Even though it has been years since she has released a new album, a new report from Forbes reveals that the time out of the limelight has been good to the Grammy-award winning Barbadian hitmaker Rihanna. Not only is she one of the few celebrities who have earned over a billion dollars throughout her career, but she is now also the world’s wealthiest female musician.
“Rihanna’s fortune currently stands at about $1.7 billion,” reported NBC News’ Liat Weinstein. “Only Oprah Winfrey surpasses her as the wealthiest female entertainer.”
Surprisingly, while Rihanna is known for her music, Forbes noted that the bulk of her billion-dollar fortune was actually earned through her fashion and beauty products.
According to Weinstein, “Fenty Beauty — which comes from the singer’s last name — is currently valued at about $2.8 billion and was founded in 2017 with luxury goods giant LVMH. Rihanna also owns Fenty Skin and the lingerie line, Savage x Fenty, which is worth $1 billion.”
Forbes estimates that Rihanna controls approximately 30% of Savage x Fenty and about half of Fenty Beauty. Both companies are known for their products that serve an inclusive range of body types and skin tones.
“Demand for the makeup company has remained fairly steady even as the pandemic sent shockwaves through the retail market,” Weinstein reported. “A 2020 annual report from LVMH revealed decreased revenue as a result of the pandemic, but the company said it also ‘showed good resilience’ and ‘a significant improvement in trends in all its activities compared to the first nine months of 2020.’”
Based on Forbes estimates, Weinstein reported that Rihanna is one of only about a dozen Black billionaires in the United States, including Oprah, Jay-Z, Kanye West, Michael Jordan and Tyler Perry.