Words by The Urban Journal
Some say he’s the richest Black person in America, others (mainly Forbes) are adamant he’s not – so who’s right?
If capturing people’s attention were an art, Kanye West would be Picasso – after all, this is a man who once proclaimed that his greatest pain in life is his inability to see himself “perform live.” Confidence, then, isn’t much of an issue. He doesn’t do normal, the word probably doesn’t appear in his dictionary – in fact, greatest and genius might be highlighted in bold (by his own hand, of course).
That persona – whether you like it or not – makes him one of the most recognised names in the world; it also makes him hugely profitable. In between his studio visits and runway shows, West has amassed a fortune few can match – that much, at least, is not disputed. But given that some members of his family have an alleged tendency to inflate their net worth, the latest reports about West’s $6.6bn valuation are under the spotlight.
Last week, after claims his Yeezy brand was valued at $4.7bn, Bloomberg estimated West’s overall net worth to be $6.6bn, including personal assets such as his music business and stake in Kim Kardashian West’s SKIMS label.
Bickering aside, West’s Yeezy brand has done well – very well, in fact. Infamously rejected by Puma and Nike, West went on to work with Adidas on the now sought-after brand. The result? A cultural phenomenon. From the gold-laden shopping malls of Dubai to the streets of Shoreditch, everyone, it seems, wants a pair of Kanye’s latest creations. That, and West’s electric personality, has allowed the brand to amass a fortune of over $1.5bn (according to Forbes). Throw his reach as an artist-cum-cultural juggernaut into the mix, and you have a recipe for huge success.
With all that money, you might wonder what the fuss is about – after all, who cares if it’s $2bn or $6bn? Well, West does – and by the looks of it, he cares a lot.
Forbes is “disrespectful” and “purposely snubbing me”
Stuff like this matters to West, and attempts to rob him of what he sees as his moment in the spotlight will seldom go well. Last year, Forbes finally bestowed the billionaire title upon him – and according to the magazine, that made him very happy: “there’s only one number that West cares about. A billion, as in dollars. And he cares a lot.”
To West, the cars, the planes, the brand and the lifestyle are all part of the plan – a plan to prove his doubters wrong. In some respects, he has a point. Since his humble beginnings, West has often been cast aside, a side character in a much bigger show. With raw talent and a unique swagger, he’s made his mark in his own distinct way. Now, his name alone commands respect. By his own confession, he’s an enigma, a puzzle to everyone else. In his mind, the image he has of himself, and the reality of how he is at times treated, do not match. After all, this is a man who once called himself “the greatest artist that God has ever…created.”
Although recent controversies surrounding his comments about the Black community – along with his infamous support of Donald Trump – damaged his reputation with fans and the larger Black community, his brand and wealth continue to rise.
Forbes’ beef with the latest figure stems from the fact that a large chunk of the projection is based on assumptions, assumptions they’re not willing to accept. First, they claim that his current net worth is inflated with projected future earnings, not actual earnings. Second, they claim that some of the assets included in the estimations haven’t launched yet, making their inclusion unrealistic.
They admit, in their article, that West’s Yeezy trainers are selling very well, with revenues up 30%. That makes the brand worth a cool $1.5bn in their eyes, not $4.7bn. Elsewhere, according to their estimations, West’s personal assets and stake in other ventures mean, as an individual, he’s worth $1.8 bn.
But whatever the figure, when the world’s most respected financial magazines are fighting over the true size of your net worth – and that figure is in the billions – you must be doing ok, right?
Whether $6.6bn or $1.8bn, a quick look across the street or a glance at his streaming numbers will assure you that when it comes to cultural influence, Kanye West might be the richest of them all.