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Saturday, August 20, 2022

Music scholar, Rihanna becomes the youngest self-made billionaire with a net worth of $1.4bn

Award-winning American musician, Rihanna has been named the United States’s youngest self-made billionaire after her net worth hits an outstanding $1.4billion.

Robyn Rihanna Fenty who clocked 34 in February amassed her fortune from her own music and entrepreneurial ventures. For the third consecutive time, Rihanna who heads her company – Fenty Beauty as CEO graced Forbes’ annual list of America’s richest self-made women.

She ranked 21st overall and is the list’s only billionaire under the age of 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.

Earlier 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, CNBC reported.

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.

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Rihanna’s impressive figures are also reflected in her music career, having nine Grammy awards to her name. 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.”

“My money is not for me; it’s always the thought that I can help someone else. 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,” she said.

Rihanna started a philanthropy fund called the Clara Lionel Foundation (CLF) in 2012. The foundation aims to “support and fund groundbreaking education and climate resilience initiatives,” according to its website.

One of its first initiatives, which launched a year after the foundation began, raised $60 million for women and children affected by HIV/AIDS through sales from the singer’s lipstick line with MAC Cosmetics. And in January, CLF paired up with Twitter co-founder Jack Dorsey’s #SmartSmall initiative to donate a combined $15 million to 18 different climate justice groups.

In 2017, Harvard University named Rihanna 2017’s Humanitarian of the Year to recognizer her for working to improve cancer treatment in Barbados, where she was born, and for setting up a college scholarship to bring Caribbean students to study in the United States.

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With a net worth of $1.4bn, the 34-year-old music star and CEO is the youngest self-made billionaire in the United States. The next-youngest billionaire on Forbes’ list is 41-year-old Kim Kardashian, who has a net worth of $1.8 billion.

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