Kylie Jenner Named Youngest Self-Made Billionaire For Second Year Running
8 April 2020, 11:14
Kylie Jenner has been given the title of youngest self-made billionaire for the second year in a row.
After causing controversy in 2019 for announcing Kylie Jenner as the youngest self-made billionaire, Forbes have revealed the Keeping Up With The Kardashians star holds the title for the second year running.
Kylie, 22, has held onto her position thanks to the success of her beauty company, Kylie Cosmetics, which she began in 2015.
The mum of Stormi Webster faced criticism when she was confirmed to be the youngest self-made billionaire, given that she grew up surrounded by extreme wealth and already had a platform thanks to her famous family including big sister Kim Kardashian, mum Kris Jenner and dad Caitlyn Jenner.
However, Forbes insisted Kylie wasn’t handed her business and did in fact build it herself.
The lip kit mogul made it onto the prestigious list in March last year, managing to cement her place at the top in November when she sold 51 per cent of her company to beauty giant Coty Inc for $600million (£490m).
Coty Inc also have ownership in brands such as Burberry, OPI, Calvin Klein, GHD, and MAX FACTOR.
Forbes magazine explain the deal values Kylie Cosmetics at $1.2billion (£1billion), of which she still receives a hefty income from her 49 per cent share.
The cash from the sale and her continued involvement in the business make her one of 2,095 people in the world with a 10-figure sum to their name.
When Kylie was first announced to hold the title in 2019, Dictionary.com shadily tweeted: “Self-made means having succeeded in life unaided,” fuelling the criticism the 22-year-old received for being branded “self-made”.
She said at the time: “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.”
Kylie began her cosmetics company by selling lip kits; lip glosses and lipsticks that came with a matching liner, which were lapped up by the millions of followers she had already established on social media.
Since then, she has expanded into eyeshadow palettes, bronzers, highlighters, brow kits, and in 2019 she developed a skincare range.