Jenner's Kylie Cosmetics, which she launched just three years ago, has amassed $630 million in sales. Jenner owns 100% of the company, according to the magazine.
The magazine said the 20-year-old's net worth will likely pass $1 billion within the next year, which would make her the youngest self-made billionaire, male or female, ever.
Jenner turns 21 on Aug. 10, so she will likely hit this milestone at age 21. Previously, Mark Zuckerberg held this record by becoming a billionaire at age 23.
Jenner's fortune far surpasses even that of her older sister's, Kim Kardashian West, who is worth a mere $350 million.
The article also details how Jenner has been able to own her company completely.
She outsources her production to an Oxnard, California-based manufacturer and sells it all through the online platform Shopify. Her company only has seven full- and five part-time employees.
The article also says that Jenner, in part, built her company by leveraging her huge social media platforms, which has been the key to its rapid growth.
"Social media is an amazing platform," Jenner told the magazine. "I have such easy access to my fans and my customers."