Kanye West is worth less than one third of the amount recently reported, according to Forbes.

Earlier this week, West’s new Yeezy deal with Gap was set at $970million (£697million), reportedly bringing the rapper’s net worth up to an estimated $6.6 billion (£4.7billion).

It came after West was revealed to sit only behind Jay-Z as the world’s richest rapper. Last April, after Forbes reported that the rapper was worth $1billion, West disputed the claim, instead insisting that his net worth was actually $3.3billion (£2.6billion).

Now, after the reports of West’s worth being over $6bn, Forbes have shared an article disproving the claim. It begins: “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.”

In response to the claims that West was now the richest Black person in America, Forbes say the reports are “not true, based on our calculations”.

They wrote: “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.”

Forbes‘ estimate has Kanye’s net worth at $1.8bn (£1.3bn), with $1.5bn of that coming from the Yeezy brand, $160m in cash and assets, and a $90m musical catalogue among others.

In other West news, the rapper won his 22nd Grammy award earlier last week (March 14), tying Jay-Z for the most awards for a hip-hop artist. West won Best Contemporary Christian Music Album for 2019’s ‘Jesus Is King’.

Work is also reportedly back underway on his long-delayed album ‘DONDA’.