Women

Kylie Jenner and Taylor Swift, The Other Richest Self Made Women Under 40

Rihanna, Kylie Jenner and Taylor Swift

ILLUSTRATION BY STEPHANIE JONES for forbes

These young entrepreneurs, executives and entertainers include everything from an artificial intelligence entrepreneur, to a dating app founder, to a tennis prodigy, and everything in between. Three of these young people are new to the scene this year.

For the fifth year in a row, Kylie Jenner is the youngest member of Forbes’ list of America’s Richest Self-Made Women–a ranking that captures the entrepreneurial success and the fortunes of the 100 richest, most successful women in business.

Jenner, part of the extended Kardashian clan and the founder of Kylie Cosmetics, is–at age 24–one of just 11 people on the new 2022 Forbes list who are under age 40. This young group includes pop stars such as Taylor Swift, Whitney Wolfe Herd (Bumble dating app CEO), and Whitney Wolfe Herd (cofounder of Kylie Cosmetics). Altogether, the under 40s are worth an estimated $6 billion–5% of the list total of $111 billion.

Jenner ranks No. 41 on this year’s list, up from No. 51 in 2021–though Forbes estimates that her fortune has declined by about $20 million from a year ago to $600 million, partly due to the drop in values of cosmetics firms amid the spring stock market rout. In addition, the frenzied buzz about Jenner’s Kylie Cosmetics appears to have waned. Jenner sold 51% (before taxes) of her company to Coty in 2019, and took home an estimated $540m. Forbes also heard from one analyst that some data indicates that online sales of Kylie Cosmetics fell by as much as half a year ago. Coty says the relaunch of Kylie Cosmetics has been strong but doesn’t break out the unit’s revenues.

Three of America’s youngest self-made women are new to the ranking this year. Rachel Drori is 39 years old. She founded Daily Harvest, a plant-based frozen food delivery company. After her company was valued at $1.1 billion by investors late last year, she will make her debut. Emma Grede, CEO of fashion brand Good American and founding partner and chief product officer of Kim Kardashian’s shapewear firm Skims, is also 39. She joins the list at No. She is 77 and is the second-youngest Black female on the list, with an approximate $360 million fortune. Lucy Guo (27 years old), who cofounded Scale AI, an artificial intelligence firm, and retained a stake after her departure, is also new. The company is now valued as $7.3 billion.

Another of the youngest: Barbados’ first billionaire, 34-year-old Rihanna—whose 50% stake in makeup line Fenty Beauty makes her, along with Grede, one of two Black women under 40 to make the list. She comes in at No. 21 with a $1.4 billion net worth—$300 million less than last year, due to the drop in market value of cosmetics firms. Still, Rihanna is the only woman under 40 on this list who’s a billionaire.

Whitney Wolfe Herd’s reign as the world’s youngest self-made billionaire lasted just ten months last year. Bumble shares plunged nearly 65% since their initial public offering in Feb 2021, and we measured them on May 13, 2022. This despite 24% revenue growth during the first quarter. Wolfe Herd is No. 33, with a $740 million fortune—$560 million less than last year.

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Maria Sharapova, an ex-tennis player, has reentered the ranks after dropping out in 2021. She is a brand endorsement deal and smart investment. With an estimated $220 million fortune, she is the only athlete under 40 on this list. Rachel Carlson, who owns 15% of Guild Education, which has landed big contracts with big companies like Disney, Walmart and Chipotle in the past few years. 54th place this year. Forbes published the final list. Guild Education raised $175 million in funding from investors. This brings Guild Education’s value to $4.4 billion. It was $3.75B last year.

Due to their age, two of the 13 women who were below 40 on the 2021 Selfmade Women list have been removed from the under-40 club. Pop star Beyoncé and tennis great Serena Williams both turned 40, though each still make the self-made list, with fortunes of $450 million and $260 million, respectively.

These are the wealthiest self-made women below 40.

Fortunes were calculated by stock prices starting Friday, May 13, 2022.

Kylie Jenner

Frazer Harrison/Getty Images

1. Kylie Jenner

Age: 24

Net worth: $600 millions

Source of wealth: The cosmetics industry

Self-made score: 7

Jenner, half-sister Kim Kardashian and longtime cast member of the former TV series “Keeping Up With The Kardashians,”Kylie Cosmetics was her first makeup business. She started it in 2015 with $250,000 she earned from modeling. Then, she marketed to her 110 million Instagram fans. In 2020, she sold a 51% share to Coty for $600million. Forbes estimates that she earned $340 million after taxes. The popularity of the product seems have waned since last year when they introduced vegan and paraben free formulas. That and the stock market plunge, which pushed down values for the cosmetics sector, led to Jenner’s fortune declining to an estimated $600 million this year, down from $620 million last year.

Lucy Guo

Sonya Revell

2. Lucy Guo

Age: 27

Net worth: $440 millions

Artificial intelligence is the source of wealth

Self-made score: 8

Guo is able to make her debut because she holds a nearly 6 percent stake in Scale AI, an artificial Intelligence startup that was valued at $7.3 Billion by private investors in 2021. She studied computer science at Carnegie Mellon. However, she dropped out to become Thiel Fellow. While working for Quora as a question-and-answer site, she met Alexandr Wang. Together, they cofounded Scale AI. Guo also left the company in 2018. The Forbes Under 30 list was created by the pair. She cofounded the early stage venture capital firm Backend Capital in 2019, and launched Moment in April 2018. Moment is what she describes as “a revolution in venture capital”. “web3 platoform for creators to scale their content.”

