Dennis Basso – Runway – September 2022 New York Fashion Week: The Shows

How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential￼


<p><strong>TOPLINE</strong> The names of some of the eight people <a href="https://www.forbes.com/sites/lisakim/2021/11/06/at-least-8-dead-and-23-injured-at-travis-scotts-astroworld-festival-as-authorities-look-into-what-caused-crowd-to-push-forward/?sh=15b527aef5d4">killed</a> at Astroworld Festival on Friday in Houston, Texas, during a performance by rapper Travis Scott have been revealed by authorities, with the medical examiner asking for the public’s <a href="https://abc13.com/unidentified-victim-astroworld-festival-unknown-death-concert/11206757/" target="_blank" rel="noreferrer noopener">help</a> identifying the eighth and final victim.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Authorities are still&nbsp;<a href="https://www.cnn.com/2021/11/07/us/houston-astroworld-festival-sunday/index.html" target="_blank" rel="noreferrer noopener">investigating</a>&nbsp;the incident, in which the 50,000-strong audience apparently surged forward toward the stage, crushing many.</p>



<p>Houston Fire Chief Sam Peña told CNN the causes of death are pending.</p>



<p>Over a dozen people remain hospitalized as of Saturday afternoon, five under the age of 18, the mayor said.</p>



<p>Those who died were aged between 14 and 27, while one man has yet to be identified,&nbsp;<a href="https://abc13.com/unidentified-victim-astroworld-festival-unknown-death-concert/11206757/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the medical examiner.</p>



<p>City officials&nbsp;<a href="https://abc13.com/memorial-high-school-student-killed-astroworld-festival-death-9th-grader-dies-john-hilgert/11206053/" target="_blank" rel="noreferrer noopener">gave</a>&nbsp;the ages of the victims as 14, 16, two 21-year-olds, two 23-year-olds, and one 27-year-old, in addition to the unknown individual.</p>



<p>According to&nbsp;<a href="https://www.usatoday.com/story/entertainment/music/2021/11/06/astroworld-fesitval-victims-young-students-aspiring-model/6326673001/" target="_blank" rel="noreferrer noopener"><em>USA Today</em></a>&nbsp;the youngest victim was 14-year-old John Hilgert, a ninth-grader whose death was announced in a letter from administrators at Memorial High School in Northwest Houston.</p>



<p>Brianna Rodriguez, a 16-year-old junior at Houston’s Heights High School with a passion for dance, was also killed, her family confirmed to&nbsp;<a href="https://people.com/music/teenage-astroworld-festival-victims-identified-travis-scott-houston/" target="_blank" rel="noreferrer noopener"><em>People</em></a>.</p>



<p>Illinois native&nbsp;<a href="https://www.daytondailynews.com/local/ud-student-killed-at-astroworld-music-festival-in-houston/MDOU6MSNVBH35IUCZ2ZBPKSRCI/" target="_blank" rel="noreferrer noopener">Franco Patino</a>, 21, was a student at the University of Dayton in Ohio, where he majored in mechanical engineering technology and was active in a number of campus organizations, the school said.</p>



<p>The father of Patino’s friend Jacob Jurinek, a student at Southern Illinois University interested in digital design, told&nbsp;<a href="https://www.thedailybeast.com/these-are-the-travis-scott-astroworld-victims-who-died-in-concert-crush" target="_blank" rel="noreferrer noopener"><em>The Daily Beast</em></a>&nbsp;his son was among the deceased.</p>



<p>Rodolfo Angel Peña, 23, a Texas native described as an aspiring model and psychology student, apparently died of a cardiac arrest, his family told&nbsp;<a href="https://www.usatoday.com/story/entertainment/music/2021/11/06/astroworld-fesitval-victims-young-students-aspiring-model/6326673001/" target="_blank" rel="noreferrer noopener"><em>USA Today</em></a>.</p>



<p>The&nbsp;<a href="https://nypost.com/2021/11/07/astroworld-victims-killed-at-travis-scott-music-festival-start-to-be-identified/" target="_blank" rel="noreferrer noopener"><em>New York Post</em></a>&nbsp;reported that 27-year-old Danish Baig was killed trying to save a family member, according to a Facebook post from his brother.</p>



<p>Houston authorities also&nbsp;<a href="https://abc13.com/unidentified-victim-astroworld-festival-unknown-death-concert/11206757/" target="_blank" rel="noreferrer noopener">appealed</a>&nbsp;to the public for help in identifying one of the eight victims, releasing a picture of the young man with dark hair and a goatee.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>While Houston’s mayor, police and fire officials&nbsp;<a href="https://www.cnn.com/2021/11/07/us/houston-astroworld-festival-sunday/index.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;they planned to review footage and interview witnesses to determine what happened at the event, they also&nbsp;<a href="https://www.nytimes.com/2021/11/06/us/travis-scott-crowd-surge.html" target="_blank" rel="noreferrer noopener">defended</a>&nbsp;the city’s preparations for the&nbsp;<a href="https://www.houstonchronicle.com/news/houston-texas/houston/article/For-37-minutes-after-officials-declared-a-mass-16598473.php" target="_blank" rel="noreferrer noopener">chaotic</a>&nbsp;concert. After a similar surge at the&nbsp;<a href="https://edition.cnn.com/2019/11/10/entertainment/travis-scott-astroworld-trampling-trnd/index.html" target="_blank" rel="noreferrer noopener">2019</a>&nbsp;Astroworld event, three people were hospitalized after being trampled, according to CNN. Police Chief Troy Finner&nbsp;<a href="https://www.cnn.com/2021/11/07/us/houston-astroworld-festival-sunday/index.html" target="_blank" rel="noreferrer noopener">​​said</a>&nbsp;that they had bolstered security this year, with 528 police officers and 755 private security officers. Mayor Sylvester Turner&nbsp;<a href="https://www.washingtonpost.com/nation/2021/11/07/astroworld-concert-surge-travis-scott/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;Saturday they were looking into “where missteps may have occurred.” Finner also&nbsp;<a href="https://www.billboard.com/articles/news/9656358/astroworld-security-officer-needle-prick-narcan" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;reports that an officer was treated with Narcan and revived after being pricked in the neck and falling unconscious — apparently one of “many instances” in which Narcan was administered, according to Peña.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p>“<a href="https://www.houstonchronicle.com/news/houston-texas/houston/article/For-37-minutes-after-officials-declared-a-mass-16598473.php" target="_blank" rel="noreferrer noopener">As a memorial outside emerges outside of NRG, questions remain about chaos at Astroworld Festival</a>” (<em>Houston Chronicle</em>)</p>



<p>“<a href="https://www.usatoday.com/story/entertainment/music/2021/11/06/astroworld-fesitval-victims-young-students-aspiring-model/6326673001/" target="_blank" rel="noreferrer noopener">Astroworld Festival victims were teens, students and at least one aspiring model</a>” (<em>USA Today</em>)</p>



<p>“<a href="https://www.thedailybeast.com/these-are-the-travis-scott-astroworld-victims-who-died-in-concert-crush" target="_blank" rel="noreferrer noopener">These Are the Astroworld Victims Who Died in Concert Crush</a>” (<em>The Daily Beast</em>)</p>



<p>“<a href="https://abcnews.go.com/US/victims-identified-sought-deadly-travis-scott-astroworld-concert/story?id=81020747" target="_blank" rel="noreferrer noopener">Some victims identified, cause sought in deadly Travis Scott Astroworld concert</a>” (ABC News)</p>



