It looks as though the ultra-exclusive 10-figure club has gained a new member!
Yes, despite the fact that she hasn’t released any new music in five years, modern-day icon Rihanna is officially a billionaire — this according to a new report from the folks at Forbes magazine, who are widely regarded as the authority on such matters.
At this point, no one would blame RiRi if she never set foot in a recording studio again, as she’s making much, much more money from fashion than she ever did from music.
Forbes estimates that the singer/entrepreneur’s fashion brand Fenty is worth a cool $2.8 billion.
That means, of course, that not only is its founder, Robyn Rihanna Fenty, a billionaire, she’s also richer than most other celebs from the entertainment world who have earned that title.
In fact, now that Forbes has stripped Kylie Jenner of her billionaire title (the magazine claimed to have been misled about the cosmetics mogul’s net worth), it’s possible that Rihanna has made history in more ways than one.
In addition to being the first woman and the first person of color to join the prestigious Moët Hennessy Louis Vuitton fashion house, Ms. Fenty might be the world’s youngest self-made billionaire.
And while there was some debate over whether or not Kylie truly deserved that title, no one is doubting that Rihanna is 100 percent self-made.
Born in Barbados to an accountant and a warehouse manager, Rihanna was discovered by an American record executive after she formed a musical group with two of her classmates while she was still in her teens.
The exec invited her to America to record some tracks, and the rest, as they say, is history.
In addition to her lingerie brand, Rihanna has also launched Fenty Beauty, which has been sold in Sephora stores since 2018.
While Rihanna is certainly not the first celebrity to enter the fashion and cosmetics industries, by just about any measure, she’s the most successful.
According to Forbes, the Fenty brand generates more than $550 million in annual revenue, earning more than Kim Kardashian West’s KKW Beauty, Kylie Jenner’s Kylie Cosmetics and Jessica Alba’s Honest Company.
Industry experts say this is largely due to the inclusive nature of Fenty’s offerings.
While the American fashion industry has traditionally catered to a eurocentric beauty standard, Rihanna and her collaborators sought to create products that could be enjoyed by people of all races and ethnic backgrounds.
“She was one of the first brands that came out and said ‘I want to speak to all of those different people,'” consumer product Shannon Coyne told Forbes.
“A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark. We all know that’s not reality.”
A billionaire who reached that milestone by ethically marketing products to a historically under-served community?
Now that’s success that everyone can support!
And just because she’s one of the richest people under 40 in the entire world, don’t go thinking that RiRi has any plans to slow down.
In fact, just today, she announced that a Fenty line of fragrances will be hitting stores soon!
Continue to slay, queen!