Last week, multiple outlets including Entrepreneur reported the artist was worth more than $ 6 billion, but Forbes has since denied that number.
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2 min read
This story originally appeared on Black Enterprise
After Bloomberg originally reported that hip-hop entrepreneur and producer Kanye West had become the richest black man in America earlier this week, valued at $ 6.6 billion, Forbes recalculated and found that Yeezy is actually worth $ 1.8 billion.
According to Complex, the alleged total value of West's Yeezy and Yeezy Gap deal was potentially $ 4.7 billion after the Bloomberg story was published. In addition to his additional assets, his net worth was estimated at $ 6.6 billion. That amount would have made him the richest black man in the United States.
At the time, the Forbes article noted that the $ 6.6 billion figure was controversial because the calculations Bloomberg put forward were theoretical. The $ 1.8 billion found by Forbes is instead based on current earnings.
Related: Starting Success: The Kanye Method versus the Russ Method
Forbes Associate Madeline Berg wrote, “West's extremely optimistic approach to his wealth echoes Donald Trump's approach of insisting that the value of his name be included in any net worth estimate. Trump, who we valued at $ 2.5, says his brand has intrinsic value regardless of actual sales. West and his camp make a similar argument for companies associated with the Yeezy name. "
XXL has reported that Vista Equity's Robert F. Smith is actually the richest black person in the US, as his reported net worth was estimated at $ 6 billion. Aliko Dangote of Nigeria is the richest black person in the world with a reported net worth of $ 11.8 billion.
Earlier this month, West released its new Yeezy shoes, the Yeezy 450 in Cloud Whites, which sold out at 7:01 a.m. on March 6th. The shoes were available on YeezySupply.com and the Adidas app. Sources say the shoes had a retail value of $ 200. Now people are selling the shoes for twice the retail value.