Rihanna is now officially a billionaire and the wealthiest female musician

Rihanna can 'Take A Bow' because the singer is officially a billionaire, according to Forbes.

The business magazine labelled Ri-Ri, as she's affectionately known by fans, as the wealthiest female musician and the second-richest woman in entertainment behind Oprah Winfrey.

But it's not just because of the 33-year-old popstar's music.

Rihanna, whose full name is Robyn Rihanna Fenty, has an estimated net worth of US$1.7 billion ($2.3b), thanks largely to her business venture Fenty Beauty.

It's been five years since the "bad gal" from Barbados dropped a new album — her 2016 instant classic Anti spent 63 weeks on the Billboard charts in the US. Instead she's dedicated her time to building her business empire through her makeup line and her Savage x Fenty lingerie line.

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Forbes estimates Fenty Beauty alone is worth US$2.8 billion ($3.8b).

In 2018, the makeup brand, which is sold at Sephora stores, was generating more than US$550 million ($745m) in annual revenues, earