Rihanna has become the world's wealthiest female singer
The American singer has recently joined the exclusive club of wealthiest celebrities as the richest musician of the world, revealed the Forbes magazine on Wednesday.
The 33-year-old entertainer and businesswoman sits on the fortune of an estimated $1.7 billion, the magazine tabulated. Television personality Oprah Winfrey alone is wealthier than her.
The wealthiest female entertainer received most of her fortune from the beauty and fashion companies she founded in 2017.
Rihanna, whose original name is Robyn Fenty, founded the company with her last name. Her brand Fenty Beauty has a current net worth of about $2.8 billion. She founded the company in collaboration with luxury goods giant LVMH.
The singer also owns another beauty brand of Fenty Skin and the lingerie line - Fenty x Savage. The company is valued at an estimated $1 billion.
According to Forbes, Rihanna has about 30 per cent share of Savage x Fenty and about 50 per cent share of Fenty Beauty. The company is a leader in the fashion and beauty industry thanks to its inclusivity of a wide range of skin types and colours.
Though the Covid-19 pandemic has dealt a severe blow to the businesses worldwide, a 2020 annual report from LVMH revealed the beauty industry showed signs of resilience and “a significant improvement in trends in all its activities compared to the first nine months of 2020.”
There are a dozen Black billionaires in the United States and now, Rihanna, originally from Barbados, is one of them.
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