Kylie Jenner is the 'youngest self-made billionaire' and the wealthiest member of her family. Here's how she makes and spends her fortune.

• Kylie Jenner is the wealthiest member of the Kardashian-Jenner family, with a net worth of $1 billion.
• This month, she was named the youngest self-made billionaire ever by Forbes magazine, though many critics argue she's not self-made because she was born into wealth and fame.
• Jenner's main source of revenue is her cosmetics company, Kylie Cosmetics, which is worth $900 million.
• She spends thousands of dollars on her friends and family. She bought her mom Kris Jenner a $250,000 Ferrari 488 and took her boyfriend Travis Scott on a luxury vacation to Turks and Caicos for his birthday.
• Watch the video above to find out how she acquired her fortune and what she likes to splurge on.

Following is a transcript of the video.

Kylie Jenner was recently named the youngest self-made billionaire ever by Forbes magazine much to the chagrin of many critics, including Dictionary.com. At just 21, Jenner is worth $1 billion, and her cosmetics company, Kylie Cosmetics, is valued at $900 million. Much of the controversy surrounding Kylie's new title comes from the fact that she was born into wealth and fame. Not exactly the scenario most people picture when they hear the words "self-made."

According to the Kardashian-Jenner clan's most recent contract, their reality TV show now earns them $30 million per season, but it's unclear how that paycheck gets divided. However, with her newfound billionaire status, Kylie is now the most financially successful member of her family. Her older half-sister Kim has the second-highest net worth in the family, an estimated $350 million. Meanwhile, Kylie's mother, Kris, is worth $90 million. They say that while the devil works hard, Kris Jenner works harder, but really, Kylie might be working the hardest.

While being born a Kardashian-Jenner essentially ensured Kylie fame as well as a plush upbringing, she parlayed that influence into her own impressive income.

So where exactly does Kylie's money come from?

Kylie's main source of revenue is her cosmetics company, Kylie Cosmetics. She started the company at just 17, reportedly using $250,000 of her own money to launch her lip kits. That $250,000 came from various brand sponsorships and deals her mother helped secure for her during Kylie's teenage years. From walking in fashion shows to publishing a ghostwritten young adult fiction novel, Kris Jenner kept Kylie busy with various ventures.

A 2015 collaboration with Topshop and her sister Kendall also expanded into the Kylie and Kendall collection, a line at Neiman Marcus, and a collaboration with PacSun. As a result of all those contracts bringing in cash, Kylie was able to launch her business without outside funding, something most entrepreneurs aren't in a position to do.

Since its launch, Kylie has been the sole owner of Kylie Cosmetics as well as its CEO and chief marketing officer. Kylie Cosmetics officially launched in November 2015, offering three $29 lip kits to choose from. The demand for the kits caused the site to crash immediately, and once it was back up and running, the kit sold out within minutes. Within its first 18 months, Kylie Cosmetics made $420 million in sales, and it's estimated that Kylie personally earned $60 million after taxes.

Kylie herself attributes the early success of Kylie Cosmetics to her large social media following. Before she launched her lip kits, Kylie had a combined 56 million followers from Instagram and Twitter. She was also known for having a massive audience on Snapchat who she regularly updated about her life along with sneak peeks of her lip kits. Four years later, Kylie now has around 155 million combined followers on Instagram and Twitter.

Her huge social media following also brings in a hefty income for Kylie through sponsored posts. The estimated value of a single post is $1 million. She's posted ads for Quay Sunglasses, Teami Blends detox tea, SugarBearHair Vitamins, and more.

Kylie's social media is also where we can see how she spends her millions. In 2016, she purchased a 1.4-acre Hidden Hills compound, which includes a 1,300-square-foot mansion, for $12 million. Over the last two years, Kylie has bought at least five other properties totaling more than $40 million. With all those properties, she definitely has the space to store all of her luxury cars. Since receiving a $225,000 black Mercedes-Benz G-Wagon for her 16th birthday, Kylie has amassed a pretty impressive luxury car collection. She's recently reported to have paid an estimated $10,000 to wrap her G-Wagon to match her $400,000 Lamborghini Aventador. For her 19th birthday, Kylie bought herself a one-of-a-kind Land Rover for $200,000. Her collection also includes a maroon G550 4x4 SUV, multiple Ferraris, a black Bentley Bentayga, and a number of Rolls-Royces each worth six figures. And as an early birthday present, Kylie gifted her mother a Ferrari 488 worth $250,000.

Kylie definitely loves to spoil the people in her life. For boyfriend Travis Scott's birthday, Jenner rented out Six Flags Magic Mountain in Los Angeles, which starts at $150,000. The birthday festivities continued in Turks and Caicos where the couple stayed at luxury beach resort Amanyara, where luxury suites cost up to $23,538 per night.

Kylie's faced criticism for spending a lot of money on her daughter, Stormi. From purchasing an $820 Gucci baby carrier to a $12,500 Fendi baby stroller, Kylie seems keen on introducing Stormi to luxury right away. But considering Jenner gave birth at Cedars-Sinai Medical Center in Los Angeles where private birthing suites range from $3,600 to $5,100 a night, is that really a surprise?

During an online closet tour, Kylie revealed her impressive bag collection. Her closet includes an entire row of Hermes Birkin bags, one of the most expensive bags in the world. She already has a mini Birkin bag picked out to be Stormi's first purse. Asked what she would grab in the event of a fire, Kylie said she'd grab a $432,000 Hermes Himalayan crocodile skin Birkin bag with 18 karat white gold hardware and more than 200 diamonds.

Kylie's lavish accessory budget extends to her hair. The makeup mogul is known for frequently transforming her locks with custom wigs created by hairstylist Tokyo Stylez, which can cost up to $5,000 per wig. Kylie is willing to pay a lot to look perfect. Her beauty budget includes $30 for her favorite mink eyelashes from Lilly Lashes, $350 spray tanning sessions at Jimmy Coco, and fresh manicures by Britney Tokyo, an LA-based manicurist who charges $125 for a two-hour session and an additional $50 for house calls.

The youngest Kardashian-Jenner certainly knows how to make waves, especially when it comes to expanding her cosmetics empire into a billion-dollar business. As for whether Kylie Jenner will always be the youngest self-made billionaire ever, only time will tell.