Billionaire singer and entrepreneur Rihanna is arguably having the best time of her life. She was officially recognized as a billionaire by Forbes with a net worth of $1.7 billion. Per the report, $1.4 billionaire of her fortune comes from the value of Fenty Beauty, a cosmetic company she owns 50% percent.
The 33-year-old took to Instagram to celebrate her new milestone in the business world. She expressed excitement over the launch of her latest Fenty Eau de Parfume, which sold out hours after it went up for sale on Tuesday.
To mark her achievement, she posted a photo of herself wearing a black hoodie, a rectangular glasses while chilling in bed. “How I woke up after #FENTYPARFUM sold out this morning!!!” the caption read.
She celebrated in bed with a bowl of caviar.
A press release by Fenty Beauty said the new perfume was inspired by Rihanna’s favorite cities: Bridgetown, Barbados, Grasse, France, New York City, Paris, and L.A. The success of her latest perfume brand adds to the recent wins she has chalked up in recent days.
Rihanna 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, which is run by Bernard Arnault.
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. Forbes estimates that Rihanna has around a 15% stake in LVMH. 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.
In 2020, she debuted on Forbes’ list of richest self-made women in America. The list, compiled annually by Forbes, details the worth of America’s most successful women entrepreneurs and executives. The Forbes list put a spotlight on the 100 richest self-made entrepreneurs, executives, and entertainers in the U.S. worth a collective $90 billion. Rihanna ranked 33 on the list.
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 as well as raking in $137 million in revenue from her “Diamond” tour.
Aside from her cosmetic business, Rihanna earns 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 for a profit. She reportedly acquired a mansion in LA at $6.8 million and resold it for $7.4 million.
Four 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 Barbadian’s latest acquisition features a family-size house with four bedrooms. The property, which was originally built in the 1930s, also comes with 4.5 baths and just over 3,500 square feet of living space.
The property sits on a half-acre estate and was first sold for $5.1 million to a non-famous couple in 2015. Selling the property a price of $10 million means that the owners nearly made twice the amount they initially acquired the property for.
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.