<p>“<a href="https://www.forbes.com/sites/lisakim/2021/11/06/at-least-8-dead-and-23-injured-at-travis-scotts-astroworld-festival-as-authorities-look-into-what-caused-crowd-to-push-forward/?sh=15b527aef5d4">At Least 8 Dead—Including Two Teens—At Travis Scott’s Astroworld Festival As Authorities Look Into What Caused Crowd To Push Forward</a>” (<em>Forbes</em>)</p>



<p><strong><em>By <meta charset="utf-8">Téa Kvetenadze, Forbes Staff</em></strong></p>



<p><a href="https://www.forbes.com/sites/teakvetenadze/"></a></p>


Police block an entrance to NRG Park the morning after a deadly crush of fans in Houston

Several Astroworld Tragedy Victims Identified As Investigation Continues


<p><strong>Despite the pandemic, it was a record-setting year for the world’s wealthiest—with a $5 trillion surge in wealth and an unprecedented number of new billionaires.</strong></p>



<hr class="wp-block-separator"/>



<p class="has-drop-cap">It’s been a year like no other, and we aren’t talking about the pandemic. There were rapid-fire public offerings, surging cryptocurrencies and skyrocketing stock prices. The number of billionaires on&nbsp;<em>Forbes’</em>&nbsp;35th annual list of the world’s wealthiest exploded to an unprecedented&nbsp;<strong>2,755</strong>—660 more than a year ago. Altogether they are worth&nbsp;<strong>$13.1 trillion</strong>, up from $8 trillion on the 2020 list.&nbsp;</p>



<p>There are a record high&nbsp;<a href="https://www.forbes.com/sites/chasewithorn/2021/04/06/nearly-500-people-have-become-billionaires-during-the-pandemic-year/?sh=386c528125c0"><strong>493 newcomers</strong></a>&nbsp;to the list—roughly one new billionaire every 17 hours, including 210 from China and Hong Kong and 98 from the U.S. The richest newcomer, at $38.2 billion, is&nbsp;<strong>Miriam Adelson</strong>&nbsp;of Nevada, who inherited her husband Sheldon Adelson’s casino empire following his death in January. Other notable new entrants include movie and TV producer&nbsp;<strong>Tyler Perry</strong>, Bumble dating app cofounder&nbsp;<strong>Whitney Wolfe Herd</strong>—the world’s youngest self-made woman billionaire, and Europe’s&nbsp;<strong>Guillaume Pousaz</strong>, founder of payments firm Checkout.com. Another 250 people who’d fallen off the billionaires’ list in the past came roaring back. Altogether, a staggering 86% of all billionaires are richer than a year ago.https://embedly.forbes.com/widgets/media.html?src=https%3A%2F%2Fe.infogram.com%2F203c82a4-0962-4ff3-b2f9-883366e688b1%3Fsrc%3Dembed&amp;display_name=Infogram&amp;url=https%3A%2F%2Finfogram.com%2Fdesktop-2021-billionaires-recirc-1ho16vojl5w8x4n&amp;image=https%3A%2F%2Finfogram-thumbs-1024.s3-eu-west-1.amazonaws.com%2Fd1c81d9b-cd07-4ed9-ae1f-456751923c71.jpg&amp;key=3ce26dc7e3454db5820ba084d28b4935&amp;type=text%2Fhtml&amp;schema=infogram</p>



<p><strong>Jeff Bezos</strong>&nbsp;is the world’s richest person for the fourth year running, worth $177 billion, up $64 billion from a year ago as a result of surging Amazon shares.&nbsp;<strong>Elon Musk</strong>—the biggest gainer in dollar terms—rocketed into the No. 2 spot with a $151 billion fortune, a whopping $126.4 billion more than a year ago, when he ranked No. 31 and was worth $24.6 billion. The main reason: a 705% climb in Tesla shares. French luxury goods tycoon&nbsp;<strong>Bernard Arnault</strong>&nbsp;holds onto his spot at No. 3 but his fortune nearly doubled to $150 billion, from $76 billion, due to an 86% rise in the shares of LVMH, owner of brands including Louis Vuitton and Christian Dior and cosmetics retailer Sephora.&nbsp;<strong>The top ten richest are worth $1.15 trillion, up by two-thirds from $686 billion last year</strong>. Altogether,&nbsp;<a href="https://www.forbes.com/sites/daviddawkins/2021/04/06/europes-billionaires-are-1-trillion-richer-than-a-year-ago/?sh=623d979f76e5">Europe’s billionaires</a>&nbsp;are $1 trillion richer than a year ago.</p>



<hr class="wp-block-separator"/>



<h3 class="wp-block-heading" id="h-net-worth-of-the-world-s-richest-person"><strong>Net Worth of the World’s Richest Person</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/606b6013b0a2afc5b16302b6/0x0.png?fit=scale" alt="Richest person net worth"/></figure>



<hr class="wp-block-separator"/>



<p>This year there are four people worth $100 billion or more—up from just one (Bezos) on last year’s list. Besides Bezos, Musk and Arnault, there’s&nbsp;<strong>Bill Gates</strong>, who ranks No. 4 at $124 billion, buoyed by the strength of shares he owns in Microsoft, Canadian National Railway and tractor maker Deere &amp; Company.</p>



<p>Rounding out the top five is Facebook founder&nbsp;<strong>Mark Zuckerberg</strong>, at $97 billion. He’s worth an eye-popping $42.3 billion more than a year ago; Facebook’s shares have risen 80% in the past year as people around the world used its social media platforms to stay in touch. (For more on the richest tech billionaires, see&nbsp;<a href="https://www.forbes.com/sites/kenrickcai/2021/04/06/here-are-the-richest-tech-billionaires-in-2021/?sh=691f42bb4d70">here</a>; and&nbsp;<a href="https://www.forbes.com/sites/mominakhan/2021/04/06/the-10-richest-american-billionaires-2021/?sh=7e747aa4d981">here</a>&nbsp;for the richest Americans.) The richest woman this year is cosmetics heir Francoise Bettencourt Meyers of France; see here for the&nbsp;<a href="https://www.forbes.com/sites/denizcam/2021/04/06/the-top-richest-women-in-the-world-in-2021/?sh=59cfe7094598">richest women</a>.</p>



<p><strong>Warren Buffett&nbsp;</strong>is the world’s sixth richest person, worth $96 billion. It’s the first year since 1993 that the revered investor running Berkshire Hathaway has not appeared in the top five. Not that the 90-year-old Oracle of Omaha had a bad year—he’s still worth $28.5 billion more than he was on the 2020 list.</p>



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<h3 class="wp-block-heading" id="h-number-of-billionaires-worldwide-and-combined-net-worth"><strong>Number of Billionaires Worldwide and Combined Net Worth</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/606b5e244876c7b64f423816/0x0.png?fit=scale" alt="Number of Billionaires and combined net worth"/><figcaption>Forbs.com</figcaption></figure>



<hr class="wp-block-separator"/>



<p>The<strong>&nbsp;U.S.</strong>&nbsp;still has more billionaires than any other country, with 724 (up from 614 last year), but China is closing the gap with 698 (including 71 from&nbsp;<strong>Hong Kong</strong>&nbsp;and 1 from&nbsp;<strong>Macao</strong>). Last year the U.S. had 614 billionaires and China had 456 (including 66 from Hong Kong and 1 Macao).&nbsp;<strong>India</strong>&nbsp;has the third highest number of billionaires, with 140. Altogether, the 1,149 billionaires from Asia-Pacific countries are worth $4.7 trillion, while the U.S. billionaires are worth a total $4.4 trillion.&nbsp; (For more on the countries with the most billionaires, see&nbsp;<a href="https://www.forbes.com/sites/giacomotognini/2021/04/06/the-countries-with-the-most-billionaires-2021/?sh=42c017c0379b">here</a>. Plus&nbsp;<a href="https://www.forbes.com/sites/jenniferwang/2021/04/06/the-10-richest-chinese-billionaires-in-2021/?sh=7e5164685ca2">China’s richest</a>,&nbsp;<a href="https://www.forbes.com/sites/jenniferwang/2021/04/06/asia-ascendant-the-richest-new-chinese-billionaires-in-2021/?sh=3361ff131a1a">China’s newcomers</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/naazneenkarmali/2021/04/06/indias-10-richest-billionaires-2021/?sh=2922cf8359b7">India’s richest</a>.)&nbsp;</p>



