The youngest Kardashian family member, Kylie Jenner is officially the world’s youngest self-made billionaire, according to Forbes billionaires’ list. The 21 year-old made a fortune from her best-selling cosmetics business, Kylie Cosmetics which she founded three years ago and is reported to have raked in an estimated $360 Million, surpassing Facebook’s Mark Zuckerberg who became a billionaire at 23. Bloomberg values Jenner’s firm at $1.02 Billion by comparing it with four publicly traded peers: L’Oreal SA, Inter Parfums Inc., Estee Lauder Cos. and Elf Beauty Inc. Kylie Cosmetics outsources its manufacturing and packaging to Seed Beauty and sales and fulfillment to Shopify. The details of those arrangements aren’t public and could alter the valuation. Bloomberg reports that she owns 90 percent of her company and ascribes the rest to her mother Kris, who takes a management fee in exchange for handling public relations and finance.
The Forbes billionaires list is a snapshot of wealth taken on 8 February 2019. The magazine uses that day’s stock prices and exchange rates from around the world.
According to Forbes there are fewer billionaires around – 2,153 of them on the 2019 list, down from 2,208 in 2018. This, in part, explains why their average net worth is $4bn, down from $4.1bn. Forbes also found that 994 of them are less well off than a year ago.