by Selena Hill via https://www.blackenterprise.com
In addition to being the fastest growing group of entrepreneurs, black women are securing the bag and stacking their coins like never before. Several women of color were named on America’s Richest Self-Made Women list, recently published by Forbes. Here’s a look at the black women who made the list.
At just 31 years old, Rihanna is officially the wealthiest female musician on the planet, according to Forbes. The publication estimates her net worth at $600 million, trumping the wealth of fellow music superstars Madonna ($570 million), Celine Dion ($450 million), and Beyoncé ($400 million).
A large part of the singer’s wealth has been generated through her cosmetics company, Fenty Beauty, which launched in collaboration with luxury giant LVMH in September 2017. Noted for its inclusive range of 40 shades of foundation, Fenty reportedly racked up $100 million in sales within weeks due to the Bajan artist’s mass appeal and social media following. Since then, sales for the beauty brand have continued to soar.
“Fenty Beauty generated an estimated $570 million in revenue last year, after only 15 months in business. The entire operation is worth, conservatively, more than $3 billion. Forbes estimates thatLVMH owns an estimated 50% of it, while Rihanna has about 15%, a figure a spokesperson for the artist disputed but wouldn’t clarify further,” writes Forbes.
In May, LVMH announced that it was opening a fashion house under Fenty name. This makes the …