Selling 51 percent of her Kylie Cosmetics company to Coty Inc. for $600 million last year helped to cement Jenner's place on this year's list.
Jenner and Forbes received a lot of flak in 2019 due to the title "self-made billionaire," with many critics noting that the Keeping Up With the Kardashians star had the help of her famous family to build her fortune.
Forbes once again defended the term this year, writing, "She didn’t inherit her business —she built it."
"It’s not like that was handed to her," her sister, Kim Kardashian West, told ET last year. "She figured that all out. I mean, we all have."
Momager Kris Jenner also expressed pride in Kylie for her historic accomplishment.
"She made her own money for over a decade, she put it in the bank, she saved every nickel," Kris told ET. "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."