The youngest female millionaire to make a fortune on her own, Rihanna made her fortune in the music industry and with her successful entrepreneurial moves. The Fenty Beauty CEO recently joined Forbes magazine’s list of America’s richest women for the third year in a row, ranking 21st out of 40 billionaires under 40.
Much of the artist’s $1.4 billion comes from her successful music career, as well as her three wholesale businesses: Fenty Beauty, Fenty Skin and Savage x Fenty.
In March, it was revealed that women’s lingerie company Savage x Fenty would be working with advisers to put $3 billion worth of stock up for public sale. Rihanna currently owns 30% of the company. She also owns half of Fenty Beauty, which in 2020 generated revenue of $550 million.
The numbers are impressive, but Rihanna has said that her focus is not on stocks or shares. In 2019, in an interview for the New York Times T Magazine, she admitted that she had never considered making a fortune, that reaching such high numbers “was not going to stop her from continuing to work.”
The winner of nine Grammy Awards also commented that she wanted to donate all that money to causes that were important. “My money is not for me; I have always had it in mind that I could help someone else with it,” she said. “The world can easily make you believe that the worst things are the priority, and it makes you lose sight of the true purpose of life, which means to stay alive.”
In 2012, Rihanna began raising funds for education, called the Clara Lionel Foundation. This foundation seeks to “support and fund education and climate resilience initiatives.” One of her first initiatives, which began a year after the foundation was launched, raised $60 million for women and children affected by AIDS, thanks to sales of her lipstick line with MAC. And in January, the foundation teamed up with Twitter co-founder Jack Dorsey in an initiative that jointly donated $15 million to environmental justice groups to curb climate change.
According to the foundation’s website, “This money is intended for organizations that are focused on or led by women, youth, black, indigenous, people of color and LGBTQIA+ communities, in the United States and the Caribbean.” “In this organization, much of the work is based on understanding that climate change disasters, which are becoming more frequent and more intense, do not affect everyone, communities of color and the islands of the world in the same way. Caribbean”.
The next billionaire on the Forbes list is Kim Kardashian, 40, who has a net worth of $1.8 billion. Kim Kardashian and her sister Kylie Jenner who, at 24, is the youngest on the list, with a net worth of 600 million, have also achieved success in the world of entertainment and retail, with their respective cosmetic and makeup lines.