2020 has been a challenging year for everyone in terms of finances as the world went into lockdown. But reality TV star, Kylie Jenner, found a way to capitalize more than anyone.
Kylie has been crowned as the highest-paid celebrity of 2020 by Forbes. As per reports, Kylie, 23, topped the list with a whopping $590 million earned last year, after she sold a majority of her beauty brand’s stake to Coty Inc.
Kylie Jenner’s Make-Up Empire
The Youngest of the KarJenner clan built up her own make-up empire from scratch at a time when the market was on a downward trajectory. Her highly-targeted product expansion strategy not only helped her brand become what it is today, but it became a multi-million-dollar company that has made Jenner a billionaire.
However, Kylie Jenner’s reason for starting Kylie cosmetics wasn’t to become mega-rich, but it was her passion for makeup and fashion that helped her form the business to what it is today.
In an interview with Harper’s Bazaar Arabia, Kylie shared, “ I just knew my talents and was passionate about make-up and lips and lipsticks. It’s been a real love of mine for as long as I can remember. I never even knew that you can really turn your passion into a business. I just followed my heart and went with how I felt. Now I just feel so blessed every day to wake up, have fun doing what I love, and make a career out of it. It’s amazing!”
Since long, Kylie Jenner has been an influencer. At only 20 years old, she reached 100 million followers on Instagram, and the count stands at 203 million today (on IG) apart from her Twitter and Facebook accounts. With these numbers, Kylie has one of the world’s largest social media followings.
Kylie Jenner was also named as the youngest ‘self-made’ billionaire at just 21 years of age in March 2019, but her company’s earnings were disputed and she lost her billionaire status. In November, Forbes estimated Kylie Jenner’s net worth to be around $700 million.
Recently, Kylie Jenner and her famous family also inked an exclusive multimedia deal with Hulu.
The makeup mogul’s earnings are followed by her brother-in-law, Kanye West, who ranked at No. 2 on the list by making USD 170 million.
The American rapper, record producer, and aspiring politician Kanye West, has a sneakers design deal with Adidas in which he receives an annual royalty.
In addition, West also owns his own apparel line. In June, Kanye West announced that he partnered with Gap to create a collab clothing line for the retailer.
The rest of the top 10 on the Forbes list comprises largely of athletes, who primarily earn their riches through sports salaries.
Due to the impact of the COVID-19 pandemic on the entertainment industry, this year’s combined total of USD 6.1 billion was USD 200 million lesser than that of 2019.