Kim Kardashian West has reached billionaire status.
The reality star and businesswoman is now worth $1 billion, up from $780 million in October, according to a Forbes report published Tuesday, earning her a spot on the outlet’s World’s Billionaires List.
Forbes primarily credits Kardashian West’s “two lucrative businesses,” cosmetics company KKW Beauty and shapewear company Skims, for accelerating her to 10 figures.
The business magazine says it determines a person’s wealth using stock prices and exchange rates from March 5, 2021. “We value a variety of assets, including private companies, real estate, art and more. We don’t pretend to know each billionaire’s private balance sheet (though some provide it). When documentation isn’t supplied or available, we discount fortunes,” it notes in its methodology.
This isn’t the first time a member of the famous ”Keeping up with the Kardashians” family has made the billionaires list — well, at least momentarily.
In March 2019, Forbes named Kardashian West’s sister Kylie Jenner the youngest self-made billionaire, but the title didn’t last long. In May 2020, Forbes refuted its own report saying that Jenner’s cosmetics company, Kylie’s Cosmetics, was “significantly smaller, and less profitable, than the family has spent years leading the cosmetics industry and media outlets.”
Forbes cited filings released by publicly traded Coty, Inc. which bought a $600 million stake in to Kylie Cosmetics in November 2019.
“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,” the report stated, while re-estimating her worth at ”just under $900 million.”
The 22-year-old addressed the refutal on social media.
“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,” she tweeted.
Still, Kardashian West seemed to take a page from Jenner’s playbook. KKW Beauty was founded in 2017, three years after Jenner launched Kylie’s Cosmetics.
Last year, Kardashian West also sold a stake of her line to Coty: 20% for $20 million, a deal that valued the company at $1 billion, Forbes reports. Careful to not make the same mistake twice, Forbes noted the ”figure is a little bloated” and Coty “is known for overpaying.” It estimates Kardashian West’s remaining 72% stake is still worth about $500 million.
Then there’s Skims, the company Kardashian West launched in 2019 then quickly shifted focus to loungewear as the COVID-19 pandemic forced people in their homes and increased the demand for comfy fashion. Though Skim’s revenue isn’t disclosed, Forbes estimates her stake is worth a “conservative $225 million.”
Kardashian West’s representative denied comment to USA TODAY.
Kardashian West may be busy running her businesses and cashing checks, but her year hasn’t been without hardship.
In February, the star filed for divorce from Kanye West following almost seven years of marriage, Kardashian West’s rep Christy Welder confirmed to USA TODAY. The couple shares four children: daughter North, 7, son Saint, 5, daughter Chicago, 3, and son Psalm, who turns 2 in May.
Musician and entrepreneur Kanye West also lands on Forbes’ 2021 World’s Billionaires List, estimated to be worth $1.8 billion.
Contributing: Sara Moniuszko, Hannah Yasharoff and Cydney Henderson
Read more at usatoday.com
