American business magazine has announced that rapper Kanye West is not the richest black person in America as speculated.
In an article released on Thursday, March 18, 2021, the magazine said publications by several media outlets about the billionaire’s latest astronomical wealth were false.
“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,” Forbes said.
“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.”
According to Forbes, these latest figures were an attempt by West to inflate his net worth.
It also stated that the Bloomberg article was gotten from a UBS report.
“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,” part of the article read.
It would be recalled that Bloomberg released an article where it revealed that the rapper’s net worth had risen to $6.6B.
According to Bloomberg, the rappers sneaker and clothing business now supported by Adidas AG and Gap Inc, is valued between $3.2 billion and $4.7 billion.