The 21-year-old "Keeping Up With the Kardashians" star was given the title on Tuesday, when the financial magazine published its list of the world's richest people.
Microsoft Corp (MSFT.O) co-founder Bill Gates remained in the No. 2 position with an estimated fortune of $96.5 billion, up from $90 billion past year.
The youngest of the Kardashian clan is now the world's youngest billionaire, according to Forbes billionaires' list. "And then, when she decided on what she wanted to do, she spent her money on a venture that could have gone south or north, and it did really well".
Due to her freshness on the list, Kylie doesn't have a "self made" number, but our guess is somewhere between one and Rupert Murdoch level. Much of the work is outsourced, such as to manufacturer Seed Beauty and retailer Shopify, but Jenner's social media fiefdom has supplied an endless demand for the products.
Jenner owns Kylie Cosmetics, the three-year-old beauty business that generated an estimated $360 million in sales past year.
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She was surprised by the success of her cosmetics company which was only founded in 2015 but is now worth an estimated $900million.
Jenner has also been credited for her social media outreach.
"Her money she made on the show that she put into her company, seems self made to me", said Gen.G content creator AvaGG.
"It is not shade to point out that Kylie Jenner isn't self-made", "Hunger" author Roxane Gay wrote on Twitter previous year. "That's a nice pat on the back", she told the publication.
Kylie insists she "didn't expect" to be so successful when she launched Kylie Cosmetics - which Forbes magazine values at at least $900 million [$1.3b AUD] - four years ago. "I had such a strong reach before I was able to start anything". She was born in 1997 to Olympic gold medalist Caitlyn Jenner and Kris Jenner, the ex-wife of attorney Robert Kardashian, known most for defending his friend O.J. Simpson during the sensational murder trial.