For many people in their 20s, life is a constant balancing act of paying off student debt and finding the funds to be independent while still having fun.

That's not the case for Kylie Jenner and other members of the world's youngest ultrawealthy elite. We have taken a look at the lives of the world's five youngest billionaires as determined by Forbes' 2020 Billionaires List - all 28 years old and under - to see how they spend their days and their practically unlimited funds.

From zooming Ferraris to international dressage competitions, scroll down to meet the world's five youngest billionaires (presented by age in ascending order) and see how they spend their fortunes.

At 22, Kylie Jenner is the youngest billionaire in the world.

She has a net worth of $1 billion thanks, largely, to the success of her makeup company, Kylie Cosmetics.

The company was valued at $1.2 billion in November after Jenner sold a majority stake in her makeup brand to CoverGirl's parent company, Coty Inc., for $600 million.

Source: Business Insider

She shares her life with her 169 million Instagram followers and reportedly charges $1 million per sponsored post.

Jenner rose to fame on her family's reality-TV show, "Keeping Up With The Kardashians." She was 9 years old when the first episode was filmed.

Jenner launched her first makeup product, the Kylie Lip Kit, in 2015.

Jenner owns multiple luxury cars, which are most likely worth millions collectively.

Jenner stores her cars in her 1.4-acre Hidden Hills, California, compound, which she purchased in 2016 for $12 million.

Jenner shares the mansion with her 2-year-old daughter Stormi Webster.

The world's second- and third-youngest billionaires are the sisters Alexandra, right, and Katharina Andresen.

Alexandra and Katharina each have a net worth of $1.1 billion.

They each own 42.2% of the Oslo, Norway-based investment company Ferd, which their father, Johan H. Andresen, founded.

Alexandra, 23, is a keen horse rider and has at least four horses.

She rides competitively and is sponsored by the equestrian brands Kingsland and Samshield.

She makes sure her "boys" are kept in the best shape with plenty of veterinary and grooming appointments.

She was a part of Norway's dressage team ...

... and like many 23-year-olds, she appears to enjoy getting glammed up and going out with friends.

But it's not all ponies and sky-high martinis. If her Instagram feed is any indication, Alexandra also loves the outdoors, hiking, camping, and fishing.

Alexandra is a self-proclaimed jet-setter. In a photo dated December 2016, she's pictured in Mumbai, India.

Alexandra and Katharina, her 24-year-old sister, have five dogs between them, including a purebred boxer and a bulldog.

Before Alexandra moved to Florida in 2018, both sisters lived at home with their father and mother, pictured here with Katharina.

When their father transferred most of his funds to his daughters in 2005, the money was split equally between Alexandra and Katharina (pictured here).

Katharina is also a horse-riding fan, but less so than her younger sister.

Katharina enjoys staying up-to-date with the latest fashion trends, and favors a Louis Vuitton bag. This one's value is estimated at $1,900.

Another from her collection, this holiday-ready Louis Vuitton duffel, is valued at $1,870.

Katharina is a self-proclaimed "shoe-aholic." These limited-edition Louboutin pumps have an estimated value of $640.

These pearl-encrusted, heeled Gucci loafers — also from her collection — will cost you $990.

The older Andresen sister is also a fan of Rolex watches.

But her pride and joy is her bulldog, Tycho.

Just behind the Andresen sisters is Gustav Magnar Witzøe, who is also among Norway's superrich and is the fourth-youngest billionaire in the world.

This 26-year-old is worth $2.3 billion and owns 47% of the Norwegian salmon producer SalMar, which was gifted to him in 2013 by his dad, Gustav Witzøe, pictured here. He's the wealthiest billionaire on this list.

Gustav (also known as Gus) is into fashion — especially shoes. He often features in the front row of various Norwegian fashion shows.

He's a model with Next Models Worldwide.

And judging by his Instagram feed, he likes to travel. Here he is in Padangtegal, Indonesia, in April 2017.

Witzøe has at least one full sleeve of tattoos.

And, judging by social media posts, he enjoys active hobbies like golfing, skiing, and Jet Skiing.

Like the Andresen sisters, Witzøe also has a pet dog: His blue Staffordshire bull terrier features heavily on his Instagram.

German heiress Elisabeth Furtwaengler, 28, is the world's fifth-youngest billionaire.

Furtwaengler's father, magazine publisher Hubert Burda, gave both her and her elder brother Jacob 25% stakes in the family company, which publishes the German editions of Elle and Harper's Bazaar.

Professionally, Furtwaengler divides her time between serving on Burda Media's board and her career as a singer-songwriter.

Under the stage name Lisa Fou, Furtwängler has performed at music festivals in Munich and released covers of songs on YouTube ...

... including this one of her rapping "Godzilla" by Eminem.

How the world\'s 5 youngest billionaires spend their time and money