Forbes magazine on Friday dropped American reality TV star and Cosmetic business owner, Kylie Jenner from its Billionaires list, accusing the entrepreneur of "inflating the value of her cosmetics business for years."

Forbes had last year declared the 22-year-old business owner a billionaire following the popularity of Kylie Cosmetics, the American cosmetics brand but removed Jenner from the list.

According to an article published by Forbes on its website, Jenner who sold 51 percent stake of her business to Coty beauty for $600 million in a deal which was valued for 1.2 billion.

Also, adding that deal revealed the cosmetics business was not as big as it was portrayed, saying it was "significantly smaller and less profitable".

The article also alleged that the famous Kardashian/Jenner family of forging tax returns.

"(The) unusual lengths to which the Jenners have been willing to go... reveals just how desperate some of the ultra-rich are to look even richer."

However, the magazine said Jenner's fortune is estimated to be just under $900 million.