Money Moves July 06, 2022 at 03:15 pm

Rihanna is officially the youngest self-made billionaire woman in America after amassing a net worth of $1.4B

Abu Mubarik July 06, 2022 at 03:15 pm

July 06, 2022 at 03:15 pm | Money Moves

Rihanna. Photo: Chelsea Lauren/Variety/REX/Shutterstock

Barbados singer Rihanna is officially the youngest self-made billionaire woman in America, according to Forbes. The 34-year-old entrepreneur made Forbes’ annual list of America’s richest self-made women with an estimated net worth of $1.4 billion.

She placed 21st position on the prestigious Forbes list and is the only billionaire under 40 years of age. Kim Kardashian, 41, is the next-youngest billionaire on the list, with a net worth of $1.8 billion. Rihanna was recently certified as a billionaire by Forbes in 2021.

Although the nine-time Grammy Award winner shot to fame through her music, the majority of her fortune comes from her Fenty Beauty business while the rest comes from her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from music and acting.

She founded Fenty Beauty in 2017 in her bid to create a cosmetic company that made “women everywhere (feel) included” in partnership with luxury goods company LVMH. The cosmetic line initially sold foundation shades and later expanded to include lipstick, lip gloss, body glitter, and more. In its first year of operation, Fenty Beauty generated more than $550 million. In 2019, Rihanna became the first Black woman to create a clothing brand for LVMH called Fenty and also announced new high-end clothing, shoes, and accessories.

She got her music career off to a good start after she was signed by billionaire rapper Jay-Z. She became a global hit with her debut album “Pon de Replay.” In 2016, she reportedly made an estimated $22.3 million from her music and raked in $137 million in revenue from her “Diamond” tour.

Aside from her cosmetic business, Rihanna has earned millions of dollars from endorsement deals from brands and companies like River Island, Mac, Armani, and Balmain. In 2014, she signed a $1 million endorsement deal to work as Puma’s creative director.

Rihanna is also into real estate. She buys properties and resells them for a profit. She reportedly acquired a mansion in LA at $6.8 million and resold it for $7.4 million. Months ago, she acquired a Beverly Hill mansion for $13 million. Also, she recently acquired a $10 million home next to her Beverly Hill mansion.

The singer also owns other luxury properties, including a mansion in her native Barbados, a $6.8 million villa in the Hollywood Hills, and a high-floor flat in L.A.’s Wilshire Corridor. Her main residence, however, remains a $5.2 million condo unit at Century City’s exclusive The Century condo complex, according to The Hollywood Reporter.

Rihanna is regarded as one of the most publicly charitable celebrities. She was named Harvard Humanitarian of the Year in 2017 for her work supporting education and health care in the Caribbean and developing countries. 

She recently donated $5 million to various organizations assisting with coronavirus relief efforts. Other charitable works by her include giving $1 million to New York’s needy, $2.1 million to abuse victims in L.A., and $5 million to other charities through the Clara Lionel Foundation.

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