Jenner, 21, was finally given the title after months of speculation on Tuesday by Forbes as it unveiled its annual billionaires list.
At 21, she is both the youngest self-made billionaire and the youngest billionaire on Forbes' 'young billionaires' list.
Jenner has amassed a personal net worth of $1billion through her wildly successful range of make-up, Kylie Cosmetics.
She overtakes Zuckerberg, who was 23 when he made his first billion 11 years ago in 2008.
Now, he is the eighth richest person in the world with a fortune of $62.3billion.
Jenner is the youngest in her famous, reality TV family and the first to hit the billion dollar landmark.
She was surprised by the success of her cosmetics company which was only founded in 2015 but is now worth an estimated $900million.
THE 2019 FORBES RICH LIST
YOUNGEST
1. Kylie Jenner, 21 - $1billion (self-made)
2.Alexandra Andresen, 22 - $1.4billion
3. Katharine Andresen, 23 - $1.4billion
4. Gustav Magnar Witzoe, 24 - $3billion
5. John Collison, 28 - $2.1billion (self-made)
6. Evan Spiegel, 28 - $2.1billion (self-made)
7. Ludwig Theodor Braun, 29 - $1billion
8. Anna Kasprazak, 29 - $1billion
RICHEST
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. Amanico Ortega - $62.7billion
7. Larry Ellison - $62.5billion
8. Mark Zuckerberg - $62.3billion
9. Michael Bloomberg - $55.5billion
10. Larry Page - $50.8billion
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
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