Kylie Jenner, 22, is Forbes’ youngest ‘self-made’ billionaire for the SECOND year in a row after selling off 51% of her cosmetics brand
- Kylie famously made it onto the billionaires list in March 2019
- In November last year, she sold off 51% of her Kylie Cosmetics brand to beauty brand Coty Inc. for $600 million
- Forbes defended her ‘self-made’ title, writing: ‘Yes, self-made, despite a lot of help from her famous family, she didn’t inherit her business—she built it
- The deal, which closed in January, means her business is now valued at around $1.2 billion. She still solely owns the other 49 percent stake
- Money from the sale means she is one of just 2,095 people in the world with a a fortune of ten digits.
Forbes released the annual World’s Billionaires list on Wednesday and beauty mogul Kylie remains the planet’s youngest self-made billionaire at aged 22.
In 2019, the star unseated Facebook’s Mark Zuckerberg, 35, as the youngest-ever self-made billionaire – he was 23 when he made his first billion 11 years ago in 2008.
Forbes has addressed the controversy that surrounds the title ‘self-made’ as last year, people were up in arms that Kylie came from an already privileged background.
They penned: ‘ Yes, self-made (despite a lot of help from her famous family, she didn’t inherit her business—she built it). And yes, billionaire (she’s worth $1 billion).’
Impressive: Kylie Jenner, 22, is Forbes’ youngest ‘self-made’ billionaire for the second year in a row (pictured on the 2018 cover)
She IS self-made: Forbes has addressed the controversy that surrounds the title ‘self-made’ as last year, people were up in arms that Kylie came from an already privileged background
Kylie famously made it onto the billionaires list in March 2019.
Then in November last year, she sold off 51% of her Kylie Cosmetics brand to beauty brand Coty Inc. for $600 million.
The deal, which closed in January, means her business is now valued at around $1.2 billion. She still solely owns the other 49 percent stake.
The site also reveals that money from the sale means she is one of just 2,095 people in the world with a a fortune of ten digits.
Incredible: Jenner, the youngest sibling of the Kardashian family, started her make up line with lipstick kits in 2015. Kylie Cosmetics last year signed a deal with Ulta Beauty Inc to put her products in all of the retailer’s 1,163 U.S. stores (above)
Savvy: Kylie brings out seasonal ranges including this collection, which was named after her daughter Stormi, two
Meet the world’s youngest billionaires
1. Kylie Jenner, 22
Net worth: $1billion
Source of wealth: Cosmetics
2. Alexandra Andresen, 23
Net worth: $1.2billion
Source of wealth : Investment firm
3. Katharina Andresen, 24
Net worth: $1.1billion
Source of wealth: Investment firm
4. Gustav Magnar Witzoe, 26
Net worth: $2.6billion
Source of wealth: Fish farming
5. Elizabeth Furtwaenger, 28
Net worth: $1.2billion
Source of wealth: Publishing
6. Jonathan Kwok, 28
Net worth: $2billion
Source of wealth: Real estate
7. John Collison, 29
Net worth: $3.2million
Source of wealth: Stripe
8. Evan Spiegel, 29
Net worth: $1.9billion
Source of income: Snap
9. Pedro De Godoy Bueno, 29
Net worth: $1.1 billion
Source of wealth: Diagnostic services
10. Lisa Draexlmaier, 29
Net worth: $1 billion
Source of wealth: Auto parts
Kylie has previously told Forbes: ‘I didn’t expect anything. I did not foresee the future. But [the recognition] feels really good. That’s a nice pat on the back.’
Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits.
The kits sold out within minutes of launching – an early sign of the power of her now 270 million-plus social media following.
Jenner’s products were only sold online when it was first launched but in 2018, the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S.
She expanded her empire earlier this year with Kylie Skin – a line of moisturizers, under eye creams and facial scrubs.
Jenner brought in sales of an estimated $360 million in 2018, according to Forbes.
Kylie herself responded to claims that she didn’t deserve her ‘self-made’ title when she was given the accolade last year,
In response, Jenner admitted that she’d had ‘a lot of help’ on her way’ but denied inheriting any money that contributed to her cosmetic fortune.