<hr class="wp-block-separator"/>



<h3 class="wp-block-heading" id="h-the-countries-with-the-most-billionaires"><strong>The Countries With The Most Billionaires</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/606b7cca1391bb569e6302b6/0x0.png?fit=scale" alt="Countries With The Most Billionaires"/><figcaption>Forbes.com</figcaption></figure>



<hr class="wp-block-separator"/>



<p>A record 1,975 billionaires are self-made, up from 1,457 last year. That equates to 72% of the list (vs. about 70% in 2020). It’s a marked change from the 2001 list of billionaires, when 49% of the total 565 billionaires were self-made.&nbsp;<em>Forbes</em>&nbsp;uses the term “self-made” as a contrast to “inherited” and “inherited &amp; growing;” it’s not meant to indicate that someone created a billion-dollar fortune all on their own. To achieve such a feat takes teamwork.</p>



<hr class="wp-block-separator"/>



<h3 class="wp-block-heading" id="h-total-number-of-billionaires-and-self-made-status"><strong>Total Number of Billionaires and Self-Made Status</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/606c413115a36070b1428bf7/0x0.png?fit=scale" alt="Self-Made Status"/><figcaption>Forbes .com</figcaption></figure>



<hr class="wp-block-separator"/>



<p>One hundred and five of the list members are under 40, two-thirds of whom are self-made. The new youngest self-made billionaire is 26-year-old American&nbsp;<strong>Austin Russell,</strong>&nbsp;who dropped out of Stanford to found automotive sensor firm Luminar Technologies; he is worth $2.4 billion and ranked No. 1299. There’s a new youngest billionaire as well: 18-year-old&nbsp;<strong>Kevin David Lehmann</strong>&nbsp;of Germany, whose father Guenther Lehmann transferred his stake in drugstore chain dm-drogerie mkt to him; he’s worth $3.3 billion and ranks No. 925. (Read more about the youngest billionaires&nbsp;<a href="https://www.forbes.com/sites/arielshapiro/2021/04/06/the-worlds-youngest-billionaires-2021-include-a-teenager-from-germany-a-crytpo-magnate-and-a-stanford-dropout/?sh=5e87182a509d">here</a>.). At the other end of the spectrum,&nbsp;the oldest billionaire, at age 99, is U.S. insurance tycoon&nbsp;<strong>George Joseph</strong>.&nbsp;</p>



<p><strong>Mukesh Ambani</strong>&nbsp;of India has become the richest person in Asia, ranked No. 10 and worth an estimated $84.5 billion. He nudges out&nbsp;<strong>Jack Ma</strong>&nbsp;of China, Asia’s richest person a year ago, whose rank dropped to No. 26 (from No. 17 last year) despite a nearly $10 billion jump in his fortune to $48.4 billion. The biggest gainer in percentage terms this year is from China:&nbsp;<strong>Zhong Shanshan</strong>&nbsp;took his bottled water company Nongfu Spring public last fall on the Hong Kong Stock Exchange and shares soared, lifting his net worth to $68.9 billion, up 3,345% from $2 billion a year ago.</p>



<hr class="wp-block-separator"/>



<h3 class="wp-block-heading" id="h-total-new-billionaires-and-combined-net-worth"><strong>Total New Billionaires and Combined Net Worth</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/606b5ea2affa9dd12fb89021/0x0.png?fit=scale" alt="Total Newcomers over the years"/><figcaption>Forbes.com</figcaption></figure>



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<h2 class="wp-block-heading"><strong>#1 | Jeff Bezos</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$177 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>AMAZON</strong></h4>



<h4 class="wp-block-heading">RESIDENCE: <strong>SEATTLE</strong></h4>



<h2 class="wp-block-heading"><strong>#2 | Elon Musk</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$151 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>TESLA, SPACEX</strong></h4>



<h4 class="wp-block-heading">RESIDENCE: <strong>AUSTIN, TEXAS</strong></h4>



<h2 class="wp-block-heading"><strong>#3 | Bernard Arnault</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$150 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>LUXURY GOODS</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>PARIS</strong></h4>



<h2 class="wp-block-heading"><strong>#4 | Bill Gates</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$124 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>MICROSOFT</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>MEDINA, WASHINGTON</strong></h4>



<h2 class="wp-block-heading"><strong>#5 | Mark Zuckerberg</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$97 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>FACEBOOK</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>PALO ALTO, CALIFORNIA</strong></h4>



<h2 class="wp-block-heading"><strong>#6 | Warren Buffett</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$96 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>BERKSHIRE HATHAWAY</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>OMAHA, NEBRASKA</strong></h4>



<h2 class="wp-block-heading"><strong>#7 | Larry Ellison</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$93 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>SOFTWARE</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>LANAI, HAWAII</strong></h4>



<h2 class="wp-block-heading"><strong>#8 | Larry Page</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$91.5 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>GOOGLE</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>PALO ALTO, CALIFORNIA</strong></h4>



<h2 class="wp-block-heading"><strong>#9 | Sergey Brin</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$89 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>GOOGLE</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>LOS ALTOS, CALIFORNIA</strong></h4>



<h2 class="wp-block-heading"><strong>#10 | Mukesh Ambani</strong></h2>



<h4 class="wp-block-heading">NET WORTH:&nbsp;<strong>$84.5 BILLION</strong></h4>



<h4 class="wp-block-heading">SOURCE OF WEALTH:&nbsp;<strong>DIVERSIFIED</strong></h4>



<h4 class="wp-block-heading">RESIDENCE:&nbsp;<strong>MUMBAI, INDIA</strong></h4>



<p><em><strong>By Kerry A. Dolan, Forbes Staff</strong></em></p>


Billionaire Elon Musk Receives Axel Springer Award

Forbes’ 35th Annual World’s Billionaires List: Facts And Figures 2021


<p><strong>Jay-Z reaped a massive windfall selling a piece of his champagne brand to luxury goods giant LVMH – but it doesn’t beat stars like Dr. Dre or Kylie Jenner when they sold their stakes in major companies.</strong></p>



<p class="has-text-align-center"><strong><em>By Abigail Freeman,Forbes Staff</em></strong></p>



<p>It turns out Jay-Z’s luxury champagne brand is worth more than “half a B.”</p>



<p>The partnership announced on Monday between Jay-Z and the wine and spirits division of LVMH makes the billionaire rapper the latest celebrity to pocket a windfall by selling part of a consumer brand to a major distributor. The deal appears to have valued the brand, Armand de Brignac, at more than $600 million, which would land him a cash payment of at least $300 million—about $50 million more than he would have made based on the $500 million value he rapped about in Meek Mill’s 2018 song “What’s Free.” &nbsp;</p>



<p>The founder of RocNation sold 50% of the champagne business to LVMH’s Moët Hennessy in a move aimed at “taking the business to new heights across the world,” according to Moet’s CEO Philippe Schaus.&nbsp; LVMH is known to bid competitively, and that certainly appears to have been true for this latest deal.&nbsp;</p>



