Rihanna is a billionaire and named the ‘richest female musician’
Despite a string of chart-topping hits, the bulk of Rihanna’s fortune comes from something entirely different, which has now made her a billionaire.
Rihanna has reached billionaire status, Forbes announced in a new report on Wednesday.
With an estimated net worth of US$1.7 billion (A$2.3 billion), the business magazine has dubbed the Diamonds singer, 33, the “richest female musician” and second to Oprah Winfrey as the “richest female entertainer”.
However, despite a bevy of chart-topping hits, Forbes credits the bulk of Rihanna’s fortune to her Fenty Beauty business.
The Barbados-born businesswoman owns 50 per cent stake in her company. French luxury goods conglomerate LVMH owns the other half.
Rihanna’s lingerie company, Savage x Fenty, is also worth an estimated US $270 million (A$365 million).
Shannon Coyne, co-founder of consumer products consultancy Bluestock Advisors, told Forbes that Rihanna’s focus on inclusivity throughout all of her brands has made them such a success.
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“A lot of women felt there were no lines out there that catered to their skin tone.
“It was light, medium, medium dark, dark,” Ms Coyne said. “We all know that’s not reality.”
“(Rihanna) was one of the first brands that came out and said, ‘I want to speak to all of those different people’.”
The superstar singer has not publicly commented on her new billionaire status yet. A rep for RiRi could not immediately be reached for comment.
At her 2020 Savage x Fenty fashion show, Rihanna explained how inclusivity came naturally to her when building her brand.
“Inclusivity for me has always been something second nature, it’s not really anything to think about,” she said.
“I didn’t think it would be such a talking point after the fact.”
Rihanna added, “When I imagine something, I imagine everyone that I know and love being a part of it.
“I want to make stuff that I can see on the people that I know and they come in all different shapes, sizes, races, religions.”
This article originally appeared in Page Six and was reproduced here with permission.
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