By Daily Mail,
Forbes released the annual World’s Billionaires list on Wednesday and beauty mogul Kylie remains the planet’s youngest self-made billionaire at aged 22.
In 2019, the star unseated Facebook’s Mark Zuckerberg, 35, as the youngest-ever self-made billionaire – he was 23 when he made his first billion 11 years ago in 2008.
Forbes has addressed the controversy that surrounds the title ‘self-made’ as last year, people were up in arms that Kylie came from an already privileged background.
They penned: ‘ Yes, self-made (despite a lot of help from her famous family, she didn’t inherit her business—she built it). And yes, billionaire (she’s worth $1 billion).’
Kylie famously made it onto the billionaires list in March 2019.
Then in November last year, she sold off 51% of her Kylie Cosmetics brand to beauty brand Coty Inc. for $600 million.
The deal, which closed in January, means her business is now valued at around $1.2 billion. She still solely owns the other 49 percent stake.
The site also reveals that money from the sale means she is one of just 2,095 people in the world with a a fortune of ten digits.
Kylie has previously told Forbes: ‘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.’
Jenner, who is the youngest and richest of the entire Kardashian-Jenner family, started her make up line in 2015 by selling $29 lipstick kits.
The kits sold out within minutes of launching – an early sign of the power of her now 270 million-plus social media following.
Jenner’s products were only sold online when it was first launched but in 2018, the brand struck a deal to sell its goods in 1,100 Ulta Beauty stores across the U.S.
She expanded her empire earlier this year with Kylie Skin – a line of moisturizers, under eye creams and facial scrubs.
Jenner brought in sales of an estimated $360 million in 2018, according to Forbes.
Kylie herself responded to claims that she didn’t deserve her ‘self-made’ title when she was given the accolade last year,
In response, Jenner admitted that she’d had ‘a lot of help’ on her way’ but denied inheriting any money that contributed to her cosmetic fortune.
She credited much of her success to the power of social media and told Forbes: ‘I had such a strong reach before I was able to start anything.’
As of last year, Jenner employed just seven full-time and five part-time employees at her cosmetics company. Her mother Kris – like with all of her children- handles her daughter’s finance’s and public relations for a 10 per cent fee.
Jenner has, until now, outsourced production and sales for her company.
She has very little marketing costs due to her own social media promotion and relies heavily on her social media presence to market her cosmetics.
In 2018, Kylie told Vogue: ‘I had Kylie Lip Kit trademarked like two years before it even launched and I was like bugging my mom about it. I see it, like, I need to do this.
‘She was like “Okay, put up your own money, like stop talking about the Lip Kit.” And then I didn’t even order a lot and I was like “Okay, if this doesn’t work out you’re gonna have, like, a lot of Lip Kits in your garage,”‘ she recalled.
Kylie decided to take the risk, and it paid off immediately.
‘I didn’t even make it to my launch party. I like refreshed the page and in two seconds everything was gone and like I just remember me and all my glam people, my friends, we were like screaming.
Also on the list of young billionaires is Snapchat (Snap) founder Evan Spiegel.
At 29, he has amassed a fortune of$1.9billion.
John Collison, 29, is the founder of the Irish payment company Stripe. He is worth $3.2billion.
Sisters Alexandra and Katharina Andresen, aged 23 and 24, are also on the list.
The Norweigan sisters are heiresses to their father’s holding company, Ferd S, and they each now have a personal fortune of $1.1billion.
‘And then the Kylie Instagram used to be Kylie Lip Kit and then the day after I changed it to Kylie Cosmetics and I was like “This is like gonna be something, like, I can actually do, yeah,’ Kylie said.
Finding a business she could run was a big moment for the youngest Kardashian-Jenner.
Having watched her mother help start a modelling career for her sister Kendall, a sock business for her brother Rob, and an online game for her sister Kim, Kylie says she felt adrift.
‘I struggled for a minute with finding something to do on my own,’ she told Forbes.
But she quickly found inspiration in her life long obsession with make-up.
‘Ever since I was in sixth grade, I would wear purple eye shadow,’ Kylie said. ‘I turned to makeup to help me feel more confident.’
She honed her make-up skills through YouTube videos, and when she felt self-conscious about her thin lips, she used lip liner to overdraw her lips and make them look larger.
She also got fillers, but initially denied getting plastic surgery, which caused a bit of scandal around the time that she launched her company.
The $29 Kylie Lip Kits debuted in November 2015 and sold out within seconds. The Kylie Lip Kits went on to start a general trend in the industry for liquid matte lipsticks, with both drug- and department-store brands quickly going to market with similar products.
Image credit: WireImage