<p><em>Forbes</em>&nbsp;values the deal for the bubbly wine, known by its nickname Ace of Spades thanks to its logo design and several of Jay-Z’s lyrics promoting it, at roughly $630 million, based on conversations with five beverage analysts and industry insiders. That’s double&nbsp;<em>Forbes</em>’ previous valuation of the brand. The terms of the deal have not been publicly reported by LVMH or Jay-Z, whose company will still handle production. Neither side would comment, but based on analyst estimates, Jay-Z likely pocketed at least $315 million in the deal.&nbsp;&nbsp;</p>



<p>“The multiples for Armand de Brignac—based on the category and volume size of the brand—far outreach brands that don’t have that celebrity ownership,” says beverage market analyst Eric Schmidt.&nbsp;</p>



<p>Still, it’s not the biggest celebrity cash out by a long shot: Kylie Jenner sold 51% of her cosmetics company to Coty in a deal that valued the brand at more than $1 billion; she got $540 million pre-tax. Rapper-Producer Dr. Dre sold his audio product company Beats to Apple in 2014 for $3 billion, pocketing $585 million himself before taxes.&nbsp;</p>



<p>Plenty of other pop stars have followed suit, not just selling out or selling stakes but often partnering with global giants. LVMH struck an earlier deal with Jay-Z protégé&nbsp; Rihanna in 2017 to launch Fenty Beauty, and most recently invested indirectly in her lingerie line Savage x Fenty earlier this month. The value of her stakes in both businesses totals $530 million.&nbsp;</p>



<p>“With celebrity association, particularly in the earlier years, the valuation of a company could be higher by three to seven times,” says food and beverage marketing consultant Arthur Gallego. “But I don’t think it works for every celebrity. There’s got to be something authentic about it.”</p>



<p>Jay-Z’s<a href="https://www.forbes.com/sites/zackomalleygreenburg/2014/11/06/why-jay-zs-champagne-news-isnt-so-new/?sh=17b1677528d3">journey with Ace of Spades</a>&nbsp;began in 2006, a year after he signed Rihanna to her first record deal. At the time, the Brooklyn-born mogul called for a boycott from Cristal champagne after CEO Frédéric Rouzaud said, &#8220;What can we do? We can&#8217;t forbid people from buying it,&#8221; in response to being asked about the brand’s popularity among rappers at the time. Later that year, Jay-Z debuted his champagne brand by featuring its signature gold bottle in his &#8220;Show Me What You Got&#8221; video.</p>



<p>The popularity and strong sales of Ace of Spades helped boost Jay-Z’s fortune to $1 billion by 2019, earning him&nbsp;<em>Forbes</em>&nbsp;recognition as the&nbsp;<a href="https://www.forbes.com/sites/zackomalleygreenburg/2019/06/03/jay-z-billionaire-worth/?sh=28eea6cf3a5f">first hip-hop artist</a>&nbsp;toreach the 10-figure milestone. The latest deal will likely bump that figure up, while leaving him with other assets to monetize, including RocNation’s entertainment business, music streaming service Tidal, an athlete representation agency, his master recordings and music publishing rights, and a second liquor brand, D’usse.</p>



<p>Here is how his windfall stacks up against some of the most notable celebrity deals inked in the past five years.</p>



<h3 class="has-text-align-center wp-block-heading" id="h-george-clooney">George Clooney</h3>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-1024x683.jpg" alt="" class="wp-image-50129" width="403" height="268" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-2048x1365.jpg 2048w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1148820506-600x400.jpg 600w" sizes="(max-width: 403px) 100vw, 403px" /><figcaption> (Photo by Franco Origlia/Getty Images)</figcaption></figure></div>



<p>British liquor giant Diageo purchased the movie star’s tequila company Casamigos in 2017 in a transaction that valued the company at up to $1 billion including $700 million up front and another $300 million based on performance over the following 10 years. The A-list actor netted more than $200 million pretax, making him <em>Forbes</em>’ top paid actor of 2018. He cofounded the company with nightlife entrepreneur Rande Gerber (husband of supermodel Cindy Crawford) and real estate tycoon Mike Meldman in 2013. Clooney, Gerber and Meldman each invested $600,000 apiece as equal partners to start up Casamigos, which loosely means house of friends, and then reinvested profits, earning them an impressive ROI. The star and his pals are still involved in the business.</p>



<h3 class="has-text-align-center wp-block-heading"><strong>Kylie Jenner</strong></h3>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-683x1024.jpg" alt="" class="wp-image-50131" width="378" height="566" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-300x450.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-600x900.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205228158-scaled.jpg 1707w" sizes="(max-width: 378px) 100vw, 378px" /><figcaption> (Photo by Rich Fury/VF20/Getty Images for Vanity Fair)</figcaption></figure></div>



<p>Jenner used $250,000 of her earnings from modeling to pay an outside company to make her first 15,000 lip kits, which sold out in minutes in 2015. Kylie Cosmetics quickly became one of the fastest growing makeup brands, thanks to the reality TV star’s massive social media following—now at 265 million followers across Instagram, YouTube and Twitter. Cosmetics giant Coty Inc paid $600 million for a 51% stake of the brand in January 2020; she pocketed $540 million, pretax. She still has <a href="https://www.forbes.com/sites/chasewithorn/2020/05/29/inside-kylie-jennerss-web-of-lies-and-why-shes-no-longer-a-billionaire/?sh=520c80cc25f7">an estimated 44.1%</a> stake—with Kris Jenner owning a small stake—in the brand, and she and her team oversee all creative efforts.  </p>



<h3 class="has-text-align-center wp-block-heading">Kim Kardashian West</h3>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-1024x682.jpg" alt="" class="wp-image-50132" width="424" height="282" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-1024x682.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-768x511.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-1536x1022.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-2048x1363.jpg 2048w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1205274440-600x399.jpg 600w" sizes="(max-width: 424px) 100vw, 424px" /><figcaption> (Photo by Axelle/Bauer-Griffin/FilmMagic)</figcaption></figure></div>



<p>Kardashian West sold 20% of KKW Beauty to publicly traded Coty in a deal that closed in January, and took home $180 million pre-tax. Kardashian West still has a 72% stake, worth an estimated $500 million. The new partners plan to enter new beauty categories together and expand overseas. In the works: a skincare line set to launch in fiscal year 2022. Kardashian West filed for divorce from Kanye West, her husband of seven years, in February; the couple had signed a pre-nup. </p>



<h3 class="has-text-align-center wp-block-heading">Rihanna</h3>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-1024x705.jpg" alt="" class="wp-image-50133" width="491" height="338" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-1024x705.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-300x206.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-768x529.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-1536x1057.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-2048x1410.jpg 2048w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208055829-600x413.jpg 600w" sizes="(max-width: 491px) 100vw, 491px" /><figcaption>. (Photo by Paras Griffin/Getty Images for BET)</figcaption></figure></div>



<p>The pop star has made the bulk of her fortune from Fenty Beauty, the makeup brand she started with LVMH in September 2017. <em>Forbes</em> estimates that LVMH owns 50% and she owns 15%, or $450 million worth, of the $3 billion (est. value) brand. Fashion house Fenty, which she launched less than two years ago as a joint venture with LVMH, has been less successful. Following a decline in business at Rihanna’s Fenty clothing line, LVMH said it is halting the luxury fashion house after less than two years of operation. Rihanna also has a roughly $80 millionstake in lingerie line, Savage x Fenty, a joint venture launched in 2018 with TechStyle Fashion Group. Investors in the business include L Catterton and Jay-Z’s Marcy Venture Partners. </p>



