Forbes has denied reports that Kanye West is now the richest black man in America’s history after his businesses were valued at $6.6 billion.
According to new reports by People and Bloomberg, Kanye West is reportedly now worth over $6 billion, making him the single wealthiest black man in America.
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.