Reports that the celebrity is worth nearly $7 billion are based on the magical thinking around sales that don’t yet exist. This is why he’s currently worth less than one third of that.
On Wednesday, multiple outlets reported that Kanye West is the richest Black person in America, worth as much as $6.6 billion. The news comes after Bloomberg reported that his sneaker brand, Yeezy—as well as Yeezy Gap, which has yet to sell one stitch of clothing—have a combined value of as much as $4.7 billion. The publication mentioned, without going into full detail, an additional $1.7 billion in assets.
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. 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.
The sky-high estimate is the latest of West’s attempts to inflate his net worth—in the past he’s said that Forbes was “purposely snubbing me.”
In actuality, it’s nothing personal. The Bloomberg story cites a UBS report on his businesses—the same document Forbes saw earlier this month. 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.
Forbes’ much more grounded number is based on that old-fashioned idea of current revenues—not theoretical future expectations. Yeezy Gap has brought in no revenue, let alone any profits. Who knows if the line will be popular? Maybe another hip-hop star will create the next trendy sneaker in a year or two, and Yeezys will be old news. The same thinking goes for Yeezy Supply, West’s e-commerce platform. He has high hopes to turn it into a fashion destination—as of now, it just shills his shoes.
As for Yeezy sneakers, they’re selling crazy well. The company’s revenue grew 30% last year. and its most recent limited drop, the 450 in Cloud White, sold out in under a minute. Analysts with who we spoke agree there’s growth left in the business, and if that occurs, his net worth will continue to climb. But even that’s not 100% certain, so for now, we are sticking with 2020’s numbers.
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. This is exactly how we value Donald Trump’s licensing businesses and Jay-Z’s music catalogue.
West’s wildly optimistic approach to his net worth mirrors the approach used by Donald Trump, who insists the value of his name be included in any net-worth estimate. Trump, whom we value at $2.5 billion, says his brand has an intrinsic value, regardless of actual revenue. West and his camp are making a similar argument for businesses attached to the Yeezy name.
Here’s a breakdown of Forbes’ estimate of his net worth—which is quite impressive, even if it’s not as high as he wants (or thinks) it to be:
Yeezy: $1.5 billion
Still the crown jewel of his fortune, sales of West’s sneaker brand, which has a ten-year-long production deal with Adidas, climbed to $1.7 billion last year, up from $1.3 billion in 2019. As a result, West earned $191 million in royalties last year. It’s impressive growth. While UBS predicts the brand will reach over $3 billion in sales by 2026, and valued it accordingly, we went with 2020 numbers: The operating income of Yeezy, which is 100% owned by West, was $214 million in 2020. With a 9x multiple and 20% private company discount, Forbes calculates that the Yeezy business with Adidas is worth $1.5 billion, about $250 million more than it was a year ago.
Cash and other assets: $160 million
Thanks to the millions he’s made from Yeezy and his music, West has accumulated a nice-size pile of cash, as well as homes and toys. He owns more than $100 million in real estate—including multiple ranches in Wyoming and homes in the Los Angeles area. According to a balance sheet sent over by his team, there’s also $9.3 million worth of artwork, $7.6 million worth of jewelry, $5 million worth of vehicles, $3.4 million worth of furniture and $1 million worth of livestock. Along the way, he has also racked up a significant amount of debt: $56 million. We couldn’t track down every horse, chair and necklace, so again applied a discount to the numbers provided. We also didn’t include any value for the website Yeezy Supply, which West’s camp claims is worth $1.5 billion. Forbes counts its value via royalties of the Yeezy shoe sales made through the site in the Adidas deal.
Music catalogue: $90 million
While he may make most of his money as a fashion mogul, West started out as one of the world’s most popular rappers, and his catalogue of songs still brings in millions in royalties each year. Just like with Yeezy, he could cash out on that royalty stream, as musicians from Shakira to Bob Dylan have in the last year.
Skims: $64 million
West and his soon-to-be ex-wife Kim Kardashian West may have ended their marital relationship, but they maintain certain business ties. West has a small stake in his ex’s shape wear and loungewear company Skims, which has grown during the Covid-19 pandemic.
