Rihanna, the singer and entrepreneur, has been named to Forbes' annual list of billionaires. While other celebrities made their debuts by walking the Oscars red carpet, the young self-made billionaire woman made her debut on the list of billionaires.
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Rihanna was not born with a silver spoon in her mouth. She did not grow up in one of America's affluent neighborhoods. Instead, she worked hard for her current position in music and business.
For the third time, the Fenty Beauty CEO made Forbes' annual list of America's richest sales-made women. While she is the only billionaire under the age of 40, she is also ranked 21st on the list.
Her three fashion retail companies, Fenty Skin, Fenty Beauty, and Savage X Fenty, contributed the majority of her fortune. Although a portion of her $1.4 billion net worth stems from her successful singing career.
Her cosmetics line Fenty, which debuted in 2017, is expected to earn more than $550 million by 2020. This is also according to Forbes. The record-breaking availability of 40 shades for various skin colors and tones is the secret to Fenty's success. Fenty caters to almost every skin tone and color.
Shannon Coyle, Bluestock Advisors' co-founder of consumer products, stated, "She was one of the first brands to come out and say, 'I want to speak to all of those different people.'"
Meanwhile, according to Bloomberg, Savage X Fenty was in talks with advisors about a $3 billion IPO. The brand generated $1 billion in revenue in February 2021. Furthermore, the 34-year-old singer owns 30% of the company.
Rihanna's commercial ventures
Rihanna also has a stake in Fenty Beauty. While the other half of Fenty Beauty is owned by the French luxury fashion conglomerate LVMH. However, Fenty's clothing line with LVMH was not successful enough, and it was closed down last year.
In addition, Forbes magazine previously named Rihanna the world's most successful beauty entrepreneur and richest female singer. This is followed by the magazine's announcement of her billionaire status.
Despite her success, Rihanna has stated that she is not interested in achievements or valuations. Rihanna stated in an interview with The New York Times that she never intended to achieve financial success or make a fortune. She stated that these reasons will "not prevent me from working."
She also stated that she intended to donate the money to charitable organizations. "My money is never for me; it's always with the hope of helping someone else." The world can convince you that the wrong things are important, causing you to miss the essence of life, what it means to be alive."
Rihanna established the Clara Lionel Foundation in 2012. (CLF). The charitable cause's goal is to "support and fund ground-breaking education and climate resilience initiatives."
According to the CLF website, the fund is intended for organizations in the United States and Caribbean that are "focused on and led by women, youth, Black, Indigenous, people of color, and LGBTQIA+ communities."
Kim Kardashian, 41, is the next youngest billionaire on the Forbes list, with a net worth of $1.8 billion. Kylie Jenner, Kim Kardashian's younger sister, is the list's youngest non-billionaire, with a net worth of $600 million.
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