<h3 class="has-text-align-center wp-block-heading">Kanye West </h3>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-1024x683.jpg" alt="" class="wp-image-47745" width="413" height="275" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-scaled-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-scaled-600x400.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2020/09/GettyImages-1144131570-2048x1365.jpg 2048w" sizes="(max-width: 413px) 100vw, 413px" /><figcaption>. (Photo by Timothy Norris/Getty Images for Coachella)</figcaption></figure></div>



<p>In a deal perhaps more reminiscent of Michael Jordan’s partnership with Nike or rapper Diddy’s Ciroc vodka with liquor giant Diageo, West gets much of his money from a profit sharing agreement with Adidas.&nbsp; West owns 100% of his super popular sneaker brand Yeezy. But it’s a complicated deal in which Adidas handles all the production, marketing and distribution, and West receives a royalty of approximately 11% of Yeezy revenue. Based on estimated revenues of $1.3 billion in 2019, West likely received royalties of over $140 million.&nbsp; That was more than either Jordan, who earned $130 million from his cut of Air Jordan sales, or Diddy, who pocketed $50 million, the bulk of his earnings, in beverage partnerships, mostly from Ciroc. Based on the royalty stream,&nbsp;<em>Forbes</em>&nbsp;valued West’s business at nearly $1.3 billion.&nbsp;&nbsp;</p>



<p><em>Additional reporting by&nbsp;</em><a href="https://www.forbes.com/sites/madelineberg/"><em>Madeline Berg</em></a><em>.</em></p>


2020 Roc Nation THE BRUNCH – Inside

Here’s How Much Jay-Z Made On His Ace Of Spades Deal—And How It Stacks Up Against Other Celebrity Cashouts


<p>In what will be the second major Kardashian cashout in a year, Kim Kardashian West is selling a 20% stake in her cosmetics company KKW Beauty to beauty giant Coty&nbsp;<a href="https://www.forbes.com/companies/coty-inc" target="_blank" rel="noreferrer noopener">COTY</a>&nbsp;for $200 million. The deal—<a href="https://www.coty.com/in-the-news/press-release/coty-and-kim-kardashian-west-announce-strategic-relationship-expand-beauty" target="_blank" rel="noreferrer noopener">announced today</a>—values KKW Beauty at $1 billion, making Kardashian West worth about $900 million, according to&nbsp;<em>Forbes</em>’estimates.</p>



<p>The acquisition, which is set to close in early 2021, will leave Kardashian West the majority owner of KKW Beauty, with an estimated 72% stake in the company, which is known for its color cosmetics like contouring creams and highlighters.&nbsp;<em>Forbes&nbsp;</em>estimates that her mother, Kris Jenner, owns 8% of the business. (Neither Kardashian West nor Kris Jenner have responded to a request for comment about their stakes.) According to Coty, she’ll remain responsible for creative efforts while Coty will focus on expanding product development outside the realm of color cosmetics.</p>



<p>Earlier this year, Kardashian West’s half-sister, Kylie Jenner, also inked a big deal with Coty, when she sold it 51% of her Kylie Cosmetics at a valuation of $1.2 billion. The deal left Jenner with a net worth of <a href="https://www.forbes.com/sites/chasewithorn/2020/05/29/inside-kylie-jennerss-web-of-lies-and-why-shes-no-longer-a-billionaire/#6e35ef4c25f7">just under $900 million.</a> Both Kylie Cosmetics and KKW Beauty are among a number of brands, including Anastasia Beverly Hills, Huda Beauty and Glossier, that have received sky-high valuations thanks to their social-media-friendly marketing. </p>



<p>“Kim is a true modern-day global icon,” said Coty chairman and CEO Peter Harf in a statement. “This influence, combined with Coty’s leadership and deep expertise in prestige beauty will allow us to achieve the full potential of her brands.”</p>



<p>The deal comes just days after Seed Beauty, which develops, manufactures and ships both KKW Beauty and Kylie Cosmetics, won a temporary injunction against KKW Beauty, hoping to prevent it from sharing trade secrets with Coty, which also owns brands like CoverGirl, Sally Hansen and Rimmel. On June 19, <a href="https://www.forbes.com/sites/maddieberg/2020/06/23/the-company-that-makes-kim-kardashians-cosmetics-is-suing-her-to-protect-its-trade-secrets/#1f7f0b0aaac0">Seed filed a lawsuit against KKW Beauty</a> seeking protection of its trade secrets ahead of an expected deal between Coty and KKW Beauty. The temporary order, granted on June 26, lasts until August 21 and forbids KKW Beauty from disclosing details related to the Seed-KKW relationship, including “the terms of those agreements, information about license use, marketing obligations, product launch and distribution, revenue sharing, intellectual property ownership, specifications, ingredients, formulas, plans and other information about Seed products.”</p>



<p>Coty has struggled in recent years, with Wall Street insisting it routinely overpays for acquisitions and has failed to keep up with contemporary beauty trends. The coronavirus pandemic has also hit the 116-year-old company hard. Since the beginning of the year, Coty’s stock price has fallen nearly 60%. The company, which had $8.6 billion in revenues in the year through June 2019, now sports a $3.3 billion market capitalization. By striking deals with companies like KKW Beauty and Kylie Cosmetics, Coty is hoping to refresh its image and appeal to younger consumers.</p>



<p>Kardashian West founded KKW Beauty in 2017, after successfully collaborating with Kylie Cosmetics on a set of lip kits. Like her half-sister, Kardashian West first launched online only, but later moved into Ulta stores in October 2019, helping her generate estimated revenues of $100 million last year. KKW Beauty is one of several business ventures for Kardashian West: She continues to appear on her family’s reality show,&nbsp;<em>Keeping Up with the Kardashians,&nbsp;</em>sells her own line of shapewear called Skims and promotes her mobile game,&nbsp;<em>Kim Kardashian Hollywood.</em>&nbsp;Her husband, Kanye West,&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2020/06/26/gap-stock-surges-after-kanye-west-signs-deal-to-sell-a-new-yeezy-clothing-line-with-struggling-retailer/#2807b5361437">recently announced a deal</a>&nbsp;to sell a line of his Yeezy apparel in Gap stores.</p>



<p>“This is fun for me. Now I’m coming up with Kimojis and the app and all these other ideas,” Kardashian West <a href="https://www.forbes.com/sites/natalierobehmed/2016/07/11/kim-kardashian-mobile-mogul-the-forbes-cover-story/#46bf36907e4f">told <em>Forbes</em></a>of her various business ventures in 2016. “I don’t see myself stopping.”</p>



<p><em>&#8211;<a href="https://www.forbes.com/sites/maddieberg/">Madeline Berg</a>, Forbes Staff, <a href="https://www.forbes.com/hollywood-entertainment">Hollywood &amp; Entertainment</a></em></p>


gettyimages-1094653148-594×594

Kim Kardashian West Is Worth $900 Million After Agreeing To Sell A Stake In Her Cosmetics Firm To Coty

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Inside Kylie Jenner’s Web Of Lies—And Why She’s No Longer A Billionaire


<p><em>From makeup mogul Kylie Jenner to Hong Kong real estate heir Jonathan Kwok, these 10 billionaires are worth $15.9 billion combined.</em></p>



<p>Of the 2,095 billionaires in the world, only ten are 30 or younger. Together, this precocious bunch is worth $15.9 billion. They span the globe, hailing from the U.S., Brazil, Germany, Hong Kong, Ireland and Norway.</p>



