HOLLYWOOD—Dreams do come true. Rihanna is very talented as a singer, but that’s not all. She’s a businesswoman who has acquired a super successful beauty empire and has also started a luxury fashion line with LVMH. The hitmaker has been named the world’s richest female musician by Forbes magazine.
Rih has a net worth of a whopping $600 million, snatching away the title from Madonna by $30 million, Celine Dion by $150 million, and Beyoncé by $200 million. You would think that her wealth comes from her music, however, it’s from her beauty and fashion businesses. Rih’s partnership with LVMH and Fenty Beauty have already proven to be cash cows. The latter brand’s worth over $3.8 billion. There is also the Savage X Fenty lingerie line.
In an interview with the New York Times, Rihanna said she was motivated by money so much as it provides a way to take care of the people in her community.
“The money means that I can take care of my family. The money means that I can facilitate the businesses that I want to. I can create jobs for other people,” she said. “My money is not for me; it’s always the thought that I can help someone else or, in the future, for if I have kids.” She has used her money for a range of philanthropic work. In 2012, she launched the Clara Lionel Foundation, which helps elevate health and education initiatives in disadvantaged communities across the globe.
Her efforts made Harvard University in 2017, name her the Humanitarian of the Year. Rihanna is already very charitable person, founding the Clara Lionel Foundation to spread education opportunities and healthcare to children worldwide, as well as donating from her mass fortune to education causes and other issues regularly. But paying off some student loan debts would be nice. We don’t expect her to pay it all off! That’s $1.5 trillion, far more than our billionaire queen can or should have to pay considering she has never been a predatory student loan corporation. But if she paid some, it might be cool. Just saying.
The Barbados native, 31, has surpassed Madonna ($570 million), Celine Dion ($450) and Beyonce ($400 million). According to Forbes, the brand brought in more than $100 million in sales in its first few weeks. In 2018, the brand brought in $570 million in revenue, and the outlet estimates that Fenty is collectively worth more than $3 billion, but the “Diamonds” singer isn’t limiting her empire to makeup alone and is poised to make similar waves in the fashion industry with her recently announced Fenty Maison line.
Rihanna also co-owns the Savage X Fenty lingerie line. Her new line, which is also part of LVMH, will produce clothes, shoes, accessories and jewelry. The move makes Rihanna the first woman to start her own brand at LVMH and the first Black woman to lead a fashion house at the company. Fenty is also the first new house to come out of LVMH since 1987, the New York Times reported in May.
So is there an album dropping? We think it’s coming, and that it will be a reggae album. We also know we’ve all been annoyingly asking for it for a very long time, and that Rihanna kind of hates it when people incessantly beg for her next album to come out already. Still, maybe this extra cash she’s acquired can help speed things along.
What happens when a billionaire sits down with a rap singer? Eventually, the rapper will become a billionaire. That’s exactly what happened to Jay-Z. Nine years ago Warren Buffett, sat down with Jay-Z at the Hollywood Diner in Omaha, Nebraska. Less than a decade later, it’s clear that Jay-Z has accumulated a fortune that conservatively totals $1 billion, making him one of only a handful of entertainers to become a billionaire—and the first hip-hop artist to do so. Jay-Z’s steadily growing kingdom is expansive, encompassing liquor, art, real estate (homes in Los Angeles, the Hamptons, Tribeca) and stakes in companies like Uber.
His journey is a rags-to-riches, straight out of Hollywood dream. He came from Brooklyn’s notorious Marcy housing projects. He was a drug dealer before becoming a musician, starting his own label, Roc-A-Fella Records, to release his 1996 debut, “Reasonable Doubt.” Since then, he’s amassed 14 No. 1 albums, 22 Grammy awards and over $500 million in pretax earnings in a decade. Crucially, he realized that he should build his own brands rather than promote someone else. His clothing line Roc-A-Wear, started in 1999 (sold for $204 million to Iconix in 2007); D’Ussé, a cognac he co-owns with Bacardi; and Tidal, a music-streaming service. The rest is history.
Rose’s Scoop: My dear friend Flo Rashbaum, passed away on May 26, 2019. She will truly be missed. Flo was the mother of keyboard player, David Bryan, of the group Bon Jovi. The mother of Michele, as well. Bon Jovi, is currently touring in Europe.