Grammy award winning singer-songwriter Rihanna has become the richest female musician after she officially became a billionaire with a net worth of 1.7 billion USD, as reported by Forbes on Wednesday.
According to the report, majority of her money is from her stake in the cosmetics company, ‘Fenty Beauty’, which the Barbadian singer launched in 2017.
'Fenty Beauty' accounts for around 1.4 billion USD. The money in the company, plus her 30 percent stake in the lingerie line, 'Savage X Fenty', and her career as a musician takes her net worth to be around 1.7 billion USD, which makes her the second richest female entertainer after Oprah Winfrey, whose net estimate is worth 2.7 billion USD.
“The majority of her 1.7 billion USD estimated net worth is not from singing but from cosmetics,” Forbes editor Kerry Dolan was quoted as saying.
“From a super-successful cosmetics line which, when it was launched, drew lots of praise because there were something, like, more than 40 shades for all range of skin tones, which was something that at the time, not very many cosmetics lines had been that inclusive," he added.