Rihanna has officially entered the billionaire’s club, Forbes reported on Wednesday.
The famed publication estimated that the pop star and business mogul — founder of fashion house Fenty as well as makeup line Fenty Beauty — is now worth $1.7 billion, making her the wealthiest female musician in the world and the second-wealthiest female entertainer in the world after Oprah Winfrey. An estimated $1.4 billion of that fortune comes exclusively from Fenty Beauty, of which Rihanna owns a 50 percent share. Much of the rest of her net worth — around $270 million — comes from sales stemming from her music and acting career along with her stake in her lingerie line, Savage x Fenty.
Forbes attributes Fenty Beauty’s success not only to its celebrity founder but also its uniquely diverse product line, with a foundation available in 50 different skin tones for women of color. A 50-50 joint venture with French luxury conglomerate LVMH, which also owns makeup retailer Sephora, Fenty Beauty was reportedly racking in $550 million during its first calendar year in 2018, beating out other celebrity lines like Kylie Jenner’s Kylie Cosmetics and Kim Kardashian West’s KKW Beauty. Cosmetics sales have bounced back from their pandemic lows and are only expected to increase in the coming year.
Rihanna’s Savage x Fenty line has also proven to be a success, raising $115 million in funding this past February at a $1 billion valuation. The company, also founded in 2018, is a joint venture with TechStyle Fashion Group; Rihanna maintains a 30 percent ownership stake. The singer’s fashion and accessory house Fenty proved to be much less profitable: Launched in 2019, Fenty was confirmed to have been shut down by Rihanna and LVMH in February due to low sales during the pandemic.
The news follows an exciting summer for Rihanna, who was included on Barack Obama’s Summer 2021 Playlist. “With so many folks getting together with family and friends, there’s a lot to celebrate this summer,” Obama wrote on social media. “Here’s a playlist of songs I’ve been listening to lately—it’s a mix of old and new, household names and emerging artists, and a whole lot in between.”