Rihanna continues to reach new plateaus of success, as it has been confirmed that she’s the newest addition to Forbes’ list of the world’s billionaires.
The singer and entrepreneur made the annual tally of billionaires back in August 2021 with an estimated net worth of $1.7 billion, placing her at 1,729 out of 2,668 on the list. The report cites that the 34-year old’s inclusion on the list is due to her highly successful stake in the Fenty Beauty company that she co-owns with LVMH, the luxury brand conglomerate. Fenty Beauty raked in $550 million in revenue in 2020. Another component is her 30 percent stake in the Savage x Fenty lingerie line, which raised approximately $115 million in series B funding leading to a $1 billion valuation in early 2021. According to reports, the lingerie line is in the works towards securing an initial public offering that would place the value of the brand at $3 billion. A listing is expected to be announced later this year.
For Rihanna, it still feels like a surreal moment. “It’s tricky because it’s hard to even accept that’s where you’re at because I know where I’ve come from,” she said in an interview with the New York Times back in September 2021. “At the same time, it feels good to be able to inspire young women and boys, who like me, come from humble beginnings, who come from parents who are immigrants or who are immigrants themselves, to be able to do this.” Her addition to the list makes her the first-ever billionaire to be from her home country of Barbados.
Rihanna also joins Kanye West and Jay-Z as newcomers to the Forbes list, which collectively has a net worth of $12.7 trillion, with Elon Musk topping the list with an estimated worth of $219 billion. The net worth has shrunk recently due to sanctions placed on Russia, which has decreased the value of the ruble.