Kylie Jenner Officially Booted From Forbes’ Billionaire’s Club
Kylie Jenner has been officially booted off this year’s Forbes’ billionaires ranking, two years after the magazine controversially named her the world’s “youngest self-made billionaire.”
The 23-year-old socialite, among 60 others, was dropped from Forbes’ 35th annual billionaire’s list they announced on Tuesday, according to Insider.
Kylie Jenner, West Virginia Governor Jim Justice And 59 Others Who Lost Their Billionaire Status This Year https://t.co/pk1TcTvcXF #ForbesBillionaires pic.twitter.com/MAFAMMzBic
— Forbes (@Forbes) April 6, 2021
Jenner gained her riches from Kylie Cosmetics company, valued at about $1.2 billion. In 2019, she sold 51% of the company to cosmetics conglomerate Coty for $600 million. Forbes reported in 2020 that Jenner and her momager, Kris Jenner, had inflated their wealth in documents they’d sent, accusing “Kylie’s camp” of “lying.” Forbes said that the Jenners had invited the magazine’s reporters into their homes and their accountants’ offices and that they’d created tax returns “that were likely forged.” Forbes reporters estimated that Kylie Jenner’s wealth was likely “just under $900 million.”
Jenner’s net worth has recently been estimated to be about $700 million, but another member of the Kardashian family made it to Forbes’ official billionaire’s list: Kim Kardashian. The Forbes team says Kardashian’s lucrative businesses — her cosmetics line, KKW Beauty and her SKIMS brand, as well as cash from reality television and endorsement deals, and a number of smaller investments including real estate all contributed to her increased wealth.
Kardashian founded KKW Beauty in 2017, following the success of her sister’s Kylie Cosmetics. She borrowed from Kylie’s game plan, using a similar direct-to-consumer model that relies heavily on social media marketing. By 2018, the business was bringing in about $100 million in revenue annually. Then, she cashed in on selling 20% of KKW Beauty ownership to Coty for $200 million, a deal that valued the company at $1 billion. Her remaining 72% stake in the company is worth around $500 million on its own.
