Rihanna is now officially a billionaire according to Forbes – thanks to her extremely successful cosmetics company Fenty Beauty.
The 33-year-old is now worth $1.7 billion (£1.2 billion), making her the richest female musician in the world and second richest female entertainer after Oprah Winfrey with $2.7 billion (£1.9 billion).
In fact, Forbes estimates that the largest chunk of Rihanna’s fortune ($1.4 billion) comes from her 50% stake in Fenty Beauty, a partnership with French luxury goods conglomerate LVMH, which owns the other half.
The French firm is owned by 72-year-old Bernard Arnault, who is the second richest man in the world, worth $191.6 billion.
Her lingerie line, Savage X Fenty, also contributed an estimated 30%, with the rest of her riches coming from her 16-year music career.
The Barbadian entrepreneur founded Fenty Beauty back in 2017, spearheading a movement to create a more diverse makeup industry.
According to her website: “Rihanna was inspired to create Fenty Beauty after years of experimenting with the best-of-the-best in beauty—and still seeing a void in the industry for products that performed across all skin types and tones,” according to her website.
“She launched a makeup line ‘so that people everywhere would be included,’ focusing on a wide range of traditionally hard-to-match skin tones, creating formulas that work for all skin types, and pinpointing universal shades.”
Rihanna launched the cosmetics line via the French retailer Sephora, bringing in $550 million in annual revenues in the first year.
In four years, Rihanna and LVMH turned the brand into a billion-dollar business.
Savage X Fenty, a joint venture between Riri and TechStyle Fashion Group, was launched in 2018 and is worth an estimated $1 billion.
It is expected to be the market leader in lingerie by 2025.
The company’s website reads: “Savage X Fenty celebrates fearlessness, confidence and inclusivity.”
“In partnership with a team assembled from the industry’s elite, the label has disrupted and redefined the marketplace with its accessible price point and an extensive assortment of lingerie.”
As a recording artist, the You Da One singer is one of the most successful in the game, with over 250 million records sold worldwide.
The singer, who has a whopping 103 million Instagram followers, has donated significant sums of money to charity over the course of her career.
In 2012, she set up the Clara Lionel Foundation, which funds pioneering education programmes and natural disaster emergency responses.
Well, if anyone deserves it.