02/24/2012 AT 03:20 PM EST
Kate Upton take note: Kathy Ireland has gone from Sports Illustrated
cover girl to richest model in the world.
Ireland, 48, was on the coveted SI
swim issue cover three times in her career, and went on to launch an empire, worth an estimated $350 million, according to Forbes
Considered the richest supermodel in the world right now by CelebrityNetWorth.com
, Ireland is "a bigger licensor than the formidable Martha Stewart," Forbes
What began as a simple clothing line at Kmart emerged into a brand that now includes home goods, socks and wigs.
As for current SI covergirl Upton
, Ireland tells Forbes
that the 19-year-old is on the right path by having "an agenda."
"So many young people say, 'I'm just going to see what happens,' " Ireland explains. "It's much more powerful to make things happen and have a plan."