Earlier this month, Kanye West made headlines as ‘The Richest Black Person In America’. The news came after Bloomberg reported that thanks to his clothing and sneaker line Yeezy and new deal with GAP the rapper’s net worth was valued at $6.6 billion by UBS.
However, not everyone is convinced. Following the news, Forbes released its own estimation, arguing that the rapper, 43, was in fact worth $1.8 billion as of March 18th 2021. And, while this figures are still representative of immense wealth, it is less than a third of Bloomberg’s estimation. So why do the numbers differ?
“Forbes’s number is based on that old fashioned idea of current revenues, not theoretical future expectations,” Forbes explains in a video on the topic which goes on to explain how the UBS report “made some assumptions based on [West’s] projected future earnings.”
The Forbes analysis points out that a significant part of West’s estimated earnings came from the recently announced Yeezy x GAP collaboration which, while rumoured to be worth $4.7 billion, is yet to sell a single item as it has not yet launched.
As such, Forbes hasn’t included the GAP partnership in West’s net worth, which it breaks down as follows: Yeezy (of which West owns 100 percent) is worth $1.5 billion; $160 million in cash and other assets including property, artwork and livestock; his music catalogue is worth $90 million; West gets $64 million from his soon-to-be ex-wife Kim Kardashian’s shape wear company Skims.
With the totals totted up, Forbes argues that Vista Equity’s Robert F. Smith remains the richest Black person in the U.S. with an estimated net worth of $6 billion. Nigerian business magnate Aliko Dangote, meanwhile, remains the richest Black person in the world with $11.8 billion in his pocket.
To unlock this article, please subscribe. Benefits include:
- 2 Magazines delivered to your door
- Direct offers and benefits with luxury hotels, clubs, restaurants and handpicked brands
- Invitations to a minimum of 4 member-only events each year
- Paywalled content — access to exclusive online features only for members
- 15% off selected brands online with Gentleman's Journal
- Your own Clubhouse membership card to redeem all the perks