Rihanna Is Now America’s Youngest Self-Made Billionaire

0
145

Rihanna is now the youngest self-made millionaire woman in the United States, surpassing Kim Kardashian. The 34-year-old singer recently ranked 21st on Forbes’ annual list of America’s wealthiest self-made women for the third consecutive year. She is the only billionaire on the list under the age of 40.

Her great music career has contributed to Rihanna’s current net worth of $1.4 billion. While she is the best-selling digital artist of all time, her discography is not as lucrative as it could be due to her limited songwriting contributions. In 2016, the year her last studio album, “Anti,” was released, she earned an estimated $22.3 million from her music. Additionally, the accompanying tour produced almost $110 million in sales.

Instead, the majority of her fortune stems from her entrepreneurial pursuits, such as Fenty Beauty and Savage X Fenty.

Bloomberg reported in March that Savage X Fenty was working with advisors on an initial public offering that may result in a valuation of $3 billion or more. This is an increase from the company’s valuation of $1 billion in February 2021. Rihanna holds a 30% stake in the company.

The nine-time Grammy Award winner also owns fifty percent of Fenty Beauty, which debuted in 2017 and generated $550 million in 2020. LVMH, a French luxury fashion behemoth, owns the remaining fifty percent of the company. According to Forbes, Fenty Beauty is purportedly worth $2.8 billion, and Rihanna’s “stake in the rapidly expanding cosmetics brand forms the majority of her fortune.”

The actress has an amazing real estate portfolio, including a Beverly Hills mansion she purchased for $13.75 million last year, followed by an adjacent home she acquired for $10 million just months later. In 2017, she spent $6.8 million on a rental property in the Hollywood Hills, and she also owns a “stalker-proof” condo in Los Angeles’ Century Towers. In addition, she reportedly paid $22 million for a house at the elite One Sandy Lane resort on her native island of Barbados.

The magnate also uses her wealth for good. According to its website, the “Love on the Brain” singer established the Clara Lionel Foundation (CLF) in 2012 to “promote and fund ground-breaking education and climate resilience programs.”

One year following the debut of the foundation, the CEO of Fenty Beauty held two lipstick campaigns with MAC Cosmetics, generating $60 million for HIV/AIDS-affected women and children. Fast Company recognized CLF as one of the world’s most innovative non-profit organizations in February 2020.

She stated in 2019 to The New York Times, “I never envisioned earning this much money, therefore a number will not hinder me from working.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here