On March 5, 2019, Forbes Billionaire List placed Kylie Jenner’s net worth in the billions, with the headline “At 21, Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever.” Forbes, on the other hand, reversed their position on June 1, 2020, alleging that the acclaimed self-made billionaire lied to them about her fortune.
Kylie Jenner is the ever-controversial reality star that is known to certainly go on spending her wealth lavishly as she did in the year 2020 when she chartered a $200 million superyacht to celebrate her birthday.
Jenner founded Kylie Cosmetics when she was 21 years old and was recently crowned Forbes’ youngest “self-made” millionaire. Jenner, on the other hand, was not named a billionaire by Forbes in May. Whereas she previously has claimed since 2016 that the size and profitability of her firm were inflated and that Forbes and other media sources were often not reporting the real net worth.
According to Forbes, Jenner started Kylie Cosmetics in 2015 and claims to have earned $400 million in the company’s first 18 months. Jenner agreed to sell a $600 million controlling stake in her beauty brand Coty Inc. for $1.2 billion in November 2019. Forbes magazine viewed that the business lacked the financial means mentioned by the Jenners and suffered financial losses as a result of the coronavirus outbreak.
In a wake to seek the truth, Jenner’s representative did not respond to Business Insider’s request for comment.
Despite her disputed billionaire status, Jenner developed a cosmetics firm, appeared on “Keeping Up with the Kardashians” and her own spin-off “Life of Kylie,” launched her sister’s clothesline, and gathered millions of Instagram followers for her products.
Kylie Jenner’s Net Worth and Her Rise to the Forbes Billionaire List
According to Forbes, Jenner’s company, Kylie Cosmetics, was valued at $900 million at the time. The publishing company further stressed that the business’s personal income raised Kylie Jenner’s net worth to over $1 billion which edge her the chance to emerge as a billionaire in the 2019 Forbes billionaire list.
Jenner was frequently referred to as a “self-made” businesswoman and billionaire, meaning that she was born into wealth and power. In an interview with Forbes magazine, Jenner revealed that “there are genuine self-made items” and that her parents “exiled her at the age of fifteen.”
A clarification from Forbes on what they meant by self-made billionaire goes thus, “self-made as someone who built a company or established a fortune on her own, rather than inheriting some or all of it. As long as the list member didn’t inherit a business or money, she is labeled self-made. But the term is very broad, and does not adequately reflect how far some people have come and, relatively speaking, how much easier others have had it.”
In a first revelation attempt, Forbes stated on April 7 that Jenner was still the world’s youngest self-made millionaire and not a billionaire. Another May Forbes article indicated that she was not 22. And that Jenner and her mother, Kris Jenner, have been deceiving Forbes and other news outlets since 2016, and their most recent study exaggerates their company’s size and profitability.
Thence, Jenner is still a millionaire, with a net worth of $900 million, according to Forbes.
Jenner immediately resorted to Twitter to express her displeasure with Forbes’ claim. “I thought this was a reputable website till I read a few erroneous statements and unsupported theories, haha. She further questioned Forbes’ “evidence” that tax returns “were certainly fabricated,” claiming, “I have never sought title or attempted to lie my way EVER.”
Jenner remarked, “I can now think of a hundred things that are more essential than repairing my financial situation.”
Kylie Jenner was removed from Forbes’ list of millionaires this year, and Forbes named her the world’s “youngest self-made billionaire.”
The 23-year-old socialite was left off Forbes’ 35th annual list of millionaires, which was announced on Tuesday. Jenner’s Kylie Cosmetics business helped her acquire an estimated $1.2 billion fortune. She sold her company to Coty in 2019 for $600 million, or 51% of the company.
According to Forbes in 2020, Jenner and her mother and manager, Kris Jenner, lied about their riches by using shipping documents, blaming “the Kylie camp.” Forbes journalists were provided access to the Jenners’ homes and accounting offices, where they generated “potentially fabricated” tax returns, Forbes reports.
Forbes journalists compared the Jenners’ accomplishments to Donald Trump’s seeming success with his methods. Despite the fact that Jenner’s net worth was recently estimated to be $700 million, they maintained that she was only worth “about $900 million.”
Kim Kardashian West, another member of the Kardashian or Jenner family, has joined the ranks of the Forbes billionaires. Kim Kardashian’s net worth is $1 billion, according to Forbes, thanks to the success of KKW Beauty and her shapewear firm, Skims.
Common Knowledge Gaps
Who is Kylie Jenner?
Kylie Kristen Jenner is a media personality, socialite, model, and businesswoman from the United States. She has been a regular on the E! reality show Keeping Up with the Kardashians since 2007, and she is the founder and owner of the cosmetics firm Kylie Cosmetics.
What is Kylie Jenner’s Net Worth?
Kylie Jenner’s net worth rose to the ranks of Forbes’ World’s Billionaires before being knocked off, her net worth is estimated to be $900 million as of today.
What is Forbes Billionaire List?
The Forbes Billionaires List is an annual ranking of the world’s wealthiest billionaires based on verified net worth, gathered and published in March each year by the American business magazine Forbes.