worth $64 million, while his Yeezy Gap is still valued at $0.
This claim came one day after Bloomberg reported Kanye is worth $6.6 billion. In the report cited from UBS Group AG, the outlet noted that his Yeezy brand was valued between $3.2 billion and $4.7 billion. It also claimed that Yeezy's new partnership with Gap, which is set to hit stores in the summer, "could be worth as much as $970 million of that total."
