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5 minutes read

Unveiling Forbes’ List Of America’s Wealthiest Self-Made Women under 40

Record-Breaking Numbers: America's Richest Self-Made Women 2023 Introduce New Faces. Kylie Jenner, Rihanna, and Others.

| Published on June 5, 2023

The youngest individuals on Forbes’ 2023 list of America’s Richest Self-Made Women have demonstrated exceptional drive and determination, achieving remarkable success at remarkably young ages by pursuing their passions and putting in extensive efforts.

Out of the 100 individuals featured in this year’s list of the wealthiest and most accomplished self-made women entrepreneurs, executives, and entertainers in the United States, only 11 of them are under the age of 40.

Although the count of women under 40 on the list remains unchanged from last year, there have been changes in the names present. Newcomers have managed to enter the ranks, while some others have dropped below the threshold.

Kylie Jenner, aged 25, remains the youngest member on the list for the sixth consecutive year, with her fortune estimated at $680 million. Lucy Guo, 28, is the only other person in her 20s. New additions include Christina Cacioppo, 36, Iman Abuzeid, 38, and Julia Cheek, 39. Emma Grede turned 40 and is no longer on the list. Rachel Drori’s company faced setbacks, while Maria Sharapova missed the cutoff.

The Wealthiest Self-made Women Under The Age Of 40

1. Kylie Jenner

Continuing her reign as the youngest self-made woman, Jenner’s net worth has increased by $80 million compared to last year. Rising to fame through the show Keeping Up with the Kardashians, she established Kylie Cosmetics in 2015, leveraging her massive Instagram following to promote her popular lip kits. In 2020, she sold a majority stake in the company to Coty for $600 million, retaining an estimated 44% ownership.

2. Lucy Guo

Guo launched Passes, a web3 platform for creators, in April last year and secured $8 million in funding by September. Her primary source of wealth is her nearly 6% stake in Scale AI, an AI company she co-founded in 2016. Guo left the firm in 2018, and its value has since decreased by one-third.

3. Taylor Swift

With the release of her album “Midnights” and the announcement of her Eras tour, the American pop star’s net worth has increased by $170 million since last year. Ticketmaster sold over 2 million tickets in a single day for the tour, from which Swift will earn a portion of the profits. She is also set to release the re-recorded version of her album “Speak Now (Taylor’s Version)” on July 7th.

4. Whitney Wolfe Herd

Bumble’s founder, once a billionaire, experienced a $230 million loss in the last year due to a sharp decline in the app’s shares. Since its IPO, the stock has plummeted by nearly 80%. Despite challenges, including a drop in paid users for Badoo, the company’s international dating app, Wolfe Herd managed to purchase a $21 million California ranch with her husband from Ellen DeGeneres in January.

5. Rachel Romer

Guild Education, founded by Romer in 2015, raised $175 million in funding in June 2022, valuing the company at $4.4 billion. The company helps employees acquire job-related skills and debt-free college degrees. Romer’s fortune decreased by nearly half following her divorce in late 2022, previously being listed under her married name, Carlson.

6. Rihanna

Rihanna’s highly watched Super Bowl halftime show attracted 121 million viewers. After a five-year hiatus, she made a comeback and released new music for the Black Panther: Wakanda Forever soundtrack. Rihanna is involved in various ventures, including a new partnership with Fenty X Puma and owning a 30% stake in Savage X Fenty lingerie line. Her primary source of wealth comes from Fenty Beauty, the makeup line she co-owns with LVMH, which experienced a doubling of sales in 2022.

7. Christina Cacioppo

The Ohio native’s entrepreneurial drive started early, running an eBay Beanie Baby business at age 11. Despite previous startup failures, she co-founded Vanta in 2017, a security and compliance firm. As CEO, she has led its rapid growth, serving 5,000+ customers globally. Vanta reached a $1.6 billion valuation in its latest funding round in June 2022.

8. Neha Narkhede

The software engineer-turned-entrepreneur launched her latest venture, Oscilar, a fraud detection firm, in March. Co-founded with her husband in 2021, they provided $20 million in funding, with her serving as CEO. Previously, she was a co-founder and former CTO of Confluent, a data-streaming software company that went public in 2021, achieving a remarkable valuation of $9.1 billion.

9. Iman Abuzeid

Born to a Sudanese surgeon in Saudi Arabia, Abuzeid pursued a medical degree in the U.K. but chose to forgo her residency to work in health care consulting in the U.S. In 2017, she co-founded Incredible Health to address the nursing shortage in American hospitals. The platform, often described as a enhanced version of LinkedIn for nurses, secured $80 million in funding in August 2022, valuing the company at $1.65 billion.

10. Huda Kattan

Huda Kattan, founder and chair of Huda Beauty, offers a diverse range of over 100 cosmetics, skincare, and fragrances. In 2017, private equity firm TSG Consumer Partners acquired a minority stake in the company, valuing it at $1.2 billion. Kattan, born and raised in Oklahoma to Iraqi immigrant parents, now invests in other startups through HB Investments based in Dubai, including Clubhouse, a social audio app.

11. Julia Cheek

Cheek launched Everly Health in 2015 to tackle expensive lab tests for vitamin and hormone imbalances. They offer at-home testing kits online and in stores like Target and CVS. Despite COVID-related layoffs, the company generated around $250 million in revenue in 2022. Everly Health is expanding to connect customers with doctors and prescriptions, focusing on screening and conditions like thyroid and weight loss.

Wrap Up

In conclusion, the success stories of Kylie Jenner, Rihanna, and the other richest self-made women under 40 are a testament to their entrepreneurial spirit and hard work. They have built empires in industries ranging from cosmetics to music, and their fortunes continue to grow. These women inspire us with their achievements and serve as role models for aspiring entrepreneurs around the world.

Also Read: Here Are The World’s Richest Female Billionaires Acc. To Forbes

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