Singer turned beauty and fashion mogul Rihanna is officially a billionaire, Forbes announced on Wednesday. Her net worth is now estimated at $ 1.7 billion – about four years after launching her successful beauty line, Fenty Beauty, making her the richest musician in the world.
It was her business – not her music career – that propelled her to billionaire status. She not only owns 50% of Fenty Beauty, which is named after her first name, Robyn Rihanna Fenty, but she also owns a stake in lingerie brand Savage X Fenty.
With her stake in the cosmetics company valued at $ 1.4 billion and her stake in the lingerie company estimated at $ 270 million, Rihanna is now the second richest female artist, after Oprah, according to Forbes. The money earned from his music career is also added to his wallet.
The 33-year-old was born in Barbados and released her first studio album in 2005. She has since released seven more albums and won nine Grammys. She is known on Instagram, where she has 103 million subscribers, as “badgalriri”, and she often uses the platform to bring her brands to the masses.
When she launched her makeup line in 2017, she originally stood out with her diverse color range, offering foundations in a wide variety of skin tones. French luxury goods conglomerate LVMH, which also owns big fashion brands like Louis Vuitton, owns the remaining 50% of Fenty Beauty. The brand grossed more than $ 550,000 million in its first year, beating similar brands like Kylie Jenner’s Kylie Cosmetics, according to Forbes.
Earlier this year, Rihanna’s other brand, Savage X Fenty, raised $ 115 million for a valuation of $ 1 billion, Forbes reports. TechStyle Fashion Group is co-owner and Forbes estimates Rihanna owns 30% of the company.
In addition to her overall net worth, Forbes estimates that Rihanna earned $ 46 million in 2020, according to their list of highest paid celebrities, where she ranked 60th overall.