Yeezy x Gap: $0
While West’s team insists the Yeezy x Gap deal is worth about $1.5 billion and the Bloomberg story says it could be worth as much as $970 million, Forbes isn’t giving this any value until the products start to sell. The deal, announced in June, sent Gap’s stock soaring, and CEO Sonia Syngal spoke of its “big potential” in an earnings call earlier this month. But the line hasn’t sold one piece of clothing yet.
Source : Forbes
Teodoro Obiang Nguema Mbasogo Net Worth
what is Teodoro Obiang Nguema Mbasogo net worth?
|Net worth||$600 million|
|Occupation||president of Equatorial Guinea|
|Date of Birth||5 June 1942|
Teodoro Obiang Nguema Mbasogo net worth 2021: Teodoro Obiang Nguema Mbasogo is an Equatoguinean politician who has been the 2nd president of Equatorial Guinea since August 1979. He currently has a net worth of $600 million makin g him one of the richest presidents in the Africa and the world at large.
From a family of the Esangui ethnic clan, he was born in the town of Acoacán belonging to the colony of Spanish Guinea, on the current border with Gabon, within the Continental Equatorial Guinea. Son of the Gabonese Santiago Nguema Eneme Obama and María Mbasogo Ngui, Obiang was the third of ten brothers, among whom are also the National Security Delegate Armengol Ondo Nguema and former National Defense Minister Antonio Mba Nguema.
Obiang’s parents emigrated from Gabon to avoid paying capitation taxes and take advantage of the good economic situation in Spanish Guinea. After the death of María Mbasogo Ngui, Obiang and his brothers were raised by his father and his new wife Carmen Mikue Mbira.
Obiang completed his first studies at the Cardenal Cisneros School Group in Ebebiyin and at the La Salle Center in Bata where he obtained a degree in labor administration.
Obiang joined the military during Equatorial Guinea’s colonial period and attended the General Military Academy in Zaragoza, Spain. He achieved the rank of lieutenant after his uncle, Francisco Macías Nguema, was elected the country’s first president.
Under Macías, Obiang held various positions, including governor of Bioko and leader of the National Guard. He was also head of Black Beach Prison, notorious for severely torturing its inmates.
After Macías ordered the murders of several members of the family they shared, including Obiang’s brother, Obiang and others in Macías’ inner circle feared the president had become insane. Obiang overthrew his uncle on 3 August 1979 in a bloody coup d’état, and placed him on trial for his actions, including the genocide of the Bubi people, over the previous decade.
Macías was sentenced to death and executed by firing squad on 29 September 1979. A new Moroccan presidential guard was required to form the firing squad, because local soldiers feared his alleged magical powers.
Obiang declared that the new government would make a fresh start from Macías’ brutal and repressive régime. He granted amnesty to political prisoners, and ended the previous régime’s system of forced labor. However, he made virtually no mention of his own role in the atrocities committed under his uncle’s rule.
The country nominally returned to civilian rule in 1982, with the enactment of a slightly less authoritarian constitution. At the same time, Obiang was elected to a seven-year term as president; he was the only candidate. He was reelected in 1989, again as the only candidate.
After other parties were nominally allowed to organize in 1992, he was reelected in 1996 and 2002 with 98 percent of the vote in elections condemned as fraudulent by international observers.
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In 2002, for instance, at least one voting district was recorded as giving Obiang 103 percent of the vote.
He was reelected for a fourth term in 2009 with 97% of the vote, again amid accusations of voter fraud and intimidation, beating opposition leader Plácido Micó Abogo.
Teodoro Obiang Nguema Mbasogo Net Worth
Teodoro Obiang Nguema Mbasogo net worth is $600 million according to Forbes. However, his wealth has not been without questions.
In 2003, Obiang told his citizenry that he felt compelled to take full control of the national treasury in order to prevent civil servants from being tempted to engage in corrupt practices.
Obiang then deposited more than half a billion dollars into more than sixty accounts controlled by himself and his family at Riggs Bank in Washington, D.C., leading a U.S. federal court to fine the bank $16 million for allowing him to do so. A United States Senate investigation in 2004 found that the Washington-based Riggs Bank had taken $300 million in payments on behalf of Obiang from Exxon Mobil and Hess Corporation.
Beginning in 2007, Obiang and several other African state leaders came under investigation for corruption and fraudulent use of funds. He was suspected of using public funds to finance private mansions and other luxuries for both himself and his family.
