The youngest self-made billionaire woman in America didn’t grow up in a high-rise in Manhattan or the Hollywood Hills. Instead, Rihanna amassed her fortune from her own music and business ventures.
Recently, the 34-year-old singer and Fenty Beauty CEO has entered Forbes’ list of the richest self-made women in America for the third year in a row. She ranked 21st overall and is the only billionaire under the age of 40. Part of Rihanna’s $1.4 billion net worth comes from her successful music career. Much of it comes from her three retail companies: Fenty Beauty, Fenty Skin, and Savage X Fenty.
In March, Bloomberg reported that Savage X Fenty lingerie was working with advisors on a potentially $3 billion IPO. Rihanna owns 30% of that company. She also owns half of Fenty Beauty, which generated $550 million in sales in 2020. The other half of the company is owned by French luxury fashion group LVMH.
The numbers are impressive, but Rihanna says she’s not focused on pricing and rewards. In 2019, she told The New York Times’ T Magazine that because she never planned to make money, hitting financial milestones “wouldn’t stop me from working.”
The nine-time Grammy Award winner also said she wanted to give the money anyway to cause that problem. “My money isn’t for me; I always thought I could help other people,” she said. “The world can really make you believe that the wrong things take precedence, and it makes you really miss the core of life, what it means to be alive.”
In 2012, Rihanna started a charitable foundation, the Clara Lionel Foundation (CLF). It aims to “support and fund groundbreaking education initiatives and climate resilience,” according to website.
One of their first initiatives, launched a year after its founding, raised $60 million for women and children affected by HIV/AIDS through sales from lipstick line of female singers with MAC Cosmetics. And in January, CLF teamed up with Twitter co-founder Jack Dorsey’s #SmartSmall initiative to raise a total of $15 million for 18 different climate justice groups.
That money goes to organizations “focused on and led by women, youth, blacks, indigenous peoples, people of color, and the LGBTQIA+ community” in the United States and the Caribbean, according to the CLF website. .
“In [CLF]much of the work stems from the understanding that climate disasters, which are increasing in frequency and intensity, do not affect all communities equally, with communities of color and island nations are facing the brunt of climate change,” Rihanna said in January. statement.
The next young billionaire on the Forbes list is Kim Kardashian, 41, who has a net worth of $1.8 billion. Kardashian and her sister Kylie Jenner – at 24, the youngest billionaire on the list, with a net worth of $600 million – are also successful in both entertainment and retail, including makeup lines. corresponding.
Do not miss: