Rihanna is officially a billionaire
The singer has become the richest female musician in the world but not because of her music
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Rihanna has reached billionaire status.
The multi-hyphenate, whose real name is Robyn Fenty, was officially declared a billionaire on Wednesday, according to a profile on her fortune in Forbes.
The "Work" singer, 33, who has a catalog of hits dating back to the early 2000s, is worth $1.7 billion, the magazine estimates.
However, Rihanna's fortune isn't all due to her career in music. The superstar has her Fenty Beauty company to thank for a majority of her wealth. She launched it in 2017.
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Rihanna's riches also make her the wealthiest female musician in the world, Forbes reports, and she's in the second spot, just behind Oprah Winfrey, as the richest female entertainer.
Rihanna arrives at The Fashion Awards 2019 held at Royal Albert Hall on December 02, 2019 in London, England. The superstar was officially declared a billionaire by Forbes on Wednesday thanks to her successful Fenty Beauty cosmetics line. (Samir Hussein/WireImage)
Forbes notes that an estimated $1.4 billion of Rihanna's wealth comes from her cosmetics line. The outlet reports she owns 50% of the business while she also has a stake in her lingerie company, Savage X Fenty, which has an estimated worth of $270 million.
The performer's music and acting credits make up the rest of her fortune.
The singer splits Fenty Beauty with LVMH, a luxury goods company in France that is run by Bernard Arnault, the world's second-richest person, according to the report.
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Shannon Coyne, the co-founder of Bluestock Advisors, pointed to Fenty Beauty's wide-ranging line of products for various skin tones.
"She was one of the first brands that came out and said, ‘I want to speak to all of those different people.’" Coyne said of the star.