Kylie Jenner is not a billionaire, according to Forbes magazine.

The magazine now says a closer look at her finances shows evidence the star has been "inflating the size and success of her business".

Forbes declared Jenner the youngest self-made billionaire of all time last year.

"She's the youngest-ever self-made billionaire, reaching a ten-figure fortune at a younger age than even Mark Zuckerberg," it had said.

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The 22-year-old reality TV star and business mogul has also capitalised on her huge social media following.

The publication reported in January Jenner sold her cosmetics brand to Coty for US$1.2 billion (NZ$1.9b), but Forbes states that the size of her business empire isn't actually as big as it seems.

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"Based on this new information - plus the impact of Covid-19 on beauty stocks and consumer spending - Forbes now thinks that Kylie Jenner, even after pocketing an estimated $340 million after taxes from the sale, is not a billionaire."

The article went on to say: "A more realistic account of her personal fortune put it at just under $900 million, despite the headlines surrounding the Coty deal that seemed to confirm her billionaire status."

Kylie Jenner reacts

Taking to Twitter, Jenner slammed Forbes for the article.

"What am i even waking up to. i thought this was a reputable site.. all i see are a number of inaccurate statements and unproven assumptions lol. i've never asked for any title or tried to lie my way there EVER. period ... 'even creating tax returns that were likely forged' that's your proof?

The article compares Kylie Jenner's "fabrication" of her wealth to Donald Trump's obsession with his net worth, and alleges the Jenners invited the publication to their mansions and offered "tax returns that were likely forged".

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"So you just THOUGHT they were forged? like actually what am i reading .. but okay ... i am blessed beyond my years, i have a beautiful daughter, and a successful business and i'm doing perfectly fine."

Jenner also responded to criticism of her heated remarks by fans who said there were more important things happening in the world.

She added: "i can name a list of 100 things more important right now than fixating on how much money i have ... this is literally the LAST thing i'm worried about right now."

Forbes said it reached out to the Jenners to confirm its numbers, but they did not respond.

"As usual, we asked the Jenners for input on our numbers. But pressed for answers on the many discrepancies, the typically chatty family did something out of character: They stopped answering our questions," it said.

- Additional reporting news.com.au