According to Forbes, Rihanna is now worth $1.7 billion, making her the world’s wealthiest female artist and second only to Oprah Winfrey as the richest female entertainer.
Rihanna, whose birth name is Robyn Fenty, made the bulk of her money estimated 1.4 billion dollars because to her 50% investment in the Fenty Beauty cosmetics business, Forbes reported.
The rest of Rihanna’s fortune comes from her Savage x Fenty lingerie company worth about $270 million and her earnings as a singer and actress, according to the magazine.
The announcement has also elicited a lot of responses from fans on social media. Check out some of them:
@akindolu: You must stop asking Rihanna for new music. Imagine expecting a billionaire to entertain you.
@ZoePoze: Rihanna is a billionaire, yall ain’t getting no album!
@Obacruze: Rihanna paused music to make money. She smart. She is a billionaire now. Sweeettttt
@gothamcityrap: Damn so ASAP Rocky not only dating Rihanna now but also a billionaire. He just like me for real
Her popularity and large following was a big help in sales of her business. And while she’s not the only celebrity to capitalize on her social media popularity, she’s the most successful from doing so.
Fenty Beauty’s success may be attributed not just to its celebrity founder. But also to its incredibly diversified product collection, which includes a foundation in 50 distinct skin tones for women of color.
“A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark,” says Shannon Coyne, co-founder of consumer products consultancy Bluestock Advisors. She said Fenty beauty saw this problem and decided to solve it.
Fenty Beauty is said to have made $550 million in its first calendar year, outperforming rival celebrity brands like Kylie Jenner’s Kylie Cosmetics and Kim Kardashian West’s KKW Beauty.
While cosmetics sales dropped during the epidemic, beauty corporations are still valued as much as ever. And sales are expected to increase in the coming year.
That’s great news for Rihanna, and all signs are that the company will continue to grow. Fenty Skin, which launched last year, had a “very promising start” and “created unparalleled buzz,” according to LVMH’s annual report for 2020, and Fenty Beauty “kept its attractiveness as a leading beauty brand.”
The singer hasn’t released an album since 2016’s ‘Anti’ and while fans may not like this. So, she’s doing well financially and creating a brand outside the music industry.
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