Singer Rihanna is now officially a billionaire, second richest female entertainer in the world

Entrepreneur and singer Rihanna is officially now the richest woman musician in the world with net worth estimated at $1.7 billion. She may now be one of the richest musicians in the world but her music is not the primary source of her wealth, as per a report inForbes magazine.

The Barbados-born singer, whose birth name is Robyn Fenty, derives an estimated $1.4 billion of her fortune from her 50% stake in the Fenty Beauty cosmetics line, Forbes reported.

The rest of Rihanna`s wealth comes from her share of the Savage x Fenty lingerie company and her income as a singer and actress, the magazine said.

Rihanna`s beauty company is part owned by LVMH. The brand is known for its broad range of 50 skin tones, including dark shades for women of color, which were rare when it launched in 2017. This made it a leader in inclusivity in the industry.

Rihanna is also known for hits like 'Umbrella' and 'Love The Way You Lie' although she has created new music for a very long time. According to Forbes, the singer now ranks second behind Oprah as the richest female entertainer in the world.