WHAT’S BEING CLAIMED:
- According to Forbes’ latest ranking, Kylie Jenner is now officially a billionaire.
- The magazine called Jenner the youngest ever ‘self-made’ billionaire at 21, overtaking Facebook founder Mark Zuckerberg who became a billionaire at 23.
- Jenner’s wealth mostly comes from her company Kylie Cosmetics and recently an exclusive distribution deal with Ulta.
Reality star Kylie Jenner is officially the youngest billionaire in the world, according to Forbes Magazine.
The cosmetics mogul has surpassed Mark Zuckerberg as the youngest ‘self-made’ billionaire ever. The Facebook founder became a billionaire at age 23 in 2008.
The youngest KarJenner was named the world’s youngest billionaire by Forbes in the magazine’s annual Billionaires 2019 ranking.
“I didn’t expect anything. I did not foresee the future,” Jenner told Forbes. “But [the recognition] feels really good. That’s a nice pat on the back.”
Last year, after signing a deal with beauty retailer Ulta to exclusively distribute Kylie Cosmetics products, its revenue climbed 9 percent to an estimated $360 million, with the total valuation of the company estimated at $900 million. According to Forbes, it was a “conservative” report.
Kylie Jenner, who owns 100% of Kylie Cosmetics, launched the brand in 2015 with “minuscule overhead.” Its massive profits go straight into Jenner’s bank account. Her small staff consists of only seven full-time and five part-time employees.
According to Forbes, the brand is manufactured and packaged by Seed Beauty, a private-label based in Oxnard, California while Shopify handles sales and fulfillment.
Her momager Kris Jenner takes care of finance and PR in exchange for the 10% management fee she siphons from all of her kids, Forbes reports.
Marketing is the easiest part as Kylie has 175 million-plus followers, mostly between the ages of 18 and 24, across Snapchat, Instagram, Facebook and Twitter.
“It’s the power of social media,” Jenner says. “I had such a strong reach before I was able to start anything.”
Pairing with Ulta is also a good move in drawing younger customers who might not own a credit card to shop online and bring the products to people who want to “see, touch and feel before they buy.”
Jenner’s other earnings come from an array of product endorsements, including Fit Tea Wraps, waist trainer Waist Gang Society, her KUWTK paycheck, the Kendall + Kylie clothing line and her Adidas partnership.
Though a lot of people reacted to her title “self-made billionaire”, saying it should not apply to someone like Jenner who came from a wealthy family, the 21-year-old set the record straight.
“My parents told me I needed to make my own money, it’s time to learn how to save and spend your own money, stuff like that,” Jenner said. “What I’m trying to say is I did have a platform, but none of my money is inherited.”