Last week, the media was awash with news that Kanye West’s wealth has hit the $6.6 billion mark. But this figure seems to have been over-quoted.
The news comes after Bloomberg reported that his sneaker brand Yeezy — as well as Yeezy Gap, which has yet to sell one item of clothing — have a combined value of as much as $4.7 billion. The publication mentioned, without going into full detail, an additional $1.7 billion in assets.
Findings, have however shown that this assumption is false. Based on calculations made by Forbes Magazine, West’s net worth is less than a third of that at about $1.8 billion.
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 is believed that the high estimate is West’s latest move to inflate his net worth—in the past he’s said that Forbes was “purposely snubbing me.
Bloomberg made a number of assumptions based on projected future earnings, particularly for Yeezy Gap, which hasn’t even launched yet. Bank documents like this are well known for painting best-possible-scenario future valuations.
Forbes, on the other hand, based it’s estimates on current revenues — not theoretical future expectations.
“Yeezy Gap has brought in no revenue, let alone any profits. Who knows if the line will be popular. Maybe another hip-hop star will create the next trendy sneaker in a year or two, and Yeezys will be old news. The same thinking goes for Yeezy Supply, West’s ecommerce platform.” Forbes said in a post on it’s website.
Below is a breakdown of his actual revenue according to Forbes;
Yeezy: $1.5 billion
Cash and other assets: $160 million
Music catalogue: $90 million
Skims: $64 million
Yeezy x Gap: $0