Fashion & Fortune: An Inseparable Bond

The hottest ticket in (bizarre) fashion got $20,000 more expensive this year. Tickets to the 2023 Met Gala were an eye-popping $50,000 each. And no, forking over five figures doesn’t grant you admission alone. The pricey sum is due only after you make the invite list drafted by the real-life character behind The Devil Wears Prada: Anna Wintour. The price of admission is a not-so-friendly reminder that there’s money to be made in high fashion.

Fashion and fortune have been joined at the hip since the beginning of time. The only question is whether you’re on the spending or earning side of the equation. The average American woman spends an estimated $545 per year on clothing, while the typical man spends $326. Chances are, if you’re like many Americans, some of that budget went straight into the pockets of one iconic man.

The wealthiest fashion designer is the world is rumored to be Ralph Lauren. His $6.8 billion net worth wasn’t just handed to him. He steadily built an empire from the ground up – on Wall Street of all places. It was on that famed street that he began designing neckties for bankers, expanding his portfolio over time to include everything from high-end gowns worn by First Ladies to sneakers worn by urban highschoolers. That range is what sets Ralph Lauren apart (and helped him earn his fortune.)

But you don’t have to be an American icon to earn a living as a fashion designer. We’ve had the privilege of featuring multiple well-dressed entrepreneurs on Biz Kid$ over the years. Here are just a few of our favorites.