She credited much of her success to the power of social media and told Forbes: ‘I had such a strong reach before I was able to start anything.’
As of last year, Jenner employed just seven full-time and five part-time employees at her cosmetics company. Her mother Kris – like with all of her children- handles her daughter’s finance’s and public relations for a 10 per cent fee.
Jenner has, until now, outsourced production and sales for her company.
She has very little marketing costs due to her own social media promotion and relies heavily on her social media presence to market her cosmetics.
All change: The company, which has been struggling with falling sales, saw a share increase of 5 percent following the Jenner announcement last year
In 2018, Kylie told Vogue: ‘I had Kylie Lip Kit trademarked like two years before it even launched and I was like bugging my mom about it. I see it, like, I need to do this.
‘She was like “Okay, put up your own money, like stop talking about the Lip Kit.” And then I didn’t even order a lot and I was like “Okay, if this doesn’t work out you’re gonna have, like, a lot of Lip Kits in your garage,”‘ she recalled.
Kylie decided to take the risk, and it paid off immediately.
‘I didn’t even make it to my launch party. I like refreshed the page and in two seconds everything was gone and like I just remember me and all my glam people, my friends, we were like screaming.
Bold colors: In 2018, Kylie told Vogue: ‘I had Kylie Lip Kit trademarked like two years before it even launched and I was like bugging my mom about it. I see it, like, I need to do this’
Also on the list of young billionaires is Snapchat (Snap) founder Evan Spiegel.
At 29, he has amassed a fortune of$1.9billion.
John Collison, 29, is the founder of the Irish payment company Stripe. He is worth $3.2billion.
Sisters Alexandra and Katharina Andresen, aged 23 and 24, are also on the list.
The Norweigan sisters are heiresses to their father’s holding company, Ferd S, and they each now have a personal fortune of $1.1billion.
Motherhood: Kylie, the youngest sibling of the Kardashian family, started her make up line with lipstick kits in 2015. Pictured with daughter Stormi who she shares with Travis Scott
‘And then the Kylie Instagram used to be Kylie Lip Kit and then the day after I changed it to Kylie Cosmetics and I was like “This is like gonna be something, like, I can actually do, yeah,’ Kylie said.
Finding a business she could run was a big moment for the youngest Kardashian-Jenner.
Having watched her mother help start a modelling career for her sister Kendall, a sock business for her brother Rob, and an online game for her sister Kim, Kylie says she felt adrift.
Impressive: Also on the list of young billionaires is Snapchat (Snap) founder Evan Spiegel. At 29, he has amassed a fortune of$1.9billion
‘I struggled for a minute with finding something to do on my own,’ she told Forbes.
But she quickly found inspiration in her life long obsession with make-up.
‘Ever since I was in sixth grade, I would wear purple eye shadow,’ Kylie said. ‘I turned to makeup to help me feel more confident.’
She honed her make-up skills through YouTube videos, and when she felt self-conscious about her thin lips, she used lip liner to overdraw her lips and make them look larger.
She also got fillers, but initially denied getting plastic surgery, which caused a bit of scandal around the time that she launched her company.
The $29 Kylie Lip Kits debuted in November 2015 and sold out within seconds. The Kylie Lip Kits went on to start a general trend in the industry for liquid matte lipsticks, with both drug- and department-store brands quickly going to market with similar products.
Kylie’s millions: How does $600m payday compare to the rest of the Kardashian family?
She’s just sold 51% of her make-up company, banking an incredible $600million.
So how does Kylie Jenner’s huge payday compare to the rest of the Kardashian family?
Kylie Jenner; Estimated net worth 1.2billion and counting
Like all her sisters, Kylie, 22, makes money from the family reality show, modelling gigs, and endorsements. However this is dwarfed by her makeup company, which started out as a single batch of 15,000 $29 lip kits which she self-funded and sold online to her Instagram followers in 2015.
With her beauty company now valued at 1.2billion, she has sold a controlling stake to CoverGirl owner Coty for $600million, making her officially the richest Kardashian and indeed the youngest self-made billionaire of all time.
