The Youngest Self-Made Billionaire in the World at 21 - Kylie Jenner

       

Last July, when Forbes put Kylie Jenner on the cover of its America's Richest Self-Made Women list, a controversy erupted over the magazine's description of her as "self-made."

Some argued that Jenner couldn't be self-made because she comes from a wealthy, well-known family. Others pointed out that she latched onto the social-media coattails of her half-sister Kim Kardashian West. Forbes responded with an explanation of its methodology.

Forbes magazine declared as much in its annual billionaires list, published Tuesday. Having accumulated an estimated $1 billion by age 21, her entry states, Jenner is “the youngest self-made billionaire, reaching a 10-figure fortune at a younger age than even Mark Zuckerberg (who was 23 when he hit that mark).” The Kylie Cosmetics founder ranks No. 2,057 on a list of 2,153. Amazon founder Jeffrey P. Bezos, who owns The Washington Post, and Microsoft co-founder Bill Gates still hold the top two spots.

How self-made are these billionaires?

Forbes defines being self-made as "someone who built a company or established a fortune on her own, rather than inheriting some or all of it."
To account for the benefits of family wealth and to better reflect how far some people have come in relation to others, Forbes introduced a scale in 2014 that ranges from 1 for someone who entirely inherited their wealth to 10 for someone who is entirely self-made.
Oprah Winfrey, for example, who was raised by a single mother in poverty, is a 10, according to Forbes. Similarly George Soros, who survived the Nazi occupation of his home country of Hungary and later fled to England where he worked his way through the London School of Economics as a railway porter and waiter, is also a 10.
On the other end of the spectrum are people who have inherited wealth and have not actively worked to increase it. Alice Walton, the only daughter of Walmart founder Sam Walton, and Laurene Powell Jobs, the widow of Steve Jobs, are 

Jenner's latest boost in wealth comes primarily from Kylie Cosmetics, her makeup company, which Forbes now values at $900 million. Kylie Cosmetics, which is projected to rake in $1 billion in lifetime sales by 2022, signed an exclusive distribution deal with the retailer Ulta last summer that quickly boosted sales for Jenner's company (Forbes says Kylie Cosmetics sold $54.5 million worth of products in Ulta stores over the first six weeks of the deal). Jenner says that she plans to work on the company "forever" and then pass it down to her daughter, Stormi, who recently celebrated her first birthday.

"I didn't expect anything. I did not foresee the future," Jenner tells Forbes of her business success. "But [the recognition] feels really good. That's a nice pat on the back."

Some critics on social media have taken issue with the description of Jenner as self-made because she was born into wealth and fame. (Details about Forbes' methodology and criteria can be found here.) Either way, Jenner's entrepreneurial efforts are impressive. She's the most financially successful member of the Jenner-Kardashian family: Her older half-sister Kim Kardashian West has an estimated net worth of $350 million.

enner's inspiration for her makeup brand came from her obsession with YouTube tutorials as a tween: "I turned to makeup to help me feel more confident," she tells Forbes. At 17, two years before it officially launched, Jenner trademarked "Kylie Lip Kit." Within six weeks of her first makeup release, her mom and manager Kris Jenner decided to partner with their current manufacturer, Seed Beauty.

The popularity of Jenner's products also stems from the limited number of products she makes available for each launch, which usually sell out. There's no truth to rumors that Seed Beauty and Kylie Cosmetics deliberately create the illusion of scarcity, Seed Beauty co-founder Laura Nelson told Vanity Fair, adding, "We are running the factory 24-7 to meet demand. It's truly as much as we can make."

“It’s the power of social media,” Jenner told Forbes, which notes that she boasts more than 175 million followers across Instagram, Snapchat, Facebook and Twitter. “I had such a strong reach before I was able to start anything.”

But to truly understand how Jenner was able to turn a makeup kit into an empire, you must understand the obsession with her perfect pout. Her lips grew in size sometime in 2014, and as happens with such an intensely public family, tabloids took notice almost immediately. She insisted that it was just good makeup — “I think contouring and lip liner definitely changed my life,” she famously said — but curious teens refused to take heed. Instead, they invented the Kylie Jenner Lip Challenge, which involves sticking your lips in a shot glass and sucking out all the air. (This was obviously a horrible idea, and you can see why here.)

Jenner generated quite a response when she finally fessed up to having temporary lip fillers in May 2015, and the business instincts she inherited from her mother kicked in. She paid for 15,000 lip kits with her own money and teased them on social media, eventually putting them up for sale online for $29 in November. They sold out in minutes.
The company was renamed Kylie Cosmetics the next February, when Jenner stocked the site with 500,000 more lip kits in multiple shades, and it has since expanded to all sorts of makeup products. (The lip kits still go for $29.) Forbes reports that Kylie Cosmetics made a whopping $307 million in its first year but that sales grew only slightly until this past November, when Jenner partnered with the beauty store Ulta to sell her products at brick-and-mortar retailers.

Thanks to Ulta, Kylie Cosmetics made roughly $360 million last year. (She also attracted quite a bit more attention than usual thanks to a secret pregnancy and high-profile romance with rapper Travis Scott.) Forbes says Jenner’s company is worth at least $900 million, and, when you add in the money Jenner already had and subtract her mother’s 10 percent management fee, that puts her at $1 billion. Must be nice!

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