Kim Kardashian is officially a billionaire, according to Forbes!
On Tuesday, the magazine declared that the “Keeping Up with the Kardashians” star is making 10 figures, citing revenue from two of her businesses: KKW Beauty and SKIMS shapewear.
After founding KKW Beauty in 2017, the reality TV personality sold 20 percent of the company to cosmetics conglomerate Coty for a reported $200 million, a number that Forbes believes is “bloated.”
Despite this, the publication estimates Kardashian’s 72 percent stake to still be worth around $500 million.
While SKIMS has not publicly disclosed its revenue, a source told the outlet about a transaction that values the shapewear company to be worth around $500 million. Though Forbes estimates Kardashian’s stake in SKIMS to be worth approximately $225 million, this amount is enough for Kim to cross the billionaire mark.
In addition to revenue generated from reality TV, endorsement deals, and a number of smaller investments, Forbes estimates Kardashian’s net worth to be $1 billion — up from her reported fortune of $780 million last October.
Forbes, however, has had a contentious relationship with the Kardashian-Jenner family.
Last May, the magazine stripped Kim’s younger sister Kylie of her billionaire title, and alleged that the Kylie Cosmetics founder “likely forged” tax returns and has been “lying” about her earnings.
“While we can’t prove that those documents were fake (though it’s likely), it’s clear that Kylie’s camp has been lying,” Forbes wrote.
Immediately after the scathing article was published, Kylie said the report contained “a number of inaccurate statements and unproven assumptions.”
“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.
Kylie’s lawyer Michael Kump also told TMZ that Forbes’ “article is filled with outright lies.”
“We have reviewed Forbes’ article accusing Kylie of engaging in deceit and a ‘web of lies’ to inflate her net worth. The article is filled with outright lies. Forbes’ accusation that Kylie and her accountants ‘forged tax returns’ is unequivocally false and we are demanding that Forbes immediately and publicly retract that and other statements,” Kump said in a statement.
“It is sad that, of all things, Forbes has devoted 3 reporters to investigate the effect of the coronavirus crisis on Kylie’s net worth. We would not expect that from a supermarket tabloid, much less from Forbes.”