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Kim Kar­dashian’s younger sis­ter is said by ‘Forbes’ to be worth $900m, writes Joyce Fe­gan

Irish Examiner - - Front Page -

At just 20, re­al­ity TV star Kylie Jen­ner is set to be­come the youngest ever self-made billionaire, ac­cord­ing to ‘Forbes’ .

At just 20 years of age, Kylie Jen­ner, the half-sis­ter of Kim Kar­dashian, is set to be the youngest ever self-made billionaire, ac­cord­ing to Forbes magazine.

The magazine, in its ‘Amer­i­can Women Bil­lion­aires’ edi­tion, es­ti­mates Jen­ner to be worth $900m, thanks to her two-year-old Kylie Cos­met­ics busi­ness.

Jen­ner is on track to pass Face­book’s founder, Mark Zucker­berg, as the youngest self-made billionaire in history.

Zucker­berg was 22 when he be­came a billionaire. It is es­ti­mated that Jen­ner, who turns 21 next month, will take this ti­tle from him in less than a year.

Jen­ner is on a par with Jay-Z, who is the wealth­i­est man in hip-hop, at the age of 48.

Fur­ther­more, Jen­ner’s more fa­mous half-sis­ter, Kim Kar­dashian, is es­ti­mated to be worth $350m.

Forbes com­piled each of the women’s net worth, the value of their as­sets, and their com­pany’s tak­ings, by us­ing stock prices from June 22.

While Jen­ner is a so­cial me­dia star, who earns money from en­dors­ing prod­ucts on her var­i­ous plat­forms, the bulk of her in­come comes from Kylie Cos­met­ics.

Forbes es­ti­mates that her com­pany is val­ued at $800m.

In terms of how her busi­ness is struc­tured, man­u­fac­tur­ing, pack­ag­ing, sales, fi­nance, and pub­lic re­la­tions are all out­sourced.

Jen­ner has no listed of­fice and works from her mother Kris Jen­ner’s home. Kylie is the sole owner of the cos­met­ics busi­ness, which is best known for its lip kits, a box that in­cludes a liq­uid lip­stick and match­ing lip liner. As sole owner, she reaps all prof­its, but her mother, who han­dles her busi­ness af­fairs, take a 10% cut.

The million-dol­lar busi­ness has seven full-time and five part-time em­ploy­ees.

Other sources of in­come for Jen­ner in­clude sev­eral million dol­lars from her share of E!’s Keep­ing Up With the Kar­dashi­ans, as well as en­dorse­ment deals with Puma and PacSun.

While not yet a billionaire and nor the world’s youngest ever self-made billionaire, as of yet, Jen­ner falls 27th on the Forbes’ list, but is still the cover im­age of the ‘Amer­i­can Women Bil­lion­aires’ edi­tion.

There are 60 women on the list, in­clud­ing Oprah Win­frey, whose worth of $3.1bn has her in sixth place.

Other no­table names in­clude Face­book’s Sh­eryl Sand­berg, in 12th po­si­tion with $1.5bn, Madonna 36th with $590m and fash­ion de­signer Vera Wang, 34th, with $630m.

Forbes, which only be­gan track­ing women’s wealth in 2015, es­ti­mates that the 60 en­trepreneurs com­bined hold $71bn.

This is an in­crease of 15% from last year’s to­tal worth. It is also the high­est amount of col­lec­tive money since Forbes be­gan the list, four years ago. While fa­mous names de­rive their wealth from me­dia, mu­sic, and cos­met­ics, many of the women on the list are mak­ing their for­tune from ven­ture cap­i­tal, biotech, and building sup­plies.

Jen­ner, who is the youngest per­son on the list, has stolen the ti­tle of the world’s youngest fe­male self-made billionaire from Spanx cre­ator Sara Blakely. In 2012, Forbes iden­ti­fied Blakely, who cre­ated the seam­less un­der­gar­ment brand from her apart­ment floor, as be­ing a billionaire.

Blakely learned to write her own patent from a book in Barnes and No­ble, did not spend money on ad­ver­tis­ing, and in­stead sent a pair of un­der­wear to the Oprah Win­frey Show.

She cashed out $5,000 in sav­ings, at age 29, to start the busi­ness.

Blakely, when listed in 2012, was the youngest fe­male billionaire who did not re­ceive her money from an in­her­i­tance or a spouse. To­day, she still owns 100% of the com­pany and started it while sell­ing fax ma­chines door-to-door.

Blakely’s self-made story has brought Forbes some crit­i­cism for de­scrib­ing Jen­ner in sim­i­lar terms. While no one was deny­ing Jen­ner’s suc­cess nor crit­i­cis­ing her for it, ‘self-made’ usu­ally refers to rags to riches sto­ries, such as Blakely’s or Oprah Win­frey’s (she was born into poverty in ru­ral Mis­souri). The point of the crit­i­cism was that no one could see any rags with Jen­ner, who be­came a re­al­ity TV star at the age of 9.

“Ba­si­cally, all Jen­ner does to make all that money is lever­age her so­cial me­dia fol­low­ing,” read the Forbes ar­ti­cle.

Other young fe­male en­trepreneurs who did not make the list but who may in the fu­ture, as more and more women see their wealth in­crease, in­clude Bum­ble dat­ing app founder Whit­ney Wolfe, with an es­ti­mated worth of $290m, and Seema Bansal, 27, of e-com­merce busi­ness suc­cess Venus ET Fleur.

Picture: An­gela Weiss/AFP/Getty

Within a year, Kylie Jen­ner will likely have be­come the world’s youngest self-made billionaire, a ti­tle cur­rently held by Face­book founder, Mark Zucker­berg.

Picture: An­gela Weiss/AFP/Getty

Kylie Jen­ner, who is es­ti­mated by ‘Forbes’ magazine to be worth $900m, at the Met­ro­pol­i­tan Mu­seum of Art, in New York, on May 7, for the Met Gala.

Kylie Jen­ner, 20, on the cover of ‘Forbes’ magazine’s Au­gust edi­tion.

Kylie Cos­met­ics, known for its lip­sticks and lip lin­ers, is es­ti­mated to be worth $800m.

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