Kylie Jenner's billionaire status came under fire in May 2020 after an investigation into her cosmetics business raised questions about the money she had reportedly made. The reality star, who was once named the world's youngest self-made billionaire, was accused of giving false financial details to support claims about her company's success.
The claims also put her family under the spotlight, with questions raised about tax returns shared with reporters. Jenner quickly denied trying to mislead anyone, while her lawyer called the accusation that the family had forged financial records 'unequivocally false.'
Kylie's Billionaire Rise
Jenner first made headlines in 2018 when she appeared on Forbes Magazine's cover with a story about her growing beauty empire. At the time, her cosmetics brand had become a huge success, helped by her large social media following and the demand for her makeup products.
Forbes named Kylie Jenner the youngest self-made billionaire in the world. A year later, Forbes said her family likely forged tax returns to get her there.
— Damien (@itsdamienx) November 8, 2026
2018. Forbes puts her on the cover with a headline about a billion-dollar fortune.
2019. She's 21. Forbes makes it… pic.twitter.com/VP2MSkydpo
In March 2019, she was officially named the world's youngest self-made billionaire at just 21. Her company, Kylie Cosmetics, was estimated to be worth around £690 million ($900 million), helping push her reported personal fortune above the billion-dollar mark.
The title came with both praise and criticism, as some people questioned whether Jenner could truly be called self-made given her famous family and early access to money and fame. Still, her business appeared to have reached a new level when beauty company Coty announced a major deal later that year.
The £460 Million Deal
On November 18, 2019, Coty announced plans to buy a 51% stake in Kylie Cosmetics for £460 million ($600 million). The deal placed an estimated £920 million ($1.2 billion) value on the beauty brand and appeared to support earlier claims about its huge success.
Kylie Jenner, 21, was named the youngest self-made billionaire in history by Forbes in 2019. She sold 51% of her company for $600 million. A year later Forbes took the title back and wrote that the family had inflated the numbers.
— Krynex (@kryneeex) November 7, 2026
The cover came out in March 2019. Eight months… pic.twitter.com/zJVBg1YWeE
However, the deal was not completed until January 6, 2020, when Coty officially acquired its majority stake. The company later shared financial details that raised questions about the sales figures previously given to reporters.
According to those figures, Kylie Cosmetics had made around £96 million ($125 million) in sales in 2018, far below the £276 million ($360 million) figure that had previously been shared with reporters. Coty also said the brand's revenue had grown by 40% from 2018, which helped support the lower estimate.
Tax Return Claims Emerge
In May 2020, an investigation into Jenner's finances raised serious questions about the numbers used to support her billionaire title. The report said her family had provided financial details that made Kylie Cosmetics appear much bigger and more profitable than it really was.
It also claimed that the family had created tax returns that were 'likely forged' to support the reported business figures. The investigation pointed to differences between the documents shared with reporters and the financial information later made public through Coty's filings.
The report also questioned earlier claims about the company's growth in 2016 and 2017. If the business had only made around £96 million ($125 million) in 2018, the earlier sales figures of £235 million ($307 million) in 2016 and £253 million ($330 million) in 2017 appeared difficult to explain.
Her Fortune Recalculated
The investigation also led to a major change in Jenner's reported wealth. After reviewing the newly available financial details and the impact of the COVID-19 crisis on beauty and retail companies, the estimate of her fortune was lowered to just under £690 million ($900 million).
The revised figure included an estimated £261 million ($340 million) in after-tax money from the sale of her majority stake in Kylie Cosmetics. The rest came from updated estimates of the company's earnings, its value, and her remaining ownership.
Although the change meant she could no longer be described as a billionaire under that revised estimate, it did not mean her beauty business had failed. Jenner still held a stake in the company and had made hundreds of millions from the deal.
Jenner and her representatives have denied forging tax returns and providing Forbes with misleading documents to earn the 'billionaire' label. They have not addressed the discrepancies between them and the financial filings from Coty.
