Rihanna is making her debut – in Forbes’ Coveted List of World’s Billionaires.
The singer-turned-entrepreneur, who is ranked 1,729th (out of 2,668) with a net worth of $1.7 billion, first achieved billionaire status in August. He is the first female billionaire from his home country of Barbados.
The annual report, which includes musicians Jay-Z ($1.4 billion) and Kanye West ($2 billion), along with creators and artists Kim Kardashian ($1.8 billion), Steven Spielberg ($3.7 billion), Tyler Perry ($1 billion) and newcomer Peter Jackson ($1.5 billion) credits the success of Rihanna’s cosmetics line, Fenty Beauty, along with her lingerie company, Savage X Fenty.
Savage X Fenty is reportedly looking at an IPO that would value it at a whopping $3 billion, according to Bloomberg. A list could happen as early as this year.
The four-year-old fashion brand, which has expanded into physical stores with five locations in California and Las Vegas, raised $125 million during a January funding round. Rihanna maintains a 30% stake in the property, Forbes estimates.
Although many know Rihanna for her music, from the hit singles “Umbrella” and “Where Have You Been” to “We Found Love” and “Work,” the pop star earned most of her income through Savage X. Fenty, along with her. Booming line of cosmetics.
Fenty Beauty, which launched in 2017, has contributed the most to the singer’s wealth: an estimated $1.4 billion, according to Forbes.
The makeup company gained instant fame for its inclusion of all skin tones, generating more than $550 million in annual revenue in its first calendar year. At the time, Fenty Beauty was one of the first (and most notable) brands to introduce a variety of foundation shades and was especially popular with women of color.
The brand, which is currently sold online and at Sephora locations across the country, is a 50-50 joint venture between Rihanna and fashion powerhouse LVMH (LVVERY), the conglomerate behind such luxury brands as Christian Dior and Louis Vuitton.
Hollywood to Wall Street
In recent years, there has been an explosion of celebrity beauty brands with Kim Kardashian, Kylie Jenner, Jessica Alba, Lady Gagaand Scarlett Johansson all putting their names behind great makeup and skin care lines.
However, Rihanna is the richest on the A-list, according to Forbes.
The 34-year-old’s success speaks to the larger story of women entrepreneurs, especially within Hollywood.
Last year, Oscar-winning actress Reese Witherspoon struck a deal to sell her Hello Sunshine production company to a Blackstone-backed media company. The New York Times he said the deal valued Hello Sunshine at approximately $900 million.
Before that, The Honest Company (HSNT), the lifestyle brand founded by Jessica Alba, went public on the Nasdaq in early May 2021. sold at $16 in its initial public offering to close at $23 per share on its first day of tradinggiving the company a market value of around $2.1 billion.
However, the shares have plummeted since then with a 42% drop so far this year. The company is now valued at just under $432 million.
Most recently, Kim Kardashian made headlines after revealing her advice to women in business.
“I have the best advice for women in business,” Kardashian said. Varietyusing salty language to tell women to “get up…and work. Nobody seems to want to work these days.”
Her words sparked a backlash on Twitter, with many users noting Kardashian’s privileged background.
Still, the reality TV superstar has been at the helm of several multi-million dollar companies.
Kardashian, who jumped 1,000 places on this year’s billionaires list compared to last year, was officially declared billionaire last April, thanks to her lucrative makeup brand KKW Beauty and underwear company Skims, plus extra money from her reality series “Keeping up with the Kardashians” and endorsement deals.
His current net worth stands at $1.8 billion, according to Forbes.
The icon’s upcoming reality series, “The Kardashians,” will premiere April 14 on Hulu (DIS).
Alexandra is a senior food and entertainment reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193