He and his son, in particular, owned several properties and supercars in France. Several complaints were also filed in US courts against Obiang’s son. Attorneys stressed that the funds appropriated by the Obiangs were taken quite legally under Equatoguinean laws, even though those laws might not agree with international standards.
Obiang, his cabinet and his family allegedly have received billions in undisclosed oil revenue each year from the nation’s oil production. Marathon Oil purchased land from Abayak, Obiang’s personal investment vehicle, for more than $2 million; in June 2004 the sale was pending but Marathon had already made a $611,000 first payment with a check made out to Obiang. Marathon also was involved in a joint venture to operate two gas plants with GEOGAM, a quasi-state firm in which Abayak controlled a 75% stake.
Mavado Net Worth
What is Mavado net worth?
|Net worth||$2 million|
|Source of wealth||Professional Singer|
|Date of Birth||30 November 1980|
Mavado net worth 2021: David Constantine Brooks better known by his stage name Mavado, is a Jamaican dancehall singer who has a net worth of $2 million. He is signed to We the Best Music Group and formerly to Cash Money Records.
David Constantine Brooks was raised in Kingston, Jamaica’s Cassava Piece community. He cites the music of Bounty Killer as an early influence. Bounty took him under his wing to show him the ropes of the music industry and introduced him to his manager, Julian Jones-Griffith. He decided to name himself “Mavado” after the Swiss watch company Movado, with his manager altering the spelling.
In 2005, Mavado had his breakthrough with his first single, “Real McKoy”. He further established himself with the follow-up record “Weh Dem a Do”, on the Red Bull & Guinness riddim, that had the distinction of hitting Billboard.
After a string of hits in 2005 and 2006, Mavado released the album Gangsta for Life: The Symphony of David Brooks 10 July 2007 on VP Records.
The single “Dying” from the album was featured heavily on New York’s WQHT (Hot 97) R&B/hip-hop radio station.
In March 2008, Mavado was featured performing a rendition of his song “Real McKoy” for Grand Theft Auto IV Trailer #4 “Everyone’s a Rat”. “Real McKoy”, along with “Last Night” were also featured in the game on the radio station “Massive B Radio”.
Read Alkaline net worth
Mavado was also featured on the G-Unit track ‘Let It Go’ along with Tony Yayo and Lloyd Banks for the album: T·O·S in 2008. He was the only non-G-Unit feature on the album. In 2008 Mavado was given the UK MOBO Award for Best Reggae Act.
Mavado’s song “Progress” on the Mineral Boss Records produced “Money Boss Riddim” was featured in DJ Khaled’s Major Key album. The album was nominated for the 2017 Grammy Awards on the “best rap” album category.
In 2017, Mavado, Alkaline and Jahmiel formed a camp known as MVP, which Mavado claimed to be the “biggest thing” in dancehall at that time.
Read Popcaan net worth
He collaborated with Sean Paul for an inspirational song called “I’m Sanctify”. In 2019, Mavado released a song called “Top Shotta Is Back” On a Riddim called The Aircraft Riddim produced by Chimney Records.
In 2020, Mavado recorded and released a Drake diss song called “Enemy Line”.
Mavado Net Worth
Mavado net worth is currently purged at $2 million. He is among the richest Jamaican artistes. Mavado’s main source of his wealth is through music. He has released several songs which includes;
- “Weh Dem Ah Do” (2007)
- “Real McKoy” (2007)
- “Lost Dem” (2011)
- “Do Road” (2011)
- “Take It” featuring Karian Sang (2012)
- “Give It All to Me” featuring Nicki Minaj (2013)
- “Million Dollar Man” (2013)
- “Tie Yuh” (2014)
- “Ben Ova” (2014)
- “My Pan ” (2014)
- “Ain’t Going Back Broke” featuring Future and Ace Hood (2015)
- “Ghetto Bible” (2015)
- “My League” (2015)
- “Big League” (2016)
- “Progress” (2016)
- “Mama” (2017)
In 2005, Mavado was detained by Jamaican police. While in police custody, the singer claims he was thrown through a glass window, slicing three fingers in the process, which were reattached at a local hospital. Police claimed Mavado escaped from custody while at the hospital.
