Kanye West isn’t the richest Black man in America, despite a previous Forbes report that claimed he was.
The article named West the wealthiest man in the United States, noting his Gap deal — which is estimated to be worth between $3.2 billion and $4.7 billion — and his Yeezy sales helped to increase his net worth from $1.3 billion to $6.6 billion, placing him ahead of other Black billionaires, including JAY-Z and Oprah Winfrey.
According to Bloomberg, however, West’s net worth is between $1.3 to $1.8 billion as of today (March 18), less than the $6.6 billion reported in the now-retracted article. The $6.6 billion, however, actually represents the value of West’s Yeezy deal with Gap.
West’s falsely reported net worth was met with congratulatory posts and tributes from those who were not only impressed but inspired by West’s hustle.
“Throughout Kanye’s entire life in the limelight, he has been ridiculed— Doubted. Mocked. Misunderstood,” one Twitter user wrote. “But through it all, he continued to pursue his dreams & reach his goals. From 53M dollars in debt, to the richest black man in American history. Thank you for the inspiration.”
Another added, “Kanye spent most of 2013 campaigning to find backing for his creative ideas after going 53 million dollars in debt trying to do it alone, Less than a decade later, he’s now the richest Black man in US History valued at 6.6 billion.”
As previously reported by REVOLT, West signed a 10-year contract with the retailer last year. Per the agreement, he will design and sell clothing for children, men and women under the Yeezy Gap label. Unlike his partnership with Adidas, however, footwear will be not included. The collaboration — for which he has full creative control and ownership — is slated to hit stores this summer and could be valued at $970 million; the overall brand brings in between $3.2 billion – $4.7 billion.
Additonally, West has $122 million in stock and cash, $110 million from his music catalog and $1.7 billion in other assets, including his wife Kim Kardashian’s shapewear line, SKIMS.
Though West is not worth $6.6 billion, his billionaire status is still worthy of much praise.