Rihanna Dethrones Kylie Jenner as Youngest Woman Self-Made Billionaire
Rihanna is the youngest woman to be named on Forbes‘ annual checklist of self-designed billionaire women of all ages in the U.S.—giving her a title as soon as bestowed upon Kylie Jenner, right before it was unceremoniously snatched absent.
Barbados-born Rihanna, 34, released what would grow to be a vastly prosperous pop profession in the aughts, before going on to develop on her fortune with her Fenty Elegance cosmetics line, which she co-owns with French luxury retailer LVMH.
According to Forbes, the line created a lot more than $550 million in profits in 2020 by yourself, though her Savage x Fenty lingerie line, in which she retains a 30 p.c stake, elevated cash at a $1 billion valuation in February 2021.
Rihanna sits between a host of businesswomen on the prestigious business enterprise publication’s America’s Richest Self-Built Gals checklist, on which she appears in 21st place with a fortune of $1.4 billion.
Oprah Winfrey, 68, is 10th with $2.6 billion.
Rihanna, who has also introduced charity Clara Lionel Foundation due to the fact hitting fame, spoke about her strategy to wealth in a 2019 interview with the New York Situations‘ T Magazine.
“My funds is not for me it’s usually the assumed that I can help somebody else,” she reported. “The globe can genuinely make you imagine that the erroneous matters are precedence, and it helps make you really miss the core of lifetime, what it signifies to be alive.”
The upcoming youngest human being to be named on Forbes‘ listing is Kim Kardashian, 41, who sits in 16th placement with a $1.8 billion fortune, many thanks in big aspect to her cosmetics and fragrance company, KKW Beauty, and her shapewear company, Skims.
Nowhere to be discovered on the record is Kardashian’s sister Jenner, who in 2020 was named on Forbes‘ World’s Youngest Billionaires checklist, only for the title to be taken away amid the publication’s allegations of discrepancies on tax documents.
In 2019, Jenner sold her stake in the beauty brand name Kylie Cosmetics to the cosmetic company, Coty, for about $600 million, per The Hollywood Reporter. The hard cash-out from the deal pushed Jenner’s fortune to billionaire status and the magnificence powerhouse was named by Forbes as the youngest billionaire at the age of 21.
But in 2020, a Forbes‘ expose recalculated the numbers and uncovered discrepancies in Jenner’s web really worth. The report examined profits built prior to and immediately after the pandemic struck. Jenner’s fortune was, at the time of the write-up, documented to be below $900 million, beneath the billionaire position.
The business publication accused Jenner, 24, of fudging the quantities on the tax returns and building Kylie Cosmetics larger than what the brand actually was.
In reaction to the Forbes report, the Kylie Skin founder took to Twitter, exactly where she slammed the journal for publishing what she known as “inaccurate statements and unproven assumptions.”
Jenner’s lawyer, Michael Kump, launched an official statement to Persons and referred to the Forbes’ posting as “supermarket tabloid.”
“It is unfortunate that, of all items, Forbes has devoted a few reporters to investigate the influence of the coronavirus crisis on Kylie’s internet worth,” said Kump.
Even though Jenner defended her fortune, Forbes stood by its reporting. Main Communications Officer Matt Hutchison stated in a statement on the publication’s site: “Our reporters noticed the inaccuracies and expended months uncovering the information. We stimulate the attorney to re-examine the posting.”