Why Kanye West is Not US’ Richest Black Man- Forbes

Forbes Magazine has denied reports that Kanye West is now the richest black man in the United States after his businesses were valued at $6.6 billion.

Reports circulated on Wednesday that the rapper is now the richest man in US history; after Bloomberg documented that his sneaker brand “Yeezy” as well as Yeezy Gap is now valued at $4.7 billion; while his assets is approximately at $1.7 billion.

But according to Forbes, it is not true. The publication stated that the rapper; 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 or $1.8 billion.”

Forbes also said Robert Smith, the chief executive officer (CEO) of Vista Equity, is currently the richest black man in the US; with an estimated net worth of $6 billion.

It added that Nigeria’s Aliko Dangote, is the richest black man in the world; with an estimated $11.8 billion net worth.

“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,” it wrote.

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

Clearing the air, Forbes explained that Bloomberg’s earlier report was based on bank documents; which are known for “painting best-possible-scenario future valuations.”

It calculated West’s net worth to include: “Yeezy ($1.5 billion), Cash and other assets ($160 million), Music catalogue ($90 million), Skims ($64 million) and Yeezy x Gap ($0).”

Last year, Kanye West had lashed out at Forbes after it reported the rapper’s worth as $1.3 billion. The rapper had said: “It’s not a billion. It’s $3.3 billion since no one at Forbes knows how to count.”