Barbadian singer, Robyn Rihanna Fenty, popularly known as Rihanna has emerged the youngest self-made billionaire woman in the United States having a worth of $1.4 billion.
The 34-year-old singer and Fenty Beauty CEO graced Forbes’ annual list of America’s richest self-made women for the third year in a row.
She ranked 21st overall, and is the list’s only billionaire under age 40. Some of Rihanna’s $1.4 billion net worth is from her successful music career. Most of it is from her three retail companies: Fenty Beauty, Fenty Skin and Savage X Fenty.
In March, Bloomberg reported Savage X Fenty lingerie was working with advisors on an IPO that could potentially be valued at $3 billion. Rihanna owns 30% of that company.
She also owns half of Fenty Beauty, which generated $550 million in revenue in 2020. The other half of the company is owned by French luxury fashion conglomerate LVMH (Moët Hennessy Louis Vuitton).
The numbers are impressive, but Rihanna has said that her focus is not on valuations and accolades.
In 2019, she told The New York Times’ T Magazine that because she never planned on making a fortune, reaching financial milestones was “not going to stop me from working.”
The nine-time Grammy Award winner also said she wants to give that money away to causes that matter, anyway.
“My money is not for me; it’s always the thought that I can help someone else,” she said. “The world can really make you believe that the wrong things are priority, and it makes you really miss the core of life, what it means to be alive.”
In 2012, Rihanna started a philanthropy fund, the Clara Lionel Foundation (CLF). It aims to “support and fund groundbreaking education and climate resilience initiatives,” according to its website.