Rihanna is officially a billionaire

Barbadian singer Rihanna is officially a billionaire.

This is according to the financial magazine Forbes. The music star who is now worth $1.7B, joins the billionaire league following the success of her cosmetic company, Fenty.

According to Forbes and celebrity magazine Guanabee, she is now the wealthiest female musician in the world and second only to Oprah Winfrey as the richest female entertainer.

"The bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which Forbes can now confirm she owns 50%," Forbes said in its latest editorial.

"Much of the rest lies in her stake in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress."

Fenty Beauty, which was launched in 2017, is a 50-50 joint venture with French luxury goods conglomerate LVMH (run by Bernard Arnault, the world’s second-richest person).

Its products come in a diverse range of colors—foundation is offered in 50 shades, including harder-to-find darker shades for women of color—and are modeled in its advertising by an equally diverse group of people.

One of the brand's unique features and goals is its passion for inclusivity.

Forbes also estimates that Fenty Beauty is worth a conservative $2.8 billion.

The music star's other businesses including her lingerie and perfume lines are said to be raking millions of dollars.