No, Kanye West Is Not The Richest Black Person In America | Forbes

On Wednesday, multiple outlets reported that Kanye West is the richest Black person in America, worth as much as $6.6 billion. The news comes after Bloomberg reported that his sneaker brand, Yeezy—as well as Yeezy Gap, which has 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 detail, an additional $1.7 billion in assets.

It’s not true, based on our calculations. Forbes estimates he’s 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. 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.

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.”

In actuality, it’s 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 launched yet. Bank documents like this are well-known for painting best-possible-scenario future valuations.

Forbes’ much more grounded number is based on that old-fashioned idea of 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 e-commerce platform. He has high hopes to turn it into a fashion destination—as of now, it just shills his shoes.

Read the full profile on Forbes: https://www.forbes.com/sites/maddieberg/2021/03/18/no-kanye-west-is-not-the-richest-black-person-in-america—heres-why/?sh=23a9b6414a2d

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Video Transcript:

Kanye West is America’s Richest Black Person

On wednesday, multiple outlets reported that kanye west is the richest black person in america worth as much as 6.6 billion dollars.The news comes after bloomberg, reported that his sneaker brand easy, as well as easy gap, have a combined value of as much as 4.7 billion dollars.The article also mentions an additional 1.billion dollars in assets, but based on forbes estimates.Kanye is worth less than a third of that 1.8 billion dollars.That’S a big jump from last may when forbes pegged his net worth at 1. 3 billion dollars, but nowhere near the purported 6.billion.So how did forbes come to this estimate?Forbes number is based on that old-fashioned idea of current revenues, not theoretical future expectations.The bloomberg story cites a ubs report on his businesses.The same document forbes saw earlier.This month, the bank made some assumptions based on projected future earnings, particularly for easy gaap, which is yet to sell one item of clothing.

Forbes’ Richest Black Person In America Is West

Forbes’S breakdown of his assets looks like this.His yeezy sneaker brand is worth an estimated 1.5 billion dollars.West owns 100 of the brand, which had 214 million dollars in operating income in 2020, a 9x multiple and a 20 private company discount gets us to the 1.billion mark west owns 160 million dollars in cash and other assets consisting of property, artwork, jewelry and livestock.Among other holdings, his music catalog, which pays millions in royalties each year, has a value of 90 million dollars west cashed in another 64 million dollars from his stake in skims his soon to be ex-wife’s, shapewear and loungewear company, and while west’s team insists his deal with Gap is worth 1.5 billion dollars.Forbes isn’t giving the line any value until the products start to sell.Forbes estimates that the richest black person in the?U?

The Richest Black People in the World

S remains vista equities, robert f smith, with an estimated six billion dollars, while aliko dangote of nigeria remains the richest black person in the world with an estimated 11.8 billion dollars, [ Music ], you

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