Shutterstock
Rihanna attends The Fashion Awards, Royal Albert Hall, London, UK, 02 Dec 2019. (Anthony Harvey/Shutterstock)

Rihanna Is Now a Billionaire, Wealthiest Female Musician and Second Richest Female Entertainer After Oprah

Even though it has been years since she has released a new album, a new report from Forbes reveals that the time out of the limelight has been good to the Grammy-award winning Barbadian hitmaker Rihanna. Not only is she one of the few celebrities who have earned over a billion dollars throughout her career, but she is now also the world’s wealthiest female musician.

“Rihanna’s fortune currently stands at about $1.7 billion,” reported NBC News’ Liat Weinstein. “Only Oprah Winfrey surpasses her as the wealthiest female entertainer.”

Surprisingly, while Rihanna is known for her music, Forbes noted that the bulk of her billion-dollar fortune was actually earned through her fashion and beauty products.

According to Weinstein, “Fenty Beauty — which comes from the singer’s last name — is currently valued at about $2.8 billion and was founded in 2017 with luxury goods giant LVMH. Rihanna also owns Fenty Skin and the lingerie line, Savage x Fenty, which is worth $1 billion.”

Forbes estimates that Rihanna controls approximately 30% of Savage x Fenty and about half of Fenty Beauty. Both companies are known for their products that serve an inclusive range of body types and skin tones.

“Demand for the makeup company has remained fairly steady even as the pandemic sent shockwaves through the retail market,” Weinstein reported. “A 2020 annual report from LVMH revealed decreased revenue as a result of the pandemic, but the company said it also ‘showed good resilience’ and ‘a significant improvement in trends in all its activities compared to the first nine months of 2020.’”

Based on Forbes estimates, Weinstein reported that Rihanna is one of only about a dozen Black billionaires in the United States, including Oprah, Jay-Z, Kanye West, Michael Jordan and Tyler Perry.

 

 

Related: For more recent diversity and inclusion news, click here.

 

Latest News

Black renters

New Study Reveals Landlords Consistently Discriminate Against Potential Renters With Black or Hispanic ‘Sounding’ Names

In the largest study of its kind ever conducted, researchers with the National Bureau of Economic Research have uncovered what many people of color already know when hunting for an apartment or home: most landlords consistently discriminate or harbor bias against non-white individuals looking to rent their property.  Bloomberg’s Kelsey…

book banning

American Library Association Documents 155 Attempts at Banning Books About POC or LGBTQ Issues in the Last 6 Months

In a depressing turn for anyone who thought society may have outgrown book burning or censorship of books over the last 100 years, it appears the hate-filled phenomenon is back on the rise, increasing with alarming frequency across the country. CNN’s Nicole Chavez has reported the American Library Association “has…

Novartis Chief Medical Officer John Tsai on Balancing Medical Innovations With Patient Needs

Originally published at novartis.com by Elizabeth Dougherty. John Tsai is Novartis’ Head of Global Drug Development and Chief Medical Officer. Novartis Pharmaceuticals is a DiversityInc Hall of Fame company.   John Tsai’s career as a physician, and now as Head of Global Drug Development and Chief Medical Officer for Novartis, had an unlikely…

Montgomery Mayor Steven Reed

City of Montgomery, Alabama Faces $25,000 State Fine for Changing Street Named After a Confederate Leader

Despite a state law designed to “protect” longstanding Confederate monuments and memorials, the city of Montgomery, Alabama, has decided that it would rather incur a fine than continue going on with a city street named after President of the Confederate States from 1861 to 1865, Jefferson Davis. Kim Chandler of…

Global Diversity

Despite Massive Uptick in Global DEI Initiatives, New Study Reveals Real Change in Corporate Workforces Remains Slow 

Even though DEI as a business imperative continues to grow both in the United States and around the world, a new study has found that many business leaders and executives have merely raised awareness of why diversity, equity and inclusion is important — as opposed to actually making meaningful progress…