Kanye West not richest black American: Forbes

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The global media company and American business magazine, Forbes, has frowned at reports that American rapper, Kanye West is the richest black American.

Forbes focuses mainly on listing and ranking in business, investment, technology, entrepreneurship, leadership and marketing.

Forbes via its official Twitter account @forbes on Friday, said, “No, Kanye West is not the richest black American. On Wednesday, multiple outlets reported that Kanye West is the richest black person in America, worth as much as $6.6 billion.”

The news surfaced after Bloomberg reported that West’s sneaker brands, Yeezy and Yeezy Gap, yet to sell one stitch of clothing, have a combined value of as much as $4.7 billion.

“The publication mentioned without going into full details an additional $1.7 billion in assets, whcih is not true, based on our calculations.

“Forbes estimates he is 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,” Forbes said.

The magazine noted that Vista Equity’s Robert F. Smith remains the richest black person in the U.S. with an estimated worth of $6 billion.

It also said Aliko Dangote of Nigeria, with $11.8 billion worth, was the richest black person in the world.

“The sky-high estimate is the latest of West’s attempts to inflate his net worth in the past. He said that Forbes was purposely snubbing me.”

“In actuality, it is 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 been inaugurated yet.

“Bank documents like this are well-known for painting best-possible-scenario future valuations.”

West had been influential in the 21st-century development of mainstream hip hop and popular music.

He was first known as a producer for Roc-A-Fella Records in the early 2000s, producing singles for several mainstream artists before he joined a solo career as a rapper.

West released his debut album, ‘The College Dropout,’ in 2004 to critical and commercial success.

He founded the record label GOOD Music and had released different songs. 

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