Kanye West is not the richest black man in America
Forbes has discredited viral reports of Kanye West being the richest black person in the United States of America.
American business magazine, Forbes has shone more light on recent claims that Kanye West is now the richest black man in America following his latest Yeezy deal with Adidas and GAP.
The report was culled from a Swiss investment bank’s private document which was also reviewed by Bloomberg.
The report pegged Kanye West’s net worth at $6.6 billion following his $3.2 billion to $4.7 billion deal with Adidas AG and Gap Inc.
A $6.6 billion net worth would rightly make Kanye West the richest black American as earlier reported by reputable news outlets like CNN, Sky News, and Financial Stand, but then, there is a little hitch
Forbes released an article this morning clearing the air and shining more light on the new Kanye West net worth reports. Forbes clearly disagreed with the numbers earlier reported on the following grounds.
- Forbes pegged West’s net worth last year April at $1.3bn.
- Forbes believes in the Old fashion style of reporting wealth which only recognizes current revenue and not projected future earnings.
- The $6.6bn revenue was culled from the projected earnings from the latest Kanye West deal with Adidas AG and GAP Inc.
- According to Forbes the product has not even been launched nor has a single sale been made from the deal. In this case, the projected earnings from the deal cannot be recognized as Kanye West’s current net worth.
Who then is the richest black American?
Forbes reinstates that the richest black American as it stands now is Vista Equity’s Robert F. Smith, a Chemical engineer, and businessman who founded a private equity firm Vista Equity Partners. His net worth is valued at $6 billion.