He was later arrested and charged with shooting with intent and illegal possession of firearm in relation to an event occurring 27 July 2007. Mavado was released two days later on a $3000 bail and was subsequently refused entry into the United States.
Ricky Martin Net Worth
What is Ricky Martin net worth?
|Net worth||$120 million|
|Source of wealth||singer, songwriter, actor, author, record producer|
|Date of Birth||December 24, 1971|
Ricky Martin net worth 2021: Enrique Martín Morales better known as Ricky Martin, is a Puerto Rican singer, songwriter, actor, author, record producer and humanitarian who has a net worth of $120 million. is known as the “King of Latin Pop” and the “Latin Music King”.
Martin was born on December 24, 1971 in San Juan, Puerto Rico, the son of Nereida Morales, an accountant, and Enrique Martín Negroni a psychologist.
His parents divorced when he was two years old, and Martin spent much of his childhood shifting between his father’s home in the suburbs of University Gardens, a suburban middle-class neighborhood of San Juan, and his paternal grandmother’s house nearby.
Martin grew up in a Roman Catholic home and was an altar boy throughout his childhood. He began singing at age 6, using wooden kitchen spoons as pretended microphones; he often interpreted songs by Menudo as well as English-language rock groups such as Led Zeppelin, Journey, and REO Speedwagon.
After discovering, with his father, a newspaper advertisement about auditions for commercials, 9-year-old Martin began appearing in Puerto Rican television commercials for products such as soft drinks, toothpaste, and restaurants. In a year and a half, he starred in 11 commercials.
He began his career at age 12 with the all-boy pop group Menudo. After five years with the group, he released several Spanish-language solo albums throughout the 1990s.
Since the beginning of his solo career in 1991, Ricky Martin has become one of the best-selling Latin music artists of all time with over 70 million records worldwide. He also ranks among the most influential Latin artists of all time and the greatest music video artists of all time.
In early 1999, after releasing several albums in Spanish, Martin performed “The Cup of Life” at the 41st Annual Grammy Awards show, which became a catalyst in bringing Latin pop to the forefront of the U.S. music scene.
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Following its success, Martin released “Livin’ la Vida Loca”, which helped him attain success worldwide. It is generally seen as the song that began the Latin pop explosion of 1999 and made the transition easier for other Spanish-speaking artists to move into the English-speaking market.
His first English-language album (titled Ricky Martin), sold 15 million copies and is his best selling album to date. His other studio albums include: Ricky Martin (1991), Me Amaras (1993), A Medio Vivir (1995), Vuelve (1998), Sound Loaded (2000), Almas del Silencio (2003), Life (2005), Música + Alma + Sexo (2011), and A Quien Quiera Escuchar (2015).
He also acted on stage and TV in Mexico, where he achieved modest fame in the early 1990s. In 1994, he appeared on the US TV soap opera General Hospital as a Puerto Rican singer.
In 2018, he portrayed Antonio D’Amico in the miniseries The Assassination of Gianni Versace: American Crime Story, which earned him a nomination for the Primetime Emmy Award for Outstanding Supporting Actor in a Limited Series or Movie.
Ricky Martin Net Worth
Ricky Martin net worth is $120 million. He is one of the richest Latin Musicians in the world. Martin is the founder of Fundación Ricky Martin (Ricky Martin Foundation), a non-profit organization. Among the events promoted by the foundation was a summer camp, which included Martin’s personal participation.
Read Shakira net worth
Martin has been honored with accolades including: Leadership in the Arts Award, Billboard’s Spirit of Hope Award, ALMA Award, Vanguard Award, International Humanitarian Award by the International Centre for Missing & Exploited Children, Hispanic Heritage Award for his humanitarian work through the Sabera Foundation in rescuing three orphan girls from the streets of Kolkata.
In December 2003, Martin was appointed a UNICEF Goodwill Ambassador. In his role as UNICEF Goodwill Ambassador, Ricky Martin has supported UNICEF’s efforts in fighting for children’s rights, especially in the area of child trafficking.
- Ricky Martin (1991)
- Me Amaras (1993)
- A Medio Vivir (1995)
- Vuelve (1998)
- Ricky Martin (1999)
- Sound Loaded (2000)
- Almas del Silencio (2003)
- Life (2005)
- Música + Alma + Sexo (2011)
- A Quien Quiera Escuchar (2015)
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