Forbes: Kanye West is not the richest black man in America

American business magazine, Forbes has announced that rapper Kanye West is not the richest black person in America as speculated by Bloomberg. 

According to Bloomberg, Kanye West has made history by becoming the wealthiest black man in American history who is worth a whopping $6.6 billion.

Bloomberg stated that the upcoming collaboration between Yeezy and Gap which is set to hit stores this summer “could be worth as much as $970 million of that total.”  The news outlet also stated that West currently has full ownership and creative control of the Yeezy brand to himself after he previously signed a 10-year agreement to design and sell clothes under the Yeezy Gap label last year.

However. in an article released on Thursday,  18 March 2021, the magazine said publications by several media outlets about the billionaire’s latest astronomical wealth were false.

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The article reads in part: “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”

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.

Another part of the article reads: “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.”