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Rihanna, now officially a billionaire, becomes one of the world's wealthiest female musicians

10 months 2 weeks 6 days ago Wednesday, August 04 2021 Aug 4, 2021 August 04, 2021 12:38 PM August 04, 2021 in News
Source: Forbes
Rihanna at the 2020 NAACP Image Awards

A Barbadian entertainer internationally recognized for her musical abilities and entrepreneurial prowess has officially become a billionaire, according to Forbes.

Robyn Rihanna Fenty, known to most simply as 'Rihanna,' has an estimated net worth of $1.7 billion, which puts her second only to Oprah as the wealthiest woman in entertainment. 

Though it's been a while since the 33-year-old singer released an album, her Fenty Beauty makeup line and Savage x Fenty lingerie line have made waves among customers. 

Forbes estimates that her makeup line is valued at about $2.8 billion. 

In 2018, Fenty Beauty outperformed Kim Kardashian West's KKW Beauty, Kylie Jenner's Kylie Cosmetics and Jessica Alba's Honest Company by generating over $550 million in annual revenues.

One of the keys to Rihanna's success may be the inclusive and diverse nature of her target audience, which includes all women. Fenty Beauty is known for marketing products to women of all shapes, sizes and shades.

The money doesn't stop with the make up line.

According to Forbes, Rihanna also owns 30% of Savage x Fenty, which raised $115 million in February after receiving a $1 billion valuation.

The star devotes much of her earnings to supporting charities and giving back to low-income communities.

Both Savage X Fenty and Fenty Beauty support the Clara Lionel Foundation, the nonprofit she founded in 2012 (named after her late grandmother Clara Braithwaite, and her 90-year-old grandfather Lionel) to fund education and emergency--response programs, mostly in the Caribbean.

Rihanna also maintains at least two homes, a penthouse in New York and a residence in London.  

Her current lifestyle is a far cry from the conditions she endured as a child.

According to multiple media outlets, Rihanna grew up in a small bungalow in Bridgetown, Barbados with her two younger brothers.

Raised by her mother, who worked as an accountant, and her father, who was a warehouse supervisor, she often saw her father come home drunk and experienced the financial and emotional impact of his tendency to spend a considerable amount of his earnings on alcohol and crack. 

Wealth may have seemed like a dream during her childhood, but the intrepid artist used her musical abilities to carve out a path to fame and success. 

According to a recent Vogue interview, Rihanna's musical industry colleague, Mary J. Blige, spoke highly of her fellow singer's achievements and the reason for her success.

Blige said Rihanna has a rare and special combination of courage, humility, and heart: “A lot of people have it, but a lot of people don’t have it. Rihanna has it.” "

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