SINGER Rihanna just joined an exclusive group of celebrities as the newest billionaire and the world’s wealthiest female musician, Forbes reported Wednesday.

Rihanna’s fortune currently stands at about US$1.7 billion, the finance magazine tabulated. Only Oprah Winfrey surpasses her as the wealthiest female entertainer.

But while Rihanna may be known for hits such as “Umbrella” and “Diamonds,” her fortune is largely the result of the beauty and fashion companies she founded.

Fenty Beauty, which comes from the singer’s last name, is currently valued at about US$2.8 billion, and was founded in 2017 with luxury goods giant LVMH. Rihanna also owns Fenty Skin and the lingerie line Fenty x Savage, which is worth US$1 billion.

Forbes estimated that Rihanna owns about 30 percent of Savage x Fenty and about 50 percent of Fenty Beauty, which aims to provide consumers with a more inclusive beauty company that offers a wide range of skin types and colors.

Demand for the makeup company has remained fairly steady even as the pandemic sent shockwaves through the retail market. A 2020 annual report from LVMH revealed decreased revenue as a result of the pandemic, but the company said it also “showed good resilience” and “a significant improvement in trends in all its activities compared to the first nine months of 2020.”

Rihanna, who is 33 and originally from Barbados, is one of about a dozen Black billionaires in the United States.

(SD-Agencies)