Kylie Jenner Billionaire Net Worth Scandal Explained

Reality TV star, model and media personality Kylie Jenner was repeatedly described in multiple media reports as a billionaire. But reporting and a disclosure from Jenner herself reportedly revealed that she was not an actual billionaire.

Jenner was born on August 10, 1997. She is the daughter of Caitlyn Jenner and Kris Jenner. She is sisters with Kendall Jenner and half-siblings with Kim Kardashian, Kourtney Kardashian, Khloé Kardashian and Rob Kardashian. She appeared on the reality TV show “Keeping Up With The Kardashians.”

Forbes Called Jenner “The Youngest Self-Made Billionaire Ever”

Forbes magazine named Jenner, aged 21, as “the youngest self-made billionaire ever” in March of 2019. The magazine said it estimated that her company Kylie Cosmetics was “worth at least $900 million,” and said that combined with the money she had earned from the company before it meant she was now worth over a billion dollars.

Jenner told the magazine that the designation was “a nice pat on the back.”

The designation came after a July 2018 profile and cover of Jenner in Forbes, where the magazine said she was “set to be the youngest-ever self-made billionaire.”

Kylie Jenner Forbes 2018 Billionaire Cover
Kylie Jenner Forbes 2018 Billionaire Cover

Forbes defended describing Jenner as “self-made,” writing, “Forbes defines “self-made” as someone who built a company or established a fortune on her own, rather than inheriting some or all of it.”

In a March 2019 interview with Interview Germany, Jenner defended the description as well, noting, “There’s really no other word to use other than self-made because that is the truth. That is the category that I fall under.”

A year later, in 2020, Forbes again listed Jenner on their billionaires list and said she was just one of ten billionaires under the age of 30 that they recognized.

In November 2019, Kylie Cosmetics was sold to Coty. The deal put a value on Kylie Cosmetics at $1.2 billion.

Forbes Debunks Jenner’s Billionaire Status

Forbes published a report in June 2020 titled “Inside Kylie Jenner’s Web of Lies And Why She’s No Longer A Billionaire.”

The magazine said that they were shown tax documents claiming that the company had earned $307 million from her company in 2016 and $110 million in personal income. But the magazine said the claim that Kylie Cosmetics went from $0 to over $300 million in a year was “hard to believe.” Instead in 2017 Forbes estimated that Jenner was worth $41 million when it listed her on the magazine’s “Celebrity 100” rich list that year.

But after Coty gave a presentation to analysts after it acquired Kylie Cosmetics, the filings showed that Jenner’s company had earned $125 million in 2018, far less than the data that had been presented to Forbes. Forbes also noted that Jenner’s representatives claimed that her skin care line that launched in May 2019 had earned $100 million in its first month and a half, but Coty’s filings showed that it was merely “on track” to earn $25 million for the entire year.

Stephanie Wissink, an equity analyst for consumer goods for the firm Piper Sandler, told Forbes, “The negative that came out of that announcement was that the business was a lot smaller than everybody had expected.”

Forbes said that due to the filings, they believe that Jenner’s representatives were lying about the company’s revenue and her net worth and also accused them of falsifying tax documents.

The magazine concluded: “Taking all this new information into account and factoring in the pandemic, Forbes has recalculated Kylie’s net worth and concluded that she is not a billionaire.”

Jenner Denies She Lied To Forbes

In a letter to Forbes responding to the expose, Jenner’s representatives said, “The accusations that the Jenners, and/or their accountants, falsified tax returns and then lied about their 2016 revenues for the last four years, are absolutely false.”

Jenner also attacked Forbes’ story on her Twitter account: “What am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i’ve never asked for any title or tried to lie my way there EVER. period.”

After the story was published, Forbes still named Jenner as the highest paid celebrity for 2019, reporting that she earned $519 million for the year.

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