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Forbes Declares Kim Kardashian Is Officially A Billionaire

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Forbes Declares Kim Kardashian Is Officially A Billionaire

Kim Kardashian has joined the likes of Elon Musk and Bill Gates now that she's a billionaire.

Forbes' annual World's Billionaires List has been released overnight and is shows who has made a killing over the last year.

The reality TV star is reportedly now worth a whopping $1 billion, up from $780 million in October. The rise in wealth is thanks to her slew of her lucrative businesses KKW Beauty and Skims.

According to Forbes: "Kardashian West founded KKW Beauty in 2017, following the success of her half-sister Kylie Jenner's Kylie Cosmetics ... Her first launch, 300,000 contour kits, sold out within two hours.

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"By 2018, the business had expanded into eyeshadows, concealers, lipsticks and fragrances, and was bringing in about $100 million in revenue."

Forbes continued: "She cashed in on that ownership last year when she sold 20% of KKW Beauty to cosmetics conglomerate Coty for $200 million, a deal that valued the company at $1 billion.

"While Forbes estimates that figure is a little bloated-Coty, which also bought 51% of Kylie Cosmetics in 2020, is known for overpaying-her remaining 72% stake is still worth about $500 million, by our count.

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The 40-year-old also raked in hefty cheques from her reality television series, various endorsement deals, and a number of smaller investments.

"Social media queen Kardashian West has parlayed reality TV into an actual fortune, selling a mobile game, cosmetics and, now, shapewear," Forbes stated in the announcement.

In wake of the news that she's joined the billionaire club, Kim took to Instagram to post a holiday photograph alongside the caption: "Bliss".

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Her best friend, Jonathan Cheban, commented on the beachy snap: "BILLIONAIRE VIBES".

Funnily enough, Kim landed the cover of Forbes for the first time in 2016, where she was famously quoted as saying: "Not bad for a girl with no talent."

It's sure to be a bittersweet reveal for the Kardashian clan after Kim's younger sister Kylie Jenner was previously featured on the the famous list.

At the time of crowning Jenner with the accolade, Forbes said: "She's the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg."

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However, Forbes later accused the young make-up mogul of weaving a 'web of lies' around her wealth and subsequently stripped her of her billionaire status, saying Jenner had inflated 'the size and success of her business'.

In an article published detailing the drama, it claimed: "Earlier this year, Kylie Jenner sold half of her cosmetics company in one of the greatest celebrity cash-outs of all time. But the deal's fine print reveals that she has been inflating the size and success of her business for years".

They added that her payout from the sale was 'significantly smaller and less profitable than the family has spent years leading the cosmetics industry and media outlets to believe'.

"Based on this new information - plus the impact of COVID-19 on beauty stocks and consumer spending - Forbes now thinks that Kylie Jenner, even after pocketing an estimated $US340 million after taxes from the sale, is not a billionaire," it declared.

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Forbes estimates that Jenner's personal fortune is just under $US900 million.

Featured Image Credit: Instagram

Topics: Entertainment, Kim Kardashian, Celebrity

Jessica Lynch
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