The richest singer in the world – level 3

13-08-2021 07:00

A US business magazine Forbes annually produces a list of the world´s richest people. According to Forbes, Barbados-born singer Rihanna is now worth 1.7 billion dollars, making her the wealthiest female musician in the world.

However, it is not Rihanna´s music that´s made her so wealthy. Forbes estimates that 80% of her fortune comes from the value of Fenty Beauty, a 50-50 joint venture with French luxury goods brand LVMH. It was launched in 2017, and it´s run by the world´s second richest person, Bernard Arnault. The rest lies in Rihanna´s stake in her lingerie company Savage x Fenty, worth an estimated 270 million dollars, and her earnings from a lucrative music and acting career.

However, not everything that Rihanna touches turns into gold. In February, the singer confirmed that they had shut down their other business, a high-end fashion and accessories business that was launched in 2019. However, like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.

Difficult words: joint venture (a business created by two or more people or groups who share its ownership), stake (when someone invests money in a business), lucrative (very profitable), everything you touch turns into gold (you make a lot of money easily).

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