At just 31, Rihanna has officially been named the world’s richest female musician by Forbes.
A new Forbes report published on Tuesday estimated the singer’s massive assets to be worth about $600 million, thereby placing her ahead of fellow music superstars as Madonna ($570 million), Celine Dion ($450 million) and Beyoncé ($400 million).
This is coming on the heels of the news that her early mentor Jay-Z has just become the first rap billionaire.
A breakdown indicated that Rihanna’s earnings tripled as a result of her partnership with LVMH, the French luxury goods giant run by billionaire Bernard Arnault.
Rihanna and LVMH co-own the makeup brand Fenty Beauty which was launched in September 2017.
Not only did the business quickly become a viral success, it also racked up a reported $100 million in sales in its first few weeks, propelled by Rihanna’s fame and 71 million Instagram followers.
Forbes said Fenty Beauty generated an estimated $570 million in revenue last year, after only 15 months in business.
The entire operation is worth, conservatively, more than $3 billion.
Forbes estimates that LVMH owns an estimated 50% of it, while Rihanna has about 15%, a figure a spokesperson for the artist disputed but would not clarify further.
The Barbados native, who overcame hardships including an abusive addict father and a well-publicised assault by then-boyfriend Chris Brown in 2009, also co-owns the Savage X Fenty lingerie line with Los Angeles-based online fashion firm TechStyle Fashion Group.
She has millions in earnings from her career touring and releases as a singer, which make up the rest of her fortune.
Her empire continues to grow. In May, LVMH and Rihanna announced Fenty, a new clothing house that will make high-end clothes, shoes, accessories, and jewelry.
Credit: Premium Times