Rihanna is now officially a billionaire, Forbes estimates.
Declared by the money magazine on Wednesday August 4th, by its calculations, the singer-come-beauty mogul is now worth $1.7 billion (Rs. 1,26,40,77,50,000.00). With this, the 33-year-old becomes the wealthiest female musician and the second richest female entertainer in the world, only one place behind Oprah Winfrey.
But music is not the reason why she is the wealthiest female musician today but it’s the 50% ownership stake of make-up, hair and skincare line, Fenty Beauty and attributes a large part of the brand’s success to its core value of inclusivity.
The other half of Fenty Beauty is owned by the luxury consumer group LVMH, which is run by the second richest person in the world, Bernard Arnault. The rest of her worth comes from her music and acting career and a stake in lingerie line Savage X Fenty which Forbes estimate contributes 30%.
The ‘Run this Town’ (2013) singer broadened her business empire from music to fashion and beauty over the last few years. In 2020, while she was in London the Sunday Times listed her as the richest female musician in the UK.
Apart from being famous Rihanna donated huge amounts of her earnings to charity and in 2012 established the Clara Lionel Foundation, which funds education initiatives and natural disaster relief response. She also donated £1.67 million to a Los Angeles fund supporting victims of domestic violence during the pandemic and $1 million to a New York fund supporting vulnerable communities in the city during Covid-19 outbreaks.