Most of what made the musician reach the billion-dollar mark aren’t even from her music career.
Music icon and businesswoman Robyn Fenty, famously known as Rihanna, is now officially a billionaire after registering a net worth of $1.7 billion (or P85.5 billion), as revealed by Forbes on Wednesday. This also makes her the wealthiest female musician in the world, and second only to Oprah Winfrey as the world’s wealthiest female entertainer.
Although Rihanna broke into the scene as a pop star back in 2005, the bulk of her billion-dollar estate actually comes from her cosmetic company, Fenty Beauty, whose value is estimated to be at about $2.8 billion.
Owned by Rihanna in a 50-50 joint partnership with Bernard Arnault’s LVMH, Fenty Beauty started in 2017 with the goal of inclusivity and appealing to “every type of woman.” It gained significant steam in its starting year when it released a foundation that comes in 40 different shades, including darker shades that are difficult to find for women of color. The move spurred what would be known as the “Fenty effect,” where rival beauty brands started to release make-up products in similarly broader color ranges.
The rest of Rihanna’s wealth comes from her career as a musician and actress, as well as her stake in her lingerie company, Savage x Fenty, which was launched in 2018 and valued at about $1 billion. It raised $115 million more in funding last February, and Forbes estimates Rihanna’s stake on the lingerie line to be at about 30%.
Her journey to becoming a billionaire wasn’t all smooth sailing, though. Just as Savage x Fenty secured funding last February, Rihanna and LVMH also confirmed that month that they had closed down another joint venture called Fenty, a high-end fashion and accessories house which also suffered the brunt of the pandemic.
Nonetheless, her other business ventures have proven to be more than enough to keep the pop star’s plate full. This might also be why fans haven’t heard any news about Rihanna’s forthcoming ninth full-length album, R9, in so long, with 2016’s Anti still serving as the last bop from the Barbados-born musician.