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Reports that Kanye West is America's wealthiest Black person, with a reported net worth of $6.6 billion, were met with skepticism by Forbes.
The reports of West's massive wealth -- eclipsing Oprah's fortune -- began circulating this week after Bloomberg mentioned Yeezy and Yeezy Gap have a combined value of "potentially" $4.7 billion.
But Forbes, which publishes an annual list of World's Billionaires, disputed the widely reported claims, citing an over-reliance on "theoretical future expectations."
In other words, Forbes is calling BS on the reports that West is the richest Black person in the United States.
In a new report published on Thursday, Forbes' staff writer Madeline Berg said West calculated his net worth by counting bags he hasn't earned yet.
By Berg's estimates, West is worth in the neighborhood of $1.8 billion -- which means he can't sit with Oprah, whose net worth is estimated to be $4.5 billion.
Berg even compared West's ego to former president - and fellow billionaire - Donald Trump.
"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."
Still, $1.8 billion puts Kanye in the ultra exclusive club of wealthiest Black people on the planet.
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Forbes magazine is walking back their report that socialite and reality personality Kylie Jenner is a self-made billionaire.
Forbes claims they were hoodwinked and bamboozled by the makeup entrepreneur and Instagram model who "spun a web of lies" and "inflated" her net worth.
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In an earlier report, Forbes claimed Jenner was a "self-made" makeup mogul who somehow managed to take her company Kylie Cosmetics to the top of the cosmetics industry with just a high school diploma and not much business experience.
Social media users and bloggers scoffed at Forbes' claim that the 22-year-old was worth over a billion dollars. But Forbes stood by its reporting.
Now the publisher claims Jenner and her mother, Kris Jenner "went to great lengths to convince people of their wealth."
Many believe Jenner is worth a few million, if that.
Forbes reports the family invited them into their mansions and CPA's offices, and even "created tax returns that were likely forged."
No word on whether the IRS is investigating those claims.
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Kanye West is a born-again Christian and a musical genius with dreams of being a billionaire. So why not change his name to stand in his truth?
A wise person once said "You are what you think." Kanye thinks he is the most successful and wealthiest artist of his generation. During an appearance at the FastCompany Innovation Festival 2019 in New York City, Kanye, 42, says he might change his name to reflect his billionaire status.
"When people say it's crass to call yourself a billionaire, I say I might legally change my name to Christian Genius Billionaire Kanye West for a year until y'all understand exactly what it is… It will be on the license plate."
Kanye said he is determined to prove Forbes wrong after the magazine refused to recognize him as a billionaire when he showed them a receipt for $890 million. Forbes recognized his sister-in-law Kylie Jenner as a billionaire with no receipts.
By changing his name, Kanye will force the world to recognize him as a billionaire because billionaire is his middle name.
"When I did Forbes, I showed them a $890 million receipt and they still didn't say 'billionaire.' They don't want us to know that we can buy land; they don’t want us to have the 100 percent ownership [that] I have at Yeezy."
Kanye recently disclosed that the IRS cut him a refund check for $68 million. The hefty check brings him that much closer to his dreams of billionaire status.
For the seventh year in a row, music mogul Sean Combs tops Forbes magazine's list of the five richest rappers in the world.
The 47-year-old father-of-5 is worth an estimated $820 million, thanks to his investments and lucrative endorsement deals.
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Despite topping every money-related list this year, pop singer Beyonce missed the mark by a wide margin on the only list that counts in 2014 (no, not Forbes).
Beyonce raked in $115 million in record and tickets sales in 2014. But that wasn't enough to surpass a musician who outearned her by about half a billion dollars. Click the link below to see who it is.
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Atlanta rapper Yung Joc regrets making Forbes' Richest Rappers list. Yung Joc, whose real name is Jasiel Robinson, was an up-and-coming rapper with a regional hit titled "It's Goin Down" when he signed to Sean Combs' Bad Boy Records in 2006. Bad Boy released Joc's debut album New Joc City which shot to #3 on the Billboard charts. Forbes took note of the young rapper's success. In 2006 Joc was ranked #20 on the Forbes' Richest Rappers list with an approximate personal wealth of $10 million. That's when, Joc says, his friends and family started counting his money for him. “It made people really upset," Joc said.
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Ex-convict Apollo Nida seems to be taking his latest brush with the law lightly.
Nida, 35, who is married to local attorney and reality TV star Pheadra Parks, 44, was arrested last week and charged with bank fraud and identity theft. Nida spent 5 years in state prison -- from 2004 through 2009 -- for his role in an auto title theft ring.
Facing multiple serious federal charges that could land him in federal prison, Nida seems to be taking it all in stride.
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Forbes named singer/entrepreneur Beyonce richest woman in R&B based on her concert grosses, merchandising revenue, album sales and other business interests.
According to Forbes, Beyonce, who came in #5 on the list and #1 in female urban music, earned an estimated $27 million dollars in revenue thanks to endorsement deals and sales of her multi platinum album B'Day. (Source)