Days after it was announced that Kanye West was the wealthiest African American, Forbes is refuting those claims.
On Thursday, the finance publication took direct aim at Kanye's net worth, claiming "reports that the celebrity is worth nearly $7 billion are based on the magical thinking around sales that don't exist yet. This is why he's currently worth less than one-third of that."
The Forbes article was released one day after Bloomberg reported that the "Jesus Walks" rapper was the wealthiest Black person in America. In September, Forbes listed West's net worth at $3.3 billion. With this latest revelation, that would mean West is not at the top of America's Black billionaires. Instead, Equity's Robert F. Smith remains the most prosperous Black success in America, with an estimated worth of $6 billion.
The outlet attributes the inflated wealth to the 43-year-old being "wildly optimistic" and approaching his net worth in the same manner that his close friend, Donald Trump, does.
"Trump, whom we value at $2.5 billion, says his brand has an intrinsic value, regardless of actual revenue. West and his camp are making a similar argument for businesses attached to the Yeezy name," Forbes said.
Even if his net worth is lower than expected, Forbes still lists that Ye has $1.5 billion in revenue from his Yeezy brand, $160 million in cash and other assets, a music catalog worth $90 million, and $64 million from Kim Kardashian's shapewear line Skims.
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