<p>Despite the global markets falling in response to the COVID-19 pandemic,&nbsp;three&nbsp;people under 30 made the list for the first time this year.&nbsp;<a href="https://www.forbes.com/profile/pedro-de-godoy-bueno/#10a957165124">Pedro de Godoy Bueno</a>, age 29, inherited assets from his billionaire father, Edson de Godoy Bueno, who died in 2017. Pedro’s fortune rose in the past year to an estimated $1.1 billion as stock of Brazilian laboratory services firm Diagnósticos da América SA tripled. The second new entrant is&nbsp;<a href="https://www.forbes.com/profile/lisa-draexlmaier/#6d899607309c">Lisa Draexlmaier</a>, age 29, who owns and is co-CEO (with her father Fritz) of the holding company for German auto parts maker&nbsp;Fritz Draexlmaier Co &amp; KG.&nbsp;<a href="https://www.forbes.com/profile/elisabeth-furtwaengler/#5de9ffd82fe3">Elizabeth Furtwaenger</a>, 28, is now worth $1.2 billion after her father Hubert Burda gave her a 37.4% stake in the family’s media empire.</p>



<p>Just three of this elite cohort are <a href="https://www.forbes.com/sites/luisakroll/2019/04/08/in-defense-of-kylie-jenner-are-any-of-the-worlds-billionaires-entirely-selfmade/#7260729477b7">self-made</a> billionaires: Snap cofounder CEO <a href="https://www.forbes.com/profile/evan-spiegel/#494a4370529c">Evan Spiegel</a>, <a href="https://www.forbes.com/profile/john-collison/#67ba93f644f3">John Collison</a> of payments startup Stripe and, yes, makeup mogul <a href="https://www.forbes.com/profile/kylie-jenner/">Kylie Jenner</a>. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million. Jenner recently donated $1 million to Cedars-Sinai Medical Center in Los Angeles, the hospital where she gave birth to daughter Stormi in 2018, to buy personal protective equipment such as masks and face shields.</p>



<p>Collison, born and raised in Limerick, Ireland, but now living in San Francisco, is the richest billionaire under 30, with a fortune of $3.2 billion. The value of his stake in privately held Stripe has nearly tripled in the past two years thanks to three nine-figure funding rounds. The most recent, a $250 million Series G in September, put Stripe’s valuation at $35 billion.</p>



<p>The seven others under 30 all inherited their wealth.&nbsp;<a href="https://www.forbes.com/profile/jonathan-kwok/#69b1a5157aef">Jonathan Kwok</a>, 28, first became a billionaire in his own right after his father, Hong Kong property mogul Walter Kwok, passed away in 2018.&nbsp;<a href="https://www.forbes.com/profile/alexandra-andresen/#7b2b64d9682a">Alexandra Andresen</a>, now 23, has been a billionaire since she was 19 thanks to her stake in Ferd, the Norwegian investment company her father still runs.</p>



<p><strong>Here are the 10 youngest members of the 2020 Billionaires list, starting with the youngest. Net worths were calculated using stock prices and exchange rates from March 18, 2020:</strong></p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4380483f0000607a9d8/960x0.jpg?fit=scale" alt="1-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>KYLIE JENNER</strong></h2>



<h3 class="wp-block-heading">AGE:&nbsp;<strong>22</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong> COSMETICS</strong></h3>



<figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://www.forbesafrica.com/wp-content/uploads/2020/04/960x0.png" alt="" class="wp-image-44356" width="699" height="393" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0.png 960w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-300x169.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-600x338.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-768x432.png 768w" sizes="(max-width: 699px) 100vw, 699px" /><figcaption>Image by JAMEL TOPPIN FOR FORBES</figcaption></figure>



<p>The celebrity-turned-makeup-mogul is the world’s youngest self-made billionaire ever. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a44aa1a0ef00060520d0/960x0.jpg?fit=scale" alt="2-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>ALEXANDRA ANDRESEN</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;23</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;INVESTMENT FIRM</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a45ea8396000070e786b/960x0.jpg?fit=scale" alt="3-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>KATHARINA ANDRESEN</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;24</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;INVESTMENT FIRM</strong></h3>



<p>The Norwegian sisters each inherited 42% of the family-owned investment company Ferd in 2007. Their father Johan still runs Ferd and controls 70% of the voting rights via a dual-class share structure.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a47010005200067dea9a/960x0.jpg?fit=scale" alt="4-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>GUSTAV MAGNAR WITZOE</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;26</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$2.3 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;FISH FARMING</strong></h3>



<p><a href="https://www.forbes.com/profile/gustav-magnar-witzoe/#287bc32e1fc0">Witzoe</a> owns nearly half of Salmar ASA, one of the world’s largest salmon producers, which is still run by his father. The Norwegian heir has dabbled in modeling as well as tech and real estate investing.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a484a8396000070e786e/960x0.jpg?fit=scale" alt="5-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>ELIZABETH FURTWAENGER</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;28</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;PUBLISHING</strong></h3>



<p>Furtwaenger and her older brother Jacob were each given a 37.4% stake in the family’s German media company by their father, Hubert Burda, who is no longer a billionaire. Burda Media’s titles include the German editions of&nbsp;<em>Elle</em>&nbsp;and&nbsp;<em>Playboy.&nbsp;</em>Furtwaenger and her brother Jacob serve on the board of directors.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4951ef5ae000679d5a1/960x0.jpg?fit=scale" alt="6-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>JONATHAN KWOK</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;28</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;REAL ESTATE</strong></h3>



<p>Kwok, along with his older brother Geoffrey, inherited their late father Walter Kwok’s stake in Sun Hung Kai Properties, Hong Kong’s largest developer, in 2018. Shares of Hong Kong-listed SHKP have declined nearly 18% since the coronavirus outbreak at the start of the year.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4a510005200067dea9d/960x0.jpg?fit=scale" alt="7-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>JOHN COLLISON</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$3.2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;STRIPE</strong></h3>



<p>Stripe, the payments company founded by John and his older brother Patrick, raised $250 million from investors at a $35 billion valuation in September 2019. John, born and raised near Limerick, Ireland, now lives in San Francisco, where Stripe is headquartered.</p>



<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="960" height="960" src="https://www.forbesafrica.com/wp-content/uploads/2020/04/960x0-1.png" alt="" class="wp-image-44357" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1.png 960w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-300x300.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-100x100.png 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-600x600.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-150x150.png 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-768x768.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-80x80.png 80w" sizes="(max-width: 960px) 100vw, 960px" /><figcaption>Image by JAMEL TOPPIN FOR FORBES</figcaption></figure>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4b5a1a0ef00060520d3/960x0.jpg?fit=scale" alt="8-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>EVAN SPIEGEL</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.9 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;SNAP</strong></h3>



<p>The Snapchat cofounder is one of the youngest CEOs of a publicly-traded company in the world. After rallying in 2019, Snap stock is down 50% since the start of the year. Spiegel, who was born in the U.S., quietly became a dual American-French citizen in 2018, according to reports in the&nbsp;<a href="https://www.lesechos.fr/tech-medias/hightech/exclusif-comment-le-pdg-de-snapchat-est-devenu-francais-1156728" target="_blank" rel="noreferrer noopener">French press</a>.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e886a4ab0a4e4000746bc7e/960x0.jpg?fit=scale" alt="Evan Spiegel"/><figcaption>Image by MICHAEL GRECO</figcaption></figure>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4c51ef5ae000679d5a4/960x0.jpg?fit=scale" alt="9-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>PEDRO DE GODOY BUENO</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;DIAGNOSTIC SERVICES</strong></h3>



