Rihanna named America’s youngest self-made billionaire woman with $1.4 billion net worth
Singer and entrepreneur Rihanna made it on Forbes’s annual list of billionaires. While other celebrities debut by appearing on the Oscars red carpet, the young self-made billionaire woman made her debut on the billionaires’ list.
Rihanna wasn’t born with a silver spoon. She didn’t grow up living in the high-end communities of America. Instead, she worked hard for where she is now through her music and business ventures.
The Fenty Beauty CEO landed the Forbes’ annual list of America’s richest sales-made women for the third time. While she is the only billionaire below 40, she also ranked the 21st on the list.
Most of her fortune came from her three fashion retail companies – Fenty Skin, Fenty Beauty, and Savage X Fenty. Although part of her $1.4 billion net worth also comes from a part of her successful singing career.
Rihanna is now America’s youngest self-made billionaire woman, sitting at $1.4B‼️💰 pic.twitter.com/J9LXLQK0O7
— RapTV (@Rap) July 5, 2022
Her cosmetic line Fenty, launched in 2017, earned more than $550 million in 2020. This is according to Forbes too. The secret to Fenty’s success is the record-breaking availability of 40 shades for various skin colors and tones. Fenty caters to almost all skin shades and colors.
Bluestock Advisors co-founder of consumer products Shannon Coyle said, “She was one of the first brands that came out and said, ‘I want to speak to all of those different people.’”
Meanwhile, according to a Bloomberg report, Savage X Fenty was talking with advisors about an IPO worth $3 billion. In February 2021, the brand generated $1 billion in revenue. Moreover, the 34-year-old singer owns 30% of the company.
Rihanna’s business ventures
Rihanna also owns half of Fenty Beauty. While the French luxury fashion mogul LVMH owns the other half of Fenty Beauty. However, the clothing line of Fenty with LVMH wasn’t successful enough, and they closed down last year.
Billionaire Rih 💰
— BET (@BET) July 5, 2022
Furthermore, Forbes magazine previously named Rihanna the most successful beauty entrepreneur and the richest female singer in the world. Following this is the magazine’s announcement of her billionaire status.
Although Rihanna’s success is impressive, she said she is not after achievements and valuations. In her interview at The New York Times, Rihanna never planned on reaching financial goals and making a fortune. For these reasons, she said these will “not stop me from working.”
She also said that she wanted to share the money with charitable causes. “My money is not for me; it’s always the thought that I can help someone else. The world can make you believe that the wrong things are the priority, making you miss the core of life, what it means to be alive.”
Rihanna started a charity fund in 2012, the Clara Lionel Foundation (CLF). The philanthropy cause aims to “support and fund groundbreaking education and climate resilience initiatives.”
According to CLF’s website, the fund is meant for organizations “focused on and led by women, youth, Black, Indigenous, people of color and LGBTQIA+ communities” in the U.S. and Caribbean.
On a side note, 41-year-old Kim Kardashian is the next youngest billionaire on the Forbes list, with a net worth of $1.8 billion. Kylie Jenner, 24, Kim Kardashian’s younger sister, is the youngest non-billionaire on the list, with a total net worth of $600 million.