The 21-year-old founded and owns Kylie Cosmetics, she founded three years ago, that generated an estimated $360m in sales last year.
She reached the milestone earlier than Facebook founder Mark Zuckerberg who became a billionaire aged 23.
"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," Ms Jenner told Forbes.
However, the list shows Amazon's founder Jeff Bezos remains the world's richest man with his estimated fortune of $131billion, up $19bn from 2018.
Amazon's share price has been good for Mr Bezos' bank balance and the gap between him and the number two, Bill Gates, is a little wider, even though Mr Gates' fortune has swelled to $96.5bn from $90bn last year.
While Warren Buffett is the third richest man in the world according to the Forbes list.
Here is the list - RICHEST PEOPLE In The World:
1. Jeff Bezos - $131billion
2. Bill Gates - $96.5billion
3. Warren Buffett - $82.5billion
4. Bernard Arnault & family - $76billion
5. Carlos Slim Helu & family - $64billion
6. Amancio Ortega - $62.7billion
7. Larry Ellison - $62.5billion
8. Mark Zuckerberg - $62.3billion
9. Michael Bloomberg - $55.5billion
10. Larry Page - $50.8billion
The richest woman in the world is Francoise Bettencourt Meyers who, along with her family, has a fortune of $49.3billion. They own a 33 percent stake in L'Oreal.
The number of self-made women reached 72 for the first time, up from 56 a year ago.
WOMEN
1. Francoise Bettencourt Meyers (#15th in the world) - $49.3billion
2. Alice Walton (#17th) - $44.4billion
3. Jacqueline Mars (#33) - $23.9billion
4. Yang Huiyan (#42) - $22.1billion
5. Susanne Klatten (#46) - $21billion
6. Steve Jobs' widow Laurene Powell Jobs & family (#54) - $18.6billion
7. Abigail Johnson (#71) - $15.6billion
8. Iris Bontbona & family (#74) - $15.4billion
9. Gina Rinehart (#75) - $15.2billion
10. Kwong Siu-hing (#78) - $15.1billion
USA
1. Jeff Bezos - $131billion
2. Bill Gates - $96.5billion
3. Warren Buffett - $82.5billion
4. Larry Ellison - $62.5billion
5. Mark Zuckerberg - $62.3billion
6. Michael Bloomberg - $55.5billion
7. Larry Page - $50.8billion
8. Charles Koch - $50.5billion
9. David Koch - $50.5billion
10. Sergey Brin - $49.8billion
Facebook founder Mark Zuckerberg wealth is among those falling. It has dropped by $8.7bn (�6.6bn) in the past year to $62/3bn, according to the Forbes list.
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