Aged just 20 and the youngest member of the extended reality-TV Kardashian clan, Kylie Jenner is on track to become America’s youngest “self-made” billionaire, Forbes revealed on Wednesday.
The young mother, who gave birth to daughter Stormi in February, set up Kylie Cosmetics two years ago and the company has already sold more than $630 million worth of makeup, the magazine said.
Forbes conservatively valued her company at $800 million and raised her overall worth to $900 million by throwing in earnings from television programs, endorsements and after-tax dividends.
Jenner owns 100 per cent of the company, which started out with a $29 “lip kit” — matching set of lipstick and lip liner that traded on her trademark pout.
She’s already the youngest person on Forbes’ list of richest self-made US women and another year of growth would make her the youngest self-made billionaire ever, beating Mark Zuckerberg, who crossed the threshold at the age of 23.
“Thank you @Forbes for this article and the recognition. I’m so blessed to do what I love every day,” she tweeted next to a photograph of the cover story.
Her success has been attributed to her fame and ability to leverage social media. She has more than 110 million followers on Instagram, 25.6 million on Twitter and 16.4 million follow her company directly.
Forbes said the firm has only seven full-time and five part-time employees, with manufacturing, packaging and sales outsourced, and momager Kris handling the business side in exchange for a 10-per cent management cut.
“As ultralight startups go, Jenner’s operation is essentially air. And because of those minuscule overhead and marketing costs, the profits are outsize and go right into Jenner’s pocket,” Forbes wrote.
Jenner is the youngest daughter of Kris and Caitlyn, formerly Olympic gold medalist Bruce. Her sister is supermodel Kendall. Her half-sisters are Kim, Kourtney, and Khloe Kardashian.
Reality TV show “Keeping Up With the Kardashians” launched when Kylie was 10 years old. Aged 17, she trademarked the phrase “Kylie Lip Kits… for the perfect pout.”
Forbes said she used $250,000 earned from modelling to pay a company to produce the first 15,000 lip kits, which she spent months teasing on Instagram. They sold out in less than a minute at the November 2015 launch.
That May, Jenner had admitted to having temporary lip fillers. On Sunday, she revealed on Instagram that she had ditched them.
Mark Wahlberg soared to the top of the world’s highest paid actors on an annual Forbes magazine list that highlighted a huge disparity between male and female Hollywood stars.
Wahlberg, 46, earned an estimated $68 million in 2017 thanks to his pay days for movies ‘Daddy’s Home 2’ and ‘Transformers: The Last Knight’, according to the Forbes ranking released on Tuesday.
The rapper-turned-actor knocked 2016 leader Dwayne ‘The Rock’ Johnson into second place, with estimated 2017 earnings of $65 million.
Forbes estimates earnings, before taxes and management fees, from movies, TV and commercial endorsements.
The Forbes list again highlighted Hollywood’s gender pay gap. Last week, the magazine named “La La Land” Oscar winner Emma Stone as the world’s highest paid actress with an estimated 2017 take of $26 million.
Forbes said the 10 highest-paid leading men earned a combined $488.5 million before tax in its June 2016-June 2017 scoring period, nearly three times more than the $172.5 million earned by the top 10 scoring women.
Forbes attributed the disparity to the prevalence of superhero and action blockbusters that earn big at the box office for Hollywood studios but tend to have fewer leading roles for women.
‘Pirates of the Caribbean’ star Johnny Depp, who for years has been among the top five paid actors, did not make the top 20 this year, Forbes said.
Depp is currently embroiled in a bitter lawsuit with his former business managers who have detailed what they describe as his lavish spending habits.
Last December, before the May 2017 release of ‘Pirates of the Caribbean; Dead Men Tell No Tales’, Forbes named Depp the most overpaid actor for a second straight year as films such as ‘Alice Through the Looking Glass’ and ‘Mortdecai’ did not fare well.
Three of Bollywood’s biggest stars – Shah Rukh Khan ($38 million), Salman Khan ($37 million) and Akshay Kumar ($35.5 million) took the 8th, 9th and 10th places on the Forbes list, respectively.
Fresh off winning her first Oscar, actress Emma Stone ousted Jennifer Lawrence on Wednesday to claim the top spot on Forbes’ 2017 list of the world’s highest-paid actresses.
Stone, 28, who won best actress for her role as a struggling actress in “La La Land,” made $26 million in pre-tax earnings, according to Forbes’ calculations over a 12-month period from June 2016 to June 2017.
