Kylie Jenner, Jay-Z, Eric Tse and 12 more new billionaires in 2019 – and 14 more who lost their spot in the 3 comma club

Nov 13 , 2019

Kylie Jenner – who became a billionaire in 2019 – arrives at the Met Gala earlier this year. Photo: Reuters

Are the ultra-rich really struggling? While newly minted billionaires like Kylie Jenner, Jay-Z and Eric Tse prove fortunes can be made, the crash of Forever 21, WeWork and Ryanair show even HNWIs aren’t invincible

A proliferation of initial public offerings (IPOs) created several new billionaires in 2019 – but a turbulent stock market also knocked many entrepreneurs out of the three comma club.

Last year was not an easy year to be a billionaire, with 2018 the first time in seven years that high-net-worth individuals saw their fortunes shrink, according to French technology consulting firm Capgemini. Billionaires across the globe lost seven per cent of their collective net worth in 2018 due to market instability at the end of the year, Wealth-X also found in its 2019 Billionaire Census. Slowing economic growth across the globe and trade tensions also contributed to the wealth drop.

And what about this year? We’re run the maths to present all the about the people who became billionaires – and all those who lost their billionaire status in 2019.

Social media and make-up mogul Kylie Jenner made headlines when she was declared “the world’s youngest self-made billionaire” by Forbes in March

Kylie Jenner arrives at the 61st Grammy Awards at Staples Center in Los Angeles, earlier this year. Photo: Los Angeles Times/TNS

Net worth: US$1 billion as of March 2019

Jenner, who turned 22 in August, has built up a cosmetics empire, starred alongside her family in Keeping Up with the Kardashians as well as in her own spin-off show Life of Kylie, started a clothing line with her sister, and made millions promoting products on Instagram.

Forbes estimated that Jenner’s company, Kylie Cosmetics, is worth US$900 million. That plus the cash she has pulled in from the business brings her to billionaire status, Forbes said.

Many have criticised Forbes for calling Jenner “self-made”, arguing she was born into wealth and privilege. In February, Jenner responded to the backlash in an interview with Paper magazine, saying, “The self-made thing is true” and adding that her parents “cut her off at the age of 15”.

Proactiv founders Katie Rodan and Kathy Fields were also declared billionaires by Forbes in March