In their latest list of the richest self-made women in America, Forbes has officially named Rihanna the youngest billionaire among them thanks in large part to what her Fenty Beauty empire has done to her net worth.
Although Forbes has long chronicled the moves of the world’s richest people, recent years have seen them emphasize the age of their most recent luminaries . Moreover, the outlet has focused on the understanding that their wealth came from their own decisions and not the simple accident of birth.
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Naturally, that “self-made” label has been the subject of some dispute if the person highlighted already comes from a prominent family, but it’s nonetheless interesting to know not only how far our favorite stars have come, but how they got there.
And in the case of Rihanna, they’ve noted that this rise has been both meteoric and well in keeping with their standards of what can be considered self-made.
In the list marking Rihanna’s arrival into the billionaire club, Forbes put her net worth at approximately $1.4 billion.
And while Good Morning America reported that her hit songs like “Umbrella” and “Disturbia” started her on that road to staggering success, it was the ventures she built after that rise to prominence was achieved that carried her the rest of the way.
As you might imagine, the flagship brand that helped elevate her into her current billionaire status was the Fenty Beauty cosmetics line that she co-owns alongside the LVMH conglomerate.
And while Forbes ‘s consideration for the source of her wealth didn’t go into more detail than saying it came from music and cosmetics , Good Morning America further reported that her 30% ownership of the Savage X Fenty lingerie line and her newer Fenty Skin brand also contributed significantly to her net worth.
Savage X Fenty seemed to perform particularly well since the pandemic emerged, having generated $550 million in revenue back in 2020 and achieved a $1 billion valuation by the following February.
But while she’s enriched herself with the shrewd moves that ended up turning Fenty into a phenomenon, Rihanna has also kept some philanthropic purposes in mind while she’s generated this wealth.
In addition to breaking boundaries by ensuring Fenty products had over 50 different shades to choose from in an effort to be inclusive to the world’s wide range of skin tones, she also established the Clara Lionel Foundation in 2012.
This is an organization intended to fund climate resilience efforts and see “climate justice” projects achieved in both the United States and the Caribbean.
In Rihanna’s words, “My money is not for me; it’s always the thought that I can help someone else.”
For those who recall when Forbes named Kylie Jenner the nation’s youngest self-made billionaire in 2019, Rihanna’s newfound status may cause some confusion.
According to E! Online, the reason Jenner no longer has that accolade is that Forbes later determined it was inaccurate to call her a billionaire at all.
They went on to claim that the initial report naming her as such was based on inflated performance numbers sourced from Jenner’s team and that her fortune was actually closer to slightly under $900 million upon closer inspection.
So while Jenner may be younger than Rihanna, it’s Forbes’ position that the music megastar can more accurately call herself a billionaire.
h/t: Good Morning America