She outpaced Jennifer Aniston, 48, who came in at No. 2 this year with earnings of $25.5 million, with residual income still coming in from the television sitcom “Friends” and endorsement deals with brands such as SmartWater and Emirates Airline.
Lawrence, 27, who topped the Forbes list for two consecutive years, dropped to No. 3 this year with earnings of $24 million, almost half of her prior year’s earnings of $46 million.
The actress, who has spoken out on equal pay for women in Hollywood, saw her earnings dip this year after the conclusion of the “Hunger Games” franchise, but continues to make money from movie deals and an endorsement deal with fashion brand Christian Dior.
Forbes compiles its annual celebrity earnings lists from box office and Nielsen data, as well as from interviews with industry insiders.
The top-ten list also includes Charlize Theron, Emma Watson and Melissa McCarthy. Forbes said no stars from Asia made the cut this year.
Forbes said the cumulative total earned by the world’s top ten highest-paid actresses – $172.5 million – was down 16 percent from the previous year.
Last year, Dwayne “The Rock” Johnson topped Forbes’ list of highest-paid actors at $64.5 million, more than double the amount made by Stone this year. Forbes is expected to release its list of top-earning male actors later this week.
Spanish La Liga giant, Real Madrid, has topped an annual Forbes list of the World’s Most valuable sports teams.
According to Forbes, the UEFA Champions League winner is worth an estimated $3.44bn (£2bn).
The top three slots are occupied by football clubs, with Real Madrid’s La Liga rival, Barcelona in second place at $3.2bn, and English Premier League side, Manchester United third, with a value of $2.81bn.
Major League Baseball team, the New York Yankees are in fourth spot, valued at $2.5bn while NFL American Football side, the Dallas Cowboys, worth $2.3bn.
MLB side, the New York Mets are one of three teams that dropped off this year’s list of the top 50 with NFL side Oakland Raiders and Formula One team, McLaren, the other two familiar names that dropped from the list
Forbes calculated the value of the teams based on equity, debt and stadium deals and the average value of the top 50 teams which is $1.34bn, an 8% increase on last year.
NFL teams makes up 60% of the top 50 slots, occupying 30 places.
The 20 non-NFL teams in the top 50 include six from MLB, eight from football, four from the NBA, one from the National Hockey League (ice hockey league) and one from Formula 1.
Nigeria’s Minister of Agriculture, Akinwunmi Adesina, says producing healthy food and creating wealth for Nigerians remain his top priority, irrespective of activities of those bent on importing food, as poverty is not an industry that should be allowed to grow.
The Forbes Africa Person of the Year 2013, made this declaration on Channels Television on Monday, where he was the guest of Sunrise Daily to discuss developments in Nigeria’s Agriculture sector.
He took off by defending a circular released by his ministry on October 29, 2013, which announced a restructuring of the fishing industry in Nigeria but which had been misconstrued to be a total clampdown on the importation of fish in Nigeria.
He said that he did not think Nigeria has a business importing a lot of fish, let alone spending 127billion Naira doing so. He explained that the decision was aimed at making sure that Nigeria harnessed its potentials, owing to the abundance of water in the country.
The Minister also described the discovery of a lot of fishy business in the fish importation sector, claiming that the bad practices ware killing the local industry and sending the local fishermen into extinction.
He revealed that some of the major players in the old system of fish importing have tried to fight the reform by trying to create scarcity and force the Government to rescind its decision but he would not allow it. He said, “Poverty is not an industry, we are not going to grow it”.
He, however, clarified that the ministry did not ban the import of fish but only decided to start regulating it, having been the only country that was not doing that.
He said that the main idea was to develop and grow the industry within, explaining that aquaculture is a large industry for Nigeria by its massive water which goes beyond just fishing. He added that Nigeria should be a net exporter of many things as God has blessed the country with the natural endowment in land and water.
Speaking on the trolling industry generally, he said that there was a lot of illegal fishing in the country’s territorial waters. He made reference to the recent arrest of illegal Asian fishermen by the Nigerian Navy during the week as proof of how much the country was losing to illegal activities.
Mr Adesina also alleged that Nigeria’s abandonment of the fishing industry had given chance to the conversion of fishing terminal to serve irrelevant purposes like storing petroleum products. He wondered how things could have degenerated into such situation.
The environmental issues also came to the fore as the Sunrise team emphasized the issue of the cleanliness of Nigeria’s waters. He, however, said that the situation in this area is not as bad as it seemed, owing to the several moves being made by the Federal Government through his ministry to clean up the waters, including dredging the inland waters.
