Friday 27 November, 2020

Rihanna is the wealthiest female musician

Another win for Barbados and the Caribbean.

Rihanna is the richest female musician in the world, topping some of the biggest names in the industry including Madonna, Céline Dion and Beyoncé.

According to Forbes, the singer-turned-business magnate is worth a staggering $600 million, surpassing Madonna by $30 million, Dion by $150 million and Beyoncé by $200 million.

While she famously built her wealth as a music hitmaker, she has accumulated millions from strategically diversifying her portfolio. 

In fact, according to Forbes, the majority of her income comes from her partnership with LVMH, the French luxury goods company that owns the likes of Christian Dior, Givenchy and Louis Vuitton.

In May, she launched her fashion label Fenty at a pop-up boutique in Paris, becoming the first black woman to create an original brand with LVMH.

The luxury line is one of several of her ventures alongside joining her lingerie label Savage X Fenty and her cosmetics brand, Fenty Beauty. 

Forbes stated that Fenty Beauty racked up an estimated $570 million in revenue in its first 15 months, adding that's worth more than an estimated $3 billion.

Rihanna's other ventures have been widely celebrated for their inclusivity. In a statement released last month, Rihanna said: "Women are forces of this earth. We are multifaceted, complex, vulnerable yet bulletproof, and Fenty speaks to all of our intricacies."

The singer recently revealed in an interview with the New York Times Style Magazine that she has moved to London to be closer to LVMH. During the interview, she opened up about how far she's come. 

She said: "You know, when I was younger, I couldn't afford everything, but a pair of Timberlands: That was my Dior. And I had to save my money for a whole school year to get those Timberlands that I wanted, and I did it."

It's that background that also informs her business acumen. She told the magazine: "It's the thing that keeps me asking: So how much is this gonna cost at retail? How can we bring the price down without compromising on quality?"

"I never thought I'd make this much money, so a number is not going to stop me from working," she continued. "I'm not being driven by money right now. Money is happening along the way, but I'm working out of what I love to do, what I'm passionate about. Work will change when my life changes in the future but an amount of money is not going to stop that."

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