Kanye West’s Yeezy-driven $6.6 billion reported net worth is disputed … as Forbes says he’s worth $1.8 billion
Kanye West’s reported wealth has come under scrutiny amid reports he’s one of the wealthiest Black people in the county, with Forbes allocating him a $1.8 billion fortune, a fraction of the $6.6 billion he was accredited with in prior reports.
The attributed wealth to the Famous artist, 43, came in the wake of a Bloomberg report that his Yeezy brand is worth in the range of $3.2 billion to $4.7 billion, with him holding onto another $1.7 billion.
According to a new report from Forbes Thursday, West went from $1.3 billion in May of 2020 to $1.8 billion.
The latest: Kanye West’s reported wealth has come under scrutiny amid reports he’s one of the wealthiest Black people in the country, with Forbes allocating the star, 43, with a $1.8 billion fortune, a fraction of the $6.6 billion he was accredited with in prior reports
The report states that the wealthiest Black person in the country is Vista Equity CEO Robert F. Smith with $6 billion, while worldwide, Nigerian business magnate Aliko Dangote leads with a net worth of $11.8 billion.
The outlet’s counter argument to West’s wealth points to bank statements that projected big revenues from his Yeezy line, including his yet-to-be-launched Yeezy Gap line.
Forbes reported that bank statements cited in West’s businesses ‘are well-known for painting best-possible-scenario future valuations,’ and that it remains unclear if any of the fashion lines will continue to be moneymakers moving forward.
It noted that the Yeezy sneaker line took a 30 percent spike in revenues in 2020 and it forecasts it stays at that level in the coming year, calling West’s approach to his net worth ‘wildly optimistic.’
West had previously told the outlet they were ‘purposely snubbing’ him in their valuations.
Details: The attributed wealth to the Famous artist, 43, came in the wake of a Bloomberg report that his Yeezy brand is worth in the range of $3.2 billion to $4.7 billion, with him holding onto another $1.7 billion
On the rise: According to a new report from Forbes Thursday, West went from $1.3 billion in May of 2020 to a current worth of $1.8 billion
‘Forbes is treating West the same way we do everyone else with similar royalty-based businesses: We take the most recent year’s licensing income and apply a multiple to it to account for the fact that this is an ongoing revenue stream,’ the outlet reported. ‘This is exactly how we value Donald Trump’s licensing businesses and Jay-Z’s music catalog.’
The outlet compared West’s approach to that of ex-President Donald Trump, ‘who insists the value of his name be included in any net-worth estimate.’
In its estimations, Forbes came to West’s net worth based on $1.5 billion for the Yeezy brand, $160 million in cash and assets, a music library worth $90 million and $64 million for his interest in estranged wife Kim Kardashian’s company Skims.
It awarded no value to his Yeezy x Gap line – which Bloomberg estimated a potential worth of $970 million – noting that ‘the line hasn’t sold one piece of clothing yet.’