<p>A newcomer to the billionaire ranks, Pedro is the son of the late Edson de Godoy Bueno (d. 2017), once Brazil’s richest healthcare billionaire. Bueno is the CEO and largest shareholder of laboratory services firm Diagnósticos da América SA, which has seen its shares nearly triple over the past year.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4d4a1a0ef00060520d6/960x0.jpg?fit=scale" alt="10-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>LISA DRAEXLMAIER</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:&nbsp;<strong>$1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;AUTO PARTS</strong></h3>



<p>Draexlmaier and her father, Fritz, are co-CEOs of Fritz Draexlmaier Holdings GmbH, the holding company of the autoparts maker of the same name. Lisa, now the sole owner, joins the billionaires’ list for the first time.</p>



<p><em>Editor&#8217;s note: This post has been updated to include Elizabeth Furtwaenger.</em></p>



<p><em>&#8211;<a href="https://www.forbes.com/sites/hayleycuccinello/">Hayley C. Cuccinello</a>, Forbes Staff, <a href="https://www.forbes.com/worlds-billionaires">Billionaires</a></em></p>


kylie

Meet The World’s 10 Youngest Billionaires In 2020


<p>Last month, after <em>Forbes</em> named Kylie Jenner <a rel="noreferrer noopener" href="https://www.forbes.com/sites/natalierobehmed/2019/03/05/at-21-kylie-jenner-becomes-the-youngest-self-made-billionaire-ever/" target="_blank">the world’s youngest self-made billionaire</a>, we unintentionally set off a heated debate on social media about the meaning of the word “self-made.” </p>



<p>The idea that a 21-year-old who grew up on a reality TV show (<em>Keeping Up With the Kardashians</em>), whose sister is Kim Kardashian, and whose rich and famous parents are Kris and Caitlyn Jenner could be considered self-made, sparked a very public backlash.</p>



<p>The debate was renewed once again on March 31 after the <em>New York Times</em> published a story in which Kylie admitted to having some help building her business. “I can&#8217;t say I&#8217;ve done it by myself,&#8221; the beauty mogul told the <em>Times</em>. “If they&#8217;re just talking finances, technically, yes, I don&#8217;t have any inherited money. But I have had a lot of help and a huge platform.&#8221;</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/woman/2019/03/08/at-21-kylie-jenner-becomes-the-youngest-self-made-billionaire-ever/" target="_blank" rel="noreferrer noopener" aria-label="At 21, Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever (opens in a new tab)">At 21, Kylie Jenner Becomes The Youngest Self-Made Billionaire Ever</a></p>



<p>Well, yes, that’s exactly what we mean at <em>Forbes</em> when we say that Kylie—and 1,449 other billionaires—are “self-made.” And that’s perhaps the nub of the disagreement. At <em>Forbes </em>we’ve been using the term to describe the origin of someone’s fortune, rather than whether a billionaire got help to build a hugely successful company or not.</p>



<p> <em>Forbes</em>has been tracking the fortunes of America’s richest for more than 35 years and we’ve used three classifications for how people made their fortunes: self-made, inherited and inherited and growing; the latter category was reserved for people like Donald Trump, who built on his father’s real estate empire.</p>



<p> <em>Forbes</em>has been tracking the fortunes of America’s richest for more than 35 years and we’ve used three classifications for how people made their fortunes: self-made, inherited and inherited and growing; the latter category was reserved for people like Donald Trump, who built on his father’s real estate empire.</p>



<p>What many object to when&nbsp;<em>Forbes</em>&nbsp;calls Kylie self-made is that (1) she had lots of help (from people like her mom, Kris Jenner) building the company that turned her into a billionaire, and (2) she started out rich and famous. Both of those assertions are true. But Mark Zuckerberg, whom&nbsp;<em>Forbes</em>&nbsp;also classifies as self-made, didn’t build Facebook by himself and he started out well-off, though not as rich and not nearly as famous as Kylie. (Zuckerberg’s father is a dentist, his mother a psychologist).</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/lists/2019/04/05/the-10-most-notable-new-billionaires-of-2019/" target="_blank" rel="noreferrer noopener" aria-label="The 10 Most Notable New Billionaires Of 2019 (opens in a new tab)">The 10 Most Notable New Billionaires Of 2019</a></p>



<p>Plus there are seven other Facebook billionaires who, one could argue, rode alongside Zuckerberg in building the massive social network, including cofounder Dustin Moskovitz, Zuckeberg&#8217;s former roommate; cofounder Eduardo Saverin, Zuckerberg&#8217;s former classmate; Sean Parker, the social network’s first president; Jim Breyer and Peter Thiel, its early investors; and Sheryl Sandberg, Facebook’s chief operating officer since 2008, four years after the company was founded.&nbsp;<em>Forbes</em>classifies all of these billionaires as self-made—none of them inherited their fortunes. None of them built Facebook alone.</p>



<p>Five years ago, <em>Forbes</em> dug deeper into one defining characteristic of billionaires: How far did they climb to make their way to the top? That year, for the first time, we gave each member of The Forbes 400 list of richest Americans a<a rel="noreferrer noopener" href="https://www.forbes.com/sites/afontevecchia/2014/10/02/the-new-forbes-400-self-made-score-from-silver-spooners-to-boostrappers/" target="_blank"> self-made score </a>on a scale from 1 to 10: A 1 means the fortune was completely inherited; a 10 is for a Horatio Alger-esque journey from the depths of poverty. At the most basic level, the scores denote who inherited some or all of their fortune (scores 1 through 5) and those who truly made it on their own (6 through 10).</p>



<p>We have continued to apply this self-made score to all American billionaires (and also now to self-made women). In Kylie’s case, we gave her a 7 out of 10, acknowledging that she had plenty of advantages from the start. </p>



<p>Donald Trump scores a 4 because he inherited a fortune from his father and then expanded it significantly, while the widow of Steve Jobs, Laurene Powell Jobs, gets a 2 because she inherited a fortune and has a role in managing it, having made investments in media (<em>The Atlantic</em> and Ozy Media) and professional sports (she owns a 20% stake the group behind the NBA’s Washington Wizards and NHL’s Washington Capitals).</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/focus/2019/04/02/more-than-a-dozen-of-europes-wealthiest-billionaires-and-their-families-had-nazi-ties/" target="_blank" rel="noreferrer noopener" aria-label="More Than A Dozen European Billionaires—Linked To BMW, L’Oréal, Bosch—Have Families With Past Nazi Ties (opens in a new tab)">More Than A Dozen European Billionaires—Linked To BMW, L’Oréal, Bosch—Have Families With Past Nazi Ties</a></p>



<p>While few billionaires have had the type of social media platform that Kylie Jenner had when she launched her business—with 120 million Instagram followers—(which we actually think further underscores her entrepreneurial savvy, not the help she got), every single self-made billionaire on <em>Forbes’</em> list has had help building their fortune, be it from other employees at the company they founded, venture capitalists, mentors, friends or parents. </p>



<p>Steve Ballmer, for instance, had the good fortune to be one of Bill Gates’ classmates at Harvard, which led to a job at Microsoft. He eventually replaced Gates as chief executive, a job he held for 15 years. He is now the 19th-richest person in the world.   </p>



<p>Leon Black, whose father was the CEO of United Brands, got a $75,000 life insurance payout after his father died when he was in business school. He later cofounded private equity giant Apollo Global Management, which made him a billionaire. Hedge fund tycoon Chase Coleman is a descendant of Peter Stuyvesant, the last Dutch governor of New York. Another hedge fund titan, Ken Griffin, started trading in his Harvard dorm room using $265,000, part of which came from his family. </p>



