The 22-year-old, who was also named the world’s youngest billionaire (surpassing Facebook founder Mark Zuckerberg), made it on the annual Forbes list after founding her booming cosmetics company, Kylie Cosmetics, in 2015.
The company, which debuted initially with wildly popular lip kits containing matching lipstick and lip liner, went from earning US$3.7 million in 2016 to US$360 million in 2018.
Listen to Mamamia’s daily entertainment podcast, The Spill, where hosts Laura Brodnik and Kee Reece discuss Kylie Jenner’s billionaire status. Post continues below. Post continues below.
The half-sister of reality TV stars Kim, Khloe, and Kourtney Kardashian also earned money from endorsements, modelling and appearances on reality show Keeping Up With The Kardashians.
Amid the release of Jenner’s billionaire status, many people took issue with the 22-year-old – who was born into status and privilege – being deemed as “self-made”.
But now, one year later, Forbes have accused Jenner of spinning a “web of lies” to “inflate the size and success of her business”, claiming that Jenner isn’t a billionaire after all.
In an article published on Friday, the magazine estimated Jenner’s actual net worth at just under $900 million.
“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the publication reported.
The findings come after Jenner sold 51 per cent of Kylie Cosmetics to global beauty company Coty for $600 million in November 2019, valuing the business at $1.2 billion – “clear proof” of Jenner’s billionaire status.
At the time, a Coty presentation on Kylie Cosmetics revealed that the business’ revenue in the 12 months preceding the deal was $177 million, with sales up 40 per cent from 2018.
As Forbes reported, however, the revenue shared in the presentation meant that Kylie Cosmetics had generated roughly $125 million in 2018 – significantly less than the $360 million revenue which Jenner originally reported to Forbes for 2018.
— Forbes (@Forbes) March 5, 2019