Rihanna named world's richest female musician

Rihanna is officially a billionaire and the wealthiest female musician in the world.

According to editors at Forbes, the Umbrella hitmaker is worth an estimated $1.7 billion, and is now the second richest female entertainer behind Oprah Winfrey.

But while Rihanna cemented her celebrity status with her music career, the majority of her wealth comes from the value of her inclusive cosmetics brand Fenty Beauty, which is known for offering 50 shades of foundation.

The star owns 50 per cent of the company, with Forbes reporting the firm to be worth approximately $1.4 billion, and also has a lucrative stake in her lingerie line, Savage x Fenty.

And while Rihanna hasn't released an album since 2016's Anti, fans may potentially have to wait quite a bit longer.

"She is creating a brand outside of herself. It's not just about Rihanna," Shannon Coyne, co-founder of consumer products consultancy Bluestock Advisors, told the publication. "Even if you don't like her music, she's created a real style in the fashion and beauty space."