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.’
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.
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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.”
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