He gave an assurance that all abandoned fishing terminals across the country would be revived. Revealing that President Jonathan had given him the freehand to execute the reforms found paramount to the growth of the industry, Adesina said, “The days of abandoning the fishing industry is over.”
The Minister brought focus to the sensitivity of his reforms to the grassroots. With particular emphasis on the women in fishing communities who are into the business, he spoke about the plan to get financing to build cold rooms and ensure that they provide common services to the local trollers to protect them from being dependent on importers.
“Everything Agriculture in Nigeria is private sector driven today, Government is out of it. The role of Government is simple, their role is to develop good policies, regulations and incentives”, he said.
Adesina is not taking the security of Nigerian waters for granted. Piracy to him is a major factor, smuggling is also another issue which is being perpetrated with connivance with external bodies and the Ministry, according to the Minister, has been working with the Navy and has also established partnership with Interpol to sanitize the system.
He admitted that there is no way any system in the world can have a 100% loyal adherence to reform measures but he believes that there are other ways to also support the security measure being taken, including reducing the cost of doing the business legitimately and therefore making the legal route more attractive.
He insisted that the ministry would not compromise on its decision not to tolerate the rot in the fishing sector.
Rice Tariff Policy
Despite a new rice tariff policy, Nigeria still has a large volume of imported rice being sold in its markets. Mr Adesina said that in this regard, “Some of our neighbours are not cooperating with us when it comes to the issue of fiscal policy”, as there were a lot of noncompliance at the Seme Border. However, there were still plans for a reviewed rice tariff policy.
He also gave detailed explanation of how he intends to increase Nigeria’s local wheat production, cultivating a new variety of the crop to reach a production of 1.8 million metric tons over the next 3 years, a figure that shows the capacity to end Nigeria’s current importation of 4million metric tons of wheat which costs 5billion dollars a year.
This system, he said is being adopted on other crops, including rice.
He allayed fears that Nigerian farmers were being made to grow genetically modified seeds, but that the system was to go for enhanced seeds based on conventional technology. This was in response to a question raised by a social media follower of Channels TV.
He, however, said that this was not to mean that bio-technology was not going to be adopted where deemed necessary.
There are said to be allegations that the Agriculture Minister has not paid enough attention to the small scale farmers in Nigeria.
“That is not true” he said. Explaining that there are different categories of farmers based on their size and roles in the sector, he said that what they had done was to optimise across all the different categories.
He cited the President’s approval of the distribution of high yielding cocoa seeds and other crops for small scale farmers who are already experiencing turnarounds in their businesses across the country.
He further explained the importance of large scale farmers to the sector, emphasizing how the policies he introduced have helped raise high investments in the sector, particularly with Nigerian Businessman, Aliko Dangote announcing at the World Economic Summit earlier in the year that he had put about 300million Naira into rice growing and milling in Nigeria, an investment he admitted he never imagined he would find reasonable but for the reforms in the sector.
Mr Adesina is conscious of areas where he had been most criticized, which is on his Growth Enhancement Support Scheme, which has been berated for focusing on smaller farmers. He equated the concept of his execution of the reform to the pyramid structure in which the bottom is larger.
He said that there were more people at the bottom and this justifies his decision to start from the bottom, as this was surer guarantee of making impact on the sector.
Pop star Madonna was the world’s top-earning celebrity over the past year, trumping the likes of Oprah Winfrey and Steven Spielberg.
The 55-year-old Material Girl made an estimated $125m (£80m) thanks to her MDNA tour, clothing and fragrance lines, according to Forbes.
Popular director Steven Spielberg was at number two with $100m (£64m). Most of his earnings came from his back catalogue of film hits such as ET and Jurassic Park – which has just been released in 3D to mark its 20th anniversary – as well as last year’s Oscar winning Lincoln. The director also takes a cut of all ticket sales at Universal Studios theme parks.
Third place was a three-way tie between 50 Shades of Grey author EL James, Simon Cowell and shock jock Howard Stern, with earnings of $95m (£61m).
Thriller writer James Patterson follows with $91m (£58.5m), while TV and radio host Glenn Beck earned $90m (£57.8m).
Others in the top 10 included Transformers director Michael Bay ($82m, £52.7m) producer Jerry Bruckheimer ($80m, £51.4m) and pop star Lady Gaga ($80m) who featured 10th on the list.
Forbes compiles its annual list of celebrity earnings using input from agents, managers, producers and others to calculate its estimates for each celebrity’s entertainment-related earnings.
The figures do not reflect tax deductions, agent fees or “the other expenses of being a celebrity”.