Kanye West made headlines recently after claims that he is the richest black man in America. According to the reports, West is allegedly worth a whopping $6.6 billion thanks to his Yeezy x Gap deal. But oh how the reporters like proving Yea wrong.
However, even though Kanye’s net worth has soared since last year, West is not the richest Black man in America. And Forbes has receipts to prove it.
Here’s Why Kanye West is Not the Richest Black Man in America.
The news of Kanye being the richest Black man in America came after a news outlet reported the combined values of his brands. According to the report, Kanye’s shoe brand Yeezy and his new venture, Yeezy x Gap combined are worth $4.7 billion. And it also mentions an additional $1.7 billion in assets without many details.
But, Forbes now claims that these reports are false. While Kanye West is still a billionaire, he is, however, worth less than one-third of the alleged $6.6 billion. The sole reason behind this claim is that his Yeezy Gap brand has yet to make a single sell. It means that the brand has neither brought in any profit nor revenue.
Kanye West’s $6.6 billion net worth claims came after a UBS report on all his business ventures. The number on the report was likely an assumption based on estimated future profits and not current earnings.
Having said that, West hasn’t lost his billionaire status. Last year, his net worth was $1.3 billion. But now, thanks to his highly successful sneaker brand Yeezy, he is worth $1.8 billion. West’s value will probably rise after Yeezy Gap launches officially. But till then, Kanye West is not the richest black man in America. Robert F. Smith of Vista Equity still takes the crown with an estimated $6 billion net worth.