The youngest self-made billionaire at 21
PA: The cosmetics entrepreneur and reality TV star has surpassed Facebook founder Mark Zuckerberg, who was 23 when he reached a 10-figure fortune, the publication said.
Jenner, the half-sister of Kim Kardashian West, said the recognition is a “nice pat on the back”.
She rose to fame in her family’s reality TV series Keeping Up With The Kardashians, in which she appeared from the age of 10, but in recent years has become a force in the beauty industry with her Kylie Cosmetics company.
Jenner launched the company in 2015 under the name Kylie Lip Kits, in reference to her popular lip products, before changing its name to Kylie Cosmetics the following year.
Forbes has estimated the business, which is 100% owned by Jenner, turned over 360 million US dollars (£274,118,400) over the past year from a majority of e-commerce revenue.
Its success is also down to a new deal with American beauty chain Ulta, which sells Jenner’s products throughout its 1,163 stores.
Jenner has also been credited for her social media outreach.
She has nearly 27 million followers on Twitter and 128 million on Instagram, helping her to promote her products to her key consumer base – her own fans.
Jenner told the magazine: “It’s the power of social media. I had such a strong reach before I was able to start anything.”
Of her success, she added: “I didn’t expect anything. I did not foresee the future.
“But (the recognition) feels really good. That’s a nice pat on the back.”
Jenner, whose net worth is estimated at one billion US dollars (£761 million), has appeared on Forbes’ billionaires list for the first time, ranked at number 2,057 overall.
The publication’s list of billionaires is topped by Amazon founder Jeff Bezos, whose net worth is 131 billion US dollars (£99.7 billion), with Microsoft’s Bill Gates in second place with 96.5 billion US dollars (£73.5 billion).