Move over, Kylie because there's a new billionaire in the Kar-Jenner family! Kim Kardashian can now be counted on the same level as Elon Musk, Jeff Bezos and other major moguls because she has officially become a billionaire.
Forbes released its annual "World's Billionaire List" on Tuesday, which included Kardashian for the very first time.
The outlet estimates that Kardashian is now worth $1 billion, up from $780 million in October thanks to KKW Beauty and Skims, as well as cash from reality TV, endorsement deals and some smaller investments.
She first launched KKW Beauty in 2017 after watching her sister Kylie Jenner gain so much success with her makeup company, Kylie Cosmetics.
"It’s the first time I’ve moved away from having licensing deals and transitioned into being an owner,” Kardashian told Forbes in 2017, when she first announced KKW Beauty.
Kardashian sold 20 per cent of her cosmetics line to Coty in a deal last year for $200 million, which valued the business at $1 billion. Forbes said that her remaining stake in the business is worth around $500 million.
“Partnering with an established organization like Coty will be instrumental in the advancement of my brands as their global reach allows for faster expansion so people around the world are able to experience new launches first hand," Kardashian said in a statement at the time. "This relationship will allow me to focus on the creative elements that I’m so passionate about while benefiting from the incredible resources of Coty and launching my products around the world.”
She also took over our Instagram feeds when she launched Skims in 2019, which focuses on shape and loungewear.
Kardashian owns a majority stake in the company, which Forbes valued at about $500 million. With the pandemic, Kardashian was able to capitalize on work from home attire and making us all want to purchase everything from Skims Cozy Collection.
We can't forget that she also gets money from her hit reality TV series, Keeping Up With the Kardashians, making at least $10 million pretax since 2012, according to Forbes.
The mother of four also has many endorsement deals, social media sponsorships, video games and investments in Disney, Amazon, Netflix and Adidas.
After news spread of Kardashian's billionaire status, she posted a very happy vacation photo on Instagram with the caption, "bliss."
The Kar-Jenner family isn't new to the Forbes billionaire list. The outlet faced backlash when it named Kardashian's sister Kylie Jenner as the youngest self-made billionaire in 2019 at the age of 21.
The outlet estimated that Jenner’s Kylie Cosmetics was worth at least $900 million, and she owned it all at the time.
Many people on social media were skeptical of the "self-made" title because the Kar-Jenner sibling climbed her way to becoming a billionaire with the help of her rich and famous family.
Forbes said that as long as she didn’t inherit a business or money, she’s labelled "self-made." Dictionary.com disagreed and tweeted, “Haven’t we gone over this? Self-made: Having succeeded in life unaided.”
Kardashian had previously defended her sister in 2018 when Forbes featured her in an article about building a $900 million fortune in less than three years.
“I really didn’t get it, because she is ‘self-made’ — we are all ‘self-made.’ What, because we came from a family that has had success? To me, that doesn’t really make sense,” Kardashian told Refinery29 in an interview “… I know so many people like that [who] haven’t turned out to be as successful as Kylie. If anything, I’ve seen the complete opposite.”
After including Jenner on the list, Forbes released a report rescinding the billionaire status and claiming that Jenner faked her way to the designation with bogus tax returns. Forbes estimated that she was actually worth just under $900 million in May 2020, a year after naming her the youngest billionaire.
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