Rihanna is the richest female musician in the world. Here's how she makes and spends her $600 million.
- Rihanna now has a net worth of $600 million, making her the world's wealthiest female musician.
- She's made millions from music but most of her money comes from brand partnerships and her Fenty Beauty brand.
- Rihanna most recently launched Fenty, a luxury fashion house with LVMH.
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Following is a transcript of the video.
Narrator: Rihanna is officially the wealthiest female musician in the world. With a fortune of $600 million, she's richer than Madonna, Celine Dion, and even Beyoncé. According to her label, Roc Nation, she has sold more than 60 million albums and 215 million digital tracks, making her the second-best-selling digital artist of all time. But all that wealth didn't just come from her music.
Here's how Rihanna makes and spends her millions.
Rihanna got her start as a musician. She was discovered by an American record producer at age 15 and shortly thereafter was signed on by Jay-Z. Since then, she has had 14 No. 1 songs, and in 2016, made an estimated $22.3 million from her music alone, not to mention her world tours like "Diamonds," which generated a total of $137 million in revenue. But these days, most of her wealth comes from partnerships, campaigns, and endorsement deals, like the million-dollar partnership deal she made with Puma in 2014. Puma brought Rihanna on as its creative director, and sales rose by a reported 16% in the first six months.
Turns out everything Rihanna touches seemingly turns to gold. In fact, her fans are 3.7 times more likely to purchase products from her than any other celebrity, according to a study published in 2016. And that fan-based loyalty is worth tens of millions of dollars when it comes to her cosmetic and clothing lines. Rihanna's most profitable partnership is with the luxury conglomerate LVMH.
In 2017, she partnered with LVMH to develop a cosmetic line called Fenty Beauty, which generated more than $550 million in its first year. It initially sold foundation shades but has since expanded to other products like lipstick, lip gloss, body glitter, and more. Rihanna holds an estimated 15% stake in the $3 billion company, and she teamed up with LVMH again in 2019 to launch Fenty, a new high-fashion house based in Paris. It's the first new fashion house LVMH has started since 1987, and Rihanna is not only the first woman of color to lead a major fashion house, she's also the youngest. Fenty debuted its spring line in May 2019, featuring strong shoulders and futuristic accessories starting at $400.
So with these deals and revenue streams pouring in, what does Rihanna do with all of her money? For one, Rihanna has proven to be quite the entrepreneur with smart investing. She reportedly put $34 million of her own money towards building Fenty with LVMH, and she also has a business eye in the real-estate market. She purchased a mansion in LA for $6.8 million and later listed it for $7.4 million. As for where she lives, she's currently in a seven-bedroom home in London where she pays rent for $20,363 a week, and when she travels, it's on private jets and yachts.
In 2011, she chartered a yacht for $300,000 a week to take her around the French Riviera, and she's not afraid of an expensive night out. In 2013, she reportedly spent 8 grand in one night at a Miami strip club and on another night dropped $17,000 at a strip club in Houston with rapper Drake. Rihanna also enjoys dishes prepared by her personal chef, Debbie Solomon, and she reportedly spends $38,000 a week on her beauty regime, keeping a personal makeup artist, dermatologist, and lash technician on staff. So yeah, she enjoys living lavishly, but she also likes to give back.
In 2012, Rihanna established the Clara Lionel Foundation, named after her grandparents. The foundation aims to provide quality education and healthcare to children worldwide. She also hosts an annual Diamond Ball to benefit the foundation. Throughout the course of her career, Rihanna has become a highly influential global icon with her brands thriving and net worth growing. Who knows what she'll do next?
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