<p>And the nation’s richest real estate developer, Donald Bren, is the son of a real estate investor and Hollywood film producer. Phil Knight, in his autobiography <em>Shoe Dog</em>, spells out how the early days of Nike were a team effort by a core group of incredibly dedicated early employees. Even Oprah Winfrey, who grew up dirt poor and earns a number 10 rank on our self-made score, got help from smart producers and other employees to turn her daytime talk show from an also-ran into a huge hit, as the podcast <em>Making Oprah</em> details.</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/billionaires/2019/03/28/the-worlds-most-generous-billionaires-outside-of-the-us/" target="_blank" rel="noreferrer noopener" aria-label="The World’s Most Generous Billionaires Outside Of The US (opens in a new tab)">The World’s Most Generous Billionaires Outside Of The US</a></p>



<p>So why have people reacted so vehemently to Kylie? Is it that the Kardashians are people everyone loves to hate? Is it that Americans are fed up with the reality TV, social media culture that not only helped make a 21-year-old who posted on Instagram a billionaire but also helped get a president elected? Several people with whom we spoke wondered if it was because she was a woman. Would we have had the same discussions if it was her half-brother Robert who became a billionaire instead of Kylie?</p>



<p>No one will really ever know. But one thing is certain: Kylie Jenner figured out a simple, easy way to turn her family&#8217;s fame, her huge Instagram following and her passion for makeup into big, big bucks.</p>



<p>&#8211;<em>Luisa Kroll; Forbes Staff</em></p>



<p>&#8211;<em>Kerry A. Dolan; Forbes Staff </em></p>


gettyimages-1128898025-594×594

In Defense Of Kylie Jenner: Are Any Of The World’s Billionaires Entirely Self-Made?

<p>In mid-November, Kylie Jenner marked a milestone moment with a visit to a strip mall. For the past three years, her Kylie Cosmetics had only sold its makeup online and briefly in pop up shops. </p>



<p>But after signing an exclusive distribution deal with Ulta, the beauty retailer, Kylie Cosmetics was rolling its $29 lip kits—a matte liquid lipstick and matching lip liner—into Ulta’s 1,000-plus stores. </p>



<p>And Jenner showed up to the Richmond Avenue Ulta in Houston to greet customers, sign autographs on lip kits and, of course, pose for selfies with her fans.  </p>



<p>Over the next six weeks, Kylie Cosmetics sold $54.5 million worth of products in Ulta, according to estimates from Oppenheimer. “I popped up at a few stores, I did my usual social media—I did what I usually do, and it just worked,” she says.</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/wealth/2019/01/24/from-bitcoin-to-bezos-the-18-best-forbes-stories-of-2018/" target="_blank" rel="noreferrer noopener" aria-label="From Bitcoin To Bezos, The 18 Best Forbes Stories Of 2018 (opens in a new tab)">From Bitcoin To Bezos, The 18 Best Forbes Stories Of 2018</a></p>



<p>Fueled in part by the Ulta expansion, Kylie Cosmetics’ revenue climbed 9% last year to an estimated $360 million. With that kind of growth, and even using a conservative multiple from the booming makeup industry, Forbes estimates Jenner’s company is worth at least $900 million. She owns all of it. </p>



<p>Add in the cash Jenner has already pulled from the profitable business, and the 21-year-old is now a billionaire, with an estimated fortune of $1 billion. She’s the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg (who was 23 when he hit that mark).</p>



<p>“I didn’t expect anything. I did not foresee the future,” says Jenner, who is the youngest billionaire in the world. “But [the recognition] feels really good. That’s a nice pat on the back.”</p>



<p>The beauty of Kylie Cosmetics, which Jenner started in 2015, is its minuscule overhead—and the outsize profits that go straight into Jenner’s pocket. Her empire consists of just seven full-time and five part-time employees. Manufacturing and packaging is outsourced to Seed Beauty, a private-label producer in nearby Oxnard, California. Sales and fulfillment are handled by online merchant Shopify. </p>







<p>Her shrewd mother, Kris, takes care of finance and PR in exchange for the 10% management fee she siphons from all of her kids. Marketing is done mostly through social media, where Jenner has a massive following. </p>



<p>She announces product launches, previews new items and announces the Kylie Cosmetics shades she’s wearing directly to the 175 million-plus who follow her across Snapchat, Instagram, Facebook and Twitter.</p>



<blockquote class="wp-block-quote"><p>“It’s the power of social media,” Jenner says. “I had such a strong reach before I was able to start anything.”</p></blockquote>



<p>When Kylie Cosmetics launched in Ulta in 50 states, the reaction was a real-life version of the online rush Jenner created years earlier, when her initial kits sold out online in less than a minute. Ulta shoppers went wild. In some stores inventory was gone in hours. “It sold out faster than we planned,” admits Tara Simon, Ulta’s senior vice president of merchandising.</p>



<p>Ulta and Jenner are a sensible pairing. With Ulta’s mix of pricier prestige brands, like MAC Cosmetics, and cheaper selections, such as Nyx Professional Makeup, it has a larger footprint than that of its closest competitor, the more expensive Sephora. Analysts say Kylie Cosmetics is drawing younger customers through Ulta’s doors—teens who might not have a credit card to shop online. Plus, selling in physical stores gives Jenner a chance to reach “people that would never buy my products online,” she says. The ones who want to “see, touch and feel before they buy.”</p>



<p>Ulta provides access to a wide swath of America—more than just kids on the coasts—with stores across middle America. (It also has 714 more standalone stores than Sephora.) Ulta, meanwhile, gets a brand that requires no marketing push. So far, the retailer hasn&#8217;t spent a dime on traditional marketing to launch the brand in stores, which is “unheard of,” Simon says: “[Jenner’s] ability to communicate with well over 120 million people in a snap has a lot of power.”</p>



<p>READ MORE | <a href="https://www.forbesafrica.com/lists/2019/02/01/fewer-billionaires-poorer-billionaires-on-african-continent-in-2019/" target="_blank" rel="noreferrer noopener" aria-label="Fewer Billionaires, Poorer Billionaires On African Continent In 2019 (opens in a new tab)">Fewer Billionaires, Poorer Billionaires On African Continent In 2019</a></p>



<p>“She did well online, but there’s only so far that that can take her,” says Shannon Coyne, an equity research analyst at BMO Capital Markets. “She probably realized: ‘If I want to get big, I’ve got to scale, and to do that, I need a partner.’ Ultimately, she wants to grow her brand, and she needs this store presence to do that.”</p>



<p>Indeed, Kylie Cosmetics has seen its growth slow rapidly lately. It went from essentially zero to $307 million in sales within a year of launching but managed only single-digit growth in 2017 and 2018, Forbes estimates. That’s despite adding 30 new products in 2017, including concealer and makeup brushes, and many more color combinations in 2018.</p>



<p>It’s not the first time Ulta’s breadth has helped propel a makeup entrepreneur. IT Cosmetics, cofounded in 2010 by Jamie Kern Lima, entered Ulta in 2012 and promptly grew to sales of $117 million by 2014. In August 2016, L’Oréal paid $1.2 billion in cash for it.</p>



<p>Would Jenner ever follow a similar route? She firmly dismisses the idea of a sale. But her mother is interested. “It’s always something that we’re willing to explore,” Kris told Forbes last year.</p>



<p>For now, Jenner is focused on expanding her product range to include a setting powder, and bringing eyeshadows, powders and bronzers to Ulta. “I see [Kylie Cosmetics] going very far,” Jenner says. “I work really hard.”</p>



<p>Whatever happens next, one thing is certain. Jenner will share it all on social media, much to the delight of her tens of millions of fans.</p>



<p>She is, after all, the first selfie-made billionaire.</p>



<p><em>-Natalie Robehmed, Forbes Staff</em><br></p>

Tag: Kylie Jenner

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