Self made: Kylie Jenner, seen promoting Kylie Cosmetics , is worth more than 1.2billion
Kim Kardashian; Estimated net worth – $370million
The first member of the Kardashian family to find stardom was Kylie’s big sister Kim, 39.
After a couple of years lurking on the sidelines of fame as Paris Hilton’s friend and sometime stylist, she was catapulted into the public eye when an intimate sex tape was leaked in 2007. While Kim was by her own account ‘devastated’, her mother Kris Jenner saw an opportunity and took over, guiding Kim to win a $5million payout via a lawsuit against the company, and signing up the newly notorious family for their own reality show.
This year Kim’s net worth is estimated at $370million by Forbes, which put her at number 26 on the magazine’s 2019 list of America’s Highest-Paid Celebrities. The mother-of-four’s money mostly comes from her share of the Keeping Up With The Kardashians show pay check and her KKW makeup line, which produced $100million in revenue just last year. She has also made millions from her computer game, Kim Kardashian: Hollywood.
She supplements this income with endorsements, recently confirming she gets offered up to $1million for a single sponsored Instagram post.
She said she turned down that particular offer because her husband Kanye West didn’t like the ‘fast fashion’ company because ‘they would knock off Yeezy all the time.’
Her rapper husband has called himself a billionaire, and according to Forbes Kanye earned $150million over the past year, putting him at number three on the magazine’s World’s Highest-Paid Entertainers 2019 list.
Sister act: Kylie’s big sister Kourtney, Kim and Khloe promite their KKW fragrance Diamonds together
Kris Jenner; Estimated net worth – $90million
When her daughter’s sex tape with ex Ray Jay hit the internet, Kris Jenner took control, negotiating so well that the reality star continues to make money from royalties today.
Indeed it is all thanks to Kris that fleeting infamy became something more. Shortly after the sex tape leaked she signed up the entire family for their eponymous reality show, which premiered that same year. KUWTK is currently in its 17th season, and she remains the executive producer.
She also operates as the family momager – a nickname she likes so much she trademarked it – taking a percentage cut of her children’s earnings whenever she negotiates their deals.
While at 30million her social media presence is a fraction of her daughters, Kris also occasionally scores endorsement deals of her own, including a Fendi campaign with Kim and her daughter, North West.
According to the website CelebrityNetWorth she is worth around $90million, however if she negotiated Kylie’s Coty deal, it will mean a huge payday.
Khloe Kardashian; Estimated net worth $40million
Along with the family reality show, and endorsement deals, Khloe has her own clothing line, Good America, which is sold in department stores and online.
Kourtney Kardashian; Estimated net worth $35million
The bulk of Kourtney’s income comes from the family reality show, and endorsement deals. She is currently promoting her Diamond fragrance line with sisters Kim and Khloe.
The mother-of-three’s net worth is estimated at $35million, according to Money.
Caitlyn Jenner; Estimated net worth $100million
Famous first as an Olympian, Caitlyn for years received a pay check for appearing on KUWTK.
Since divorcing Kris Jenner, she has left the money-spinning show, and come out as a trans woman. She paid her bills with her own spinoff chronicling her life as a trans woman, and released a tell-all autobiography.
She currently stars on the British reality show I’m A Celebrity Get Me Out Of Here for which she is being paid $648,000, according to The Sun newspaper.
Her net worth is estimated at $100million.
TV role: Caitlyn Jenner is currently appearing on British reality show I’m A Celebrity
Kendall Jenner; Estimated net worth $30million
Like her sisters Kendall cuts a paycheck from Keeping Up With The Kardashians.
However she combines this role with life as a high fashion model.
Last year she was the world’s highest-paid model for the second year in a row, according to Forbes, making $22.5million in 2018 alone. Money estimates her worth at $30million.
High fashion: Kendall Jenner walks the runway in Rome last month
Rob Kardashian; Estimated net worth $10million
It will come as no surprise that Rob is the least wealthy of his siblings. Still, with an estimated net worth of $10million, the single dad is still a wealthy man.
Rob made his money by appearing on Keeping Up With The Kardashians and his short lived spinoff show. He stepped back from KUWTK last year, now making only occasional appearances for which he is thought to be paid $50,000 an episode. He also has a sock company, Arthur George.
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