Taylor Swift

Dimitrios Kambouris//Getty Images

3. Taylor Swift

Age: 32

Net worth: $570 millions

Music is the source of wealth

Self-made score: 8

The pop star, with nearly 56 million monthly Spotify listeners, made history in 2021 when he scored four No. In just 16 months, four of her albums reached No. 1. She managed the feat by re-recording two of her early albums as Red (Taylor’s Version) and Fearless (Taylor’s Version), in response to the sale of her original catalog to a private-equity group without her knowledge. Swift now has the rights to these master recordings, which will allow her to rebuild her catalog. Swift still holds publishing rights to her early work worth approximately $200 million.

Whitney Wolfe Herd

Guerin Blask for Forbes

4. Whitney Wolfe Herd

Age: 32

Net worth $740 million

Source of wealth: Dating app

Self-made score: 8

Wolfe Herd’s reign as the world’s youngest self-made female billionaire lasted just 10 months, from February through November 2021. Bumble shares, which she cofounded and still runs, have fallen nearly 65% since their February 2021 initial public offer. We measured the date on May 13 and found that revenue growth of 24% in the first quarter of this year has been a factor. Wolfe Herd founded Bumble in 2014, with funding from Russian billionaire Andrey Andreev. He sold his stake to Blackstone Group after a Forbes investigation into Badoo (a dating app he founded).

Rachel Carlson

Guild

5. Rachel Carlson

Age: 33

Net worth: 500 million

Online education is a source of wealth

Self-made score: 8

Guild Education, a Denver-based company, Carlson founded and manages. It helps companies retain and upskill employees by offering, among other benefits and the opportunity to get a college degree without any debt. Its learning base has grown to 5 million people, with 50% more workers having access to its courses in the last year. Among its newest customers: PepsiCo, Kohl’s and Hilton. Carlson has an estimated 15% stake at Guild, which was valued in June 2021 at $3.75 million.

Rihanna

Edward Berthelot//Getty Images

6. Rihanna

Age: 34

Net worth: $1.4 Billon

Music and cosmetics are the source of wealth

Self-made score: 10

Barbados’ first billionaire was named a National Hero on November 30, the same day the island nation became a republic. In January, she won $125 million for her Savage X Fenty lingerie brand; it now reportedly weighs in at $3 billion (est. valuation) IPO. The pop star-turned-cosmetics mogul, who owes most of her fortune to her 50% stake in Fenty Beauty, gave birth in May to her first child, with boyfriend rapper A$AP Rocky. She also has nine Grammy wins, and 14 No. 1 Billboard Hot 100 hits.

Maria Sharapova

Vittorio Zunino Celotto//Getty Images

7. Maria Sharapova

Age: 35

Net worth: $220 Million

Source of wealth: Tennis

Self-made score: 9

The former tennis star who left the court in 2020 still endorses brands such as Nike, Evian, Porsche and runs her candy business, Sugarpova. She has been a shareholder in Tonal, a home-gym startup, and Public.com’s investing platform. MoonPay allows users to trade cryptocurrencies in exchange for her endorsement. She also joined the board of Italian billionaire Remo Ruffini’s fashion brand, Moncler.

Neha Narkhede

Gabriela Hasbun for Forbes

8. Neha Narkhede

Age: 37

Net worth: $490 millions

Software is the main source of wealth

Self-made score: 8

In 2014, the former LinkedIn software engineer left to cofound Confluent. Confluent was a cloud-based software company that went public last fiscal year at a valuation of $9.1 billion. In 2019, she resigned as the company’s chief technology officer, though she still serves on its board. She now advises and invests at startups like Exafunction, a deep learning firm, and Metronome, a data infrastructure provider. Since the 2021 list, Confluent shares plunged 50%.

Huda Kattan

Daniel Zuchnik/Getty Images For Huda Beauty

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9. Huda Kattan

Age: 38

Net worth: $400 Million

Source of wealth: The cosmetics industry

Self-made score: 9

Huda Beauty chair is seeking to increase her $200 million (est. Huda Beauty chair is looking to increase her $200 million (est. 2021 revenue) cosmetics business by adding new skin care products and fragrance lines. In 2017, she sold a minority stake to private equity firm TSG Consumer Partners, which valued the business at $1.2 billion. The makeup artist-turned-blogger is now also seeding other startups, including edtech app Uptime and social audio app Clubhouse, through Dubai-based HB Investments.

Emma Grede

Ally Green

10. Emma Grede

Age: 39

Net worth: $360 Million

Apparel is the source of wealth

Self-made score: 9

Grede is the cofounder of Good American and the CEO of the brand, which she launched in 2016 with Khloe Kim Kardashian. She is also cofounder of Safely with No., a plant-powered cleaning brand. Kris Jenner, 93 Kris Jenner, is a founding partner and chief products officer of No. 16 Kim Kardashian’s Skims, where Grede’s husband is CEO. Grede, a child of a single mother in East London, started a paper route at the age of 12 and saved enough money to buy fashion magazines. In 2008, Grede founded ITB Worldwide Marketing Agency and became the first Black woman investor in Shark Tank on ABC.

Rachel Drori

Forbes: Tim Pannell

11. Rachel Drori

Age: 39

Net worth: $350 Million

Meal delivery service is a source of wealth

Self-made score: 8

In 2015, the former Gilt Groupe marketing executive founded frozen meal delivery service Daily Harvest. She funded it with $25,000 of her savings. She began making smoothies every weekend in a commercial kitchen in Queens and paying $20 per night for her teenage nephews to deliver them in Manhattan. Pregnant with her first child, she pledged that she wouldn’t quit her day job until orders from strangers outweighed friends and family’s purchases fivefold. It took two months. Daily Harvest, which now sells frozen parfaits, frozen bowls, and other products, raised $100M from private investors in November 2021. Drori owns an approximate 35% stake. Gwyneth Paltrow and Serena Williams are among the celebrity investors. Bobby Flay, Shaun White, Shaun White, and snowboarder Shaun White are also among them.

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