Kylie Jenner may not be as rich as we’ve been led to believe. In a new article from Forbes titled “Inside Kylie Jenner’s Web of Lies — and Why She’s No Longer a Billionaire,” the magazine explores Jenner’s finances and ultimately concludes that she is no longer a billionaire. On two previous occasions, the magazine had designated Jenner the “youngest self-made billionaire” in the world.
“Kylie’s business is significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets, including Forbes, to believe,” the magazine reported.
The article, which was published on Friday, May 29, also alleged that Jenner has lied about company figures and forged tax returns in order to appear richer than she actually is.
Jenner first launched Kylie Cosmetics in 2015, when she was just 18 years old. In 2019, she was designated as a billionaire by Forbes, and she earned that distinction again in 2020.
In 2019, Jenner sold a 51 percent stake in the company to Coty for $600 million. That sale led to a valuation for the company as a whole of $1.2 billion, but Forbes is now reporting that sales are “significantly smaller than people have been led to believe.”
Over the 12 months preceding the sale to Coty, the company’s sales were $177 million, which is far lower than the contemporaneously published estimates. The article continued, writing that Coty also reported that the sales had jumped 40 percent from 2018, meaning that sales were only $125 million that year. That figure was far lower than the $360 million that the Jenners had allegedly led Forbes to believe the company made in 2018.
The magazine acknowledged that the company could have shrunk significantly in recent months, but that the more likely explanation was that Kylie Cosmetics was never as big as it claimed to be.
“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,” the magazine concludes.
The article also says that the Kardashian-Jenner family stopped answering when they reached out with questions. The magazine estimates that Jenner’s actual net worth sits at just under $900 million, with more than a third of that wealth coming from the sale of Kylie Cosmetics to Coty.
In March 0f 2019, Jenner said that she did not expect any recognition for the success of her business in an interview with Forbes. At the time, Jenner said that being named the youngest self-made billionaire in the world felt “really good,” and was “a nice pat on the back.”