The Forbes World’s Billionaires list came out on April 8 and 22-year-old Kylie Jenner still finds her name on the list as the world’s youngest self-made billionaire for the second year in a row.
She unseated Mark Zuckerberg, 35, in May 2019 as he was 23 when he first became a billionaire in 2008.
Responding to the controversy of Kylie’s “self-made” title as people pointed out that she came from a privileged family, Forbes wrote: “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).”
Kylie then sold 51% of her stake in Kylie Cosmetics last November to Coty Inc. for $600 million.
The deal increased the value of her business to $1.2 billion. She still retains sole control over the remaining 49 percent.
Kylie is one of just 2,095 people on the planet with their fortune counted in 10 digits.
Kylie 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.”
The 22-year-old is the youngest, and richest, of the whole Kardashian-Jenner family. She began her make-up line in 2015 with $29 lipstick kits.
Within minutes of launching, the kits sold out and showed the power of her 270 million-plus followers on social media.
At first, Kylie’s products were only sold online but a deal with Ulta Beauty in 2018 saw her products appearing on the chain’s shelves in its 1,100 stores across the US.
She introduced Kylie Skin earlier this year, a line of under-eye creams, moisturizers, and facial scrubs.
In 2018, she had sales estimated at $360 million.
Upon first receiving the “self-made” accolade, Kylie addressed the claims that she didn’t deserve it.
Kylie admitted to getting “a lot of help” but refuted claims that she inherited the money she used to build her cosmetic empire.
Instead, she attributed her success to the power of social media, telling Forbes: “I had such a strong reach before I was able to start anything.”
Kylie only had seven full-time and five part-time employees last year. Kylie’s mother Kris handles all of her finances and public relations (for a 10 percent fee) just like with all her children.
All production and sales for Kylie’s company are outsourced.
Her huge social media following means she needs to do very little marketing.
She told Vogue in 2018: “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.
The rest, as they say, is history.
Replaced!