Forbes Magazine has unveiled the cover of their 2018 August issue about "America's Women Billionaires," with makeup mogul Kylie Jenner gracing the front page. Kylie poses in a black shoulder padded blazer with her hair in a sleek bun. The text beside her reads, "At 21, she's set to be the youngest-ever self-made billionaire."
Forbes reveals that Kylie owns 100 percent of Kylie Cosmetics, the company she founded in 2016 which is now worth $800 million. Coupled with strategic social media endorsements and TV gigs, Kylie's net worth is valued at $900 million.
Forbes projects that after another year of growth, Kylie's net worth is expected to grow above 1 billion, which would make her the youngest self-made billionaire ever, replacing Mark Zuckerberg who currently holds this title. Zuckerberg grabbed the title at age 23 when he became worth a cool billion himself. If things keep looking up for Kylie, she will be the youngest self-made billionaire next year, at age 21.
Unsurprisingly, Kylie's the richest member of the Kardashian-Jenner clan. And momager Kris Jenner is reaping some of the benefits - 10 percent to be exact. Kris Jenner manages her daughters' finances and public relations for a 10 percent cut - meaning that last year, Kylie paid her mom $17 million.
Kylie says her business started with $250,000 of her own money that she made from modelling and endorsement deals. She only included 15,000 lip kits in her first batch, which she sold for $29 each. All were sold out in under a minute. Fast forward to a year or so later, and Kylie Cosmetics had raked in $430 million in just 19 months.
Kylie's half-sister Kim Kardashian was formerly the highest earning member of the family, and has a current net worth of $350 million. But, she's got nothing but love and praise for her 20-year-old younger sister, who's 17 years her junior.
Kim shared Kylie's Forbes cover on Twitter twice today, with the caption "Wait I’m posting this again just because!!!! BILLION DOLLAR BABY" followed by a million fire, wave and money face emojis.
But, Kylie's also facing a lot of backlash over the Forbes feature, with many people arguing that her riches are everything but self-made:
Every time I see that Forbes cover headline about Kylie Jenner being a self made billionaire, I cringe. That’s an amazing accomplishment but by no means do I consider her self-made. If anyone of the Kardashian/Jenner squad started at the bottom and paved a way, it was Kim.— Shay Duriel 💁🏾 (@Shayduriel) July 11, 2018
ah yes, kylie jenner, self made rich woman. how could you not love her backstory. being born to a lower class family, working menial jobs to make ends meet. finally getting her big break when her sister made a sex tape that turned into a reality show. you go, girl!— Collin Duddy (@LoboExplosivo) July 11, 2018
Self made lol. Born into privilege and used that as a start up. Honour the women and men who started with nothing and made billions . The real entrepreneurs who literally had nothing and made it.— Tom Hinds 🇦🇪 (@ThomasHinds86) July 11, 2018
kylie jenner’s “self-made” empire is almost as funny as donald trump’s “small loan of 1 million dollars”— james (@phan1om_) July 11, 2018
calling kylie jenner a ‘self-made billionaire’ is like claiming you made soup from scratch because you opened a can and reheated it.— gulab jamun (@PedestrianPoet) July 11, 2018
Kylie says she'll be working on Kylie Cosmetics forever, but would consider passing it down to her daughter Stormi Webster someday, "if she's into it." But, Forbes reports that the lip kit wave is starting to taper off. Kylie's lip-kit revenue dropped an estimated 35% last year, and company revenue grew by only 7%. But, we're sure she'll find a way to make an even stronger comeback.