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Rihanna Named World's Richest Female Musician

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Rihanna has been officially named the Worlds' Richest Female Musician with a reported fortune of $600 million, surpassing the likes of Madonna, Celine Dion and Beyoncé.

According to Forbes, Rihanna is estimated to be worth around $600 million, ahead of fellow music superstars Madonna with $570 million, Dion with $450 million and Beyoncé with $400 million.

Most of Rihanna's wealth does not come from her music sales or concert proceeds, but rather from her partnership with French luxury goods giant LVMH for Fenty Beauty cosmetics.

Rihanna's Fenty Beauty generated a reported $100 million in sales in its first few weeks, fueled by the pop star's fame and millions of social media followers.

Fenty Beauty changed the beauty market by releasing 40 shades of foundation, far more than the handful sold by other brands.

"It challenged the standard convention that you only needed a very defined set of shades to satisfy a market," says Stephanie Wissink, a research analyst at Jefferies, told Forbes.

She added, "Not only did [Fenty Beauty] achieve meaningful sales, but it potentially changed the industry permanently."

Forbes recently announced that Shawn "Jay-Z" Carter officially is the first rapper to become a billionaire.

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