Today in toptalks In May 2021, Forbes reported that Kylie Jenner was no longer a self-made billionaire. The publication claimed that Kylie had inflated the sales figures of Kylie Cosmetics, accusing her team of forging tax returns to boost her net worth. Consequently, Forbes revoked her billionaire status. Previously, Kylie had sold 51% of her company to Coty in a deal valued at $1.2 billion, earning an estimated post-tax income of $340 million. After further analysis, Forbes concluded that Kylie Jenner is “not a billionaire.”

Forbes had earlier placed Kylie on its annual World’s Billionaires list, naming her the world’s youngest self-made billionaire in 2020, just before the COVID-19 pandemic. Despite this, her ‘self-made’ status sparked controversy due to her wealthy, reality TV-famous background.

Early Life

Kylie Kristen Jenner was born on August 10, 1997, in Los Angeles, California, to Kris and former Olympic gold medalist Bruce Jenner. She has an elder sister, Kendall Jenner, and several half-siblings, including Kourtney, Khloé, and Kim Kardashian. Since childhood, Kylie has been in the spotlight, with paparazzi closely following her family’s every move.

Growing up, Kylie was featured in the reality series Keeping Up With The Kardashians alongside her famous siblings. She attended Sierra Canyon School and later earned her high school diploma from Lauren Springs High School in California. Additionally, Kylie built a massive social media following, and in 2015, Time magazine named her one of the Most Influential Teens.

Career Highlights

The Kardashian family is one of the most widely followed in the entertainment world. While Kim Kardashian initially dominated the limelight, Kylie Jenner has recently emerged as a significant figure in the family. Leveraging her family’s fame, Kylie launched several business ventures, including her successful cosmetics line.

Kylie began her on-screen career in 2007 as a main cast member in Keeping Up with the Kardashians. She also appeared in various spin-off shows centered around her sisters, Kourtney and Khloé. In 2011, Kylie earned substantial income by endorsing two nail lacquers from the Nicole by OPI brand. She and Kendall also launched ‘The Kendall & Kylie Collection’ with PacSun in February 2013.

In June 2013, Kylie and Kendall launched the ‘Metal Haven by Kendall & Kylie’ clothing and jewelry line. They later collaborated with Steve Madden on a shoe and handbag collection. This overwhelming reception led to Kylie’s appearance in music videos, further boosting her fame.

Her rising popularity on social media platforms like Instagram and Snapchat played a crucial role in her growth. In 2015, Kylie launched her hair extension line, ‘Kylie Hair Kouture’, and became the second ambassador for the skincare line ‘Nip + Fab’. She also became the face of PUMA in 2016. That same year, she and Kendall launched their clothing line with Topshop. In September 2015, Kylie debuted her website and lifestyle app, alongside her lipstick line, ‘Kylie Lip Kit’.

Kylie’s career reached new heights when she expanded her cosmetics line into a full-fledged brand, Kylie Cosmetics. She invested $250,000 of her own money from modeling gigs in 2015 to produce the first batch of 15,000 lipsticks, which sold out within seconds. Her extensive media presence played a pivotal role in the brand’s success, with her millions of social media followers serving as a ready market.

Kris Jenner, Kylie’s mother, supported her by helping with strategies and tactics. Together, they sold 500,000 kits in record time. Kylie’s business quickly became a massive success. In November 2019, Kylie sold 51% of Kylie Cosmetics to beauty giant Coty Inc. for $600 million. The deal valued her business at about $1.2 billion. The sale, combined with her remaining 49% stake, initially made Kylie one of the world’s billionaires.

In March 2019, Forbes recognized Kylie as the youngest-ever self-made billionaire. At just 21 years old, she surpassed the record set by 23-year-old Mark Zuckerberg. Not slowing down, she launched her Kylie Skin skincare line in May 2019.

In April 2020, Forbes once again included Kylie in its World’s Youngest Billionaires list, recognizing her billion-dollar fortune. However, after reviewing filings related to her deal with Coty Inc., Forbes determined that Kylie had inflated sales figures. As a result, she was removed from the billionaire list.

Philanthropic Work

Kylie Jenner has actively contributed to fighting the COVID-19 pandemic. She donated $1 million to purchase protective equipment for first responders. In March 2020, after a request from the U.S. Surgeon General, Kylie urged her 169 million Instagram followers to practice social distancing.

Additionally, Kylie and her mother, Kris Jenner, announced a mass hand sanitizer donation to hospitals in Southern California. Their custom product, created in collaboration with Coty Inc., was dedicated to supporting first responders during the pandemic. Coty, a major stakeholder in Kylie Skin and Kylie Cosmetics, produced Kylie’s hand sanitizer in its factories to address the shortage faced by medical professionals.

Beyond the pandemic, Kylie has been involved in various charitable efforts. In 2013, she and her sisters raised money for the Children’s Hospital Los Angeles by auctioning old clothes on eBay.