You read the title right – Rihanna is a billionaire! The Grammy Award-winning artist, occasional actor and beauty mogul has been declared a billionaire Forbes. The business-focused magazine has put RiRi’s net worth at a whopping $1.7 billion, making her the richest musician in the world and the second richest woman in the world after Oprah .
Most of Rihanna’s money comes from cosmetics company Fenty Beauty, which accounts for $1.4 billion of her assets. The Barbadian superstar owns a 50% stake in the company she founded in 2017 with French luxury goods brand LVMH. The rest of her wealth comes from her music career and side businesses like lingerie company Savage x Fenty, worth an estimated $270 million.
The reason for Rihanna’s beauty brand’s success is due to its goal of inclusion. Fenty Beauty offers products in a wide variety of colors and shades, with the company’s successful foundation available in 50 different shades, including darker shades for women of color. The brand has also used women of various sizes and races in its advertising campaigns, helping to promote diversity.
As proof of Fenty Beauty’s success, the company grossed over $500 million in its first year, making it the most successful celebrity beauty brand on the face of the planet, beating the likes of Kylie Cosmetics by Kylie Jenner, by Kim Kardashian West. KKW Beauty and Jessica Alba’s Honest Company.
“A lot of women feel like there isn’t a product line that matches their skin tone. It’s light, medium, medium dark, dark,” said Shannon Coyne, co-founder of consumer products consulting firm Bluestock Advisors. Forbes. “We all know that’s not true. She was one of the first brands to come out and say, ‘I want to talk to all these different people.’”
Although Fenty Beauty has been a huge success, not all fans are happy because the business has prevented Rihanna from making music. It’s been five years since RiRi released Antiand while there are still rumors of a new album coming out, why do you bother when you’re making so much money from other ventures?
“She is creating a brand outside of herself. It’s not just about Rihanna,” consultant Coyne said. “Even if you don’t like her music, she sets a real tone in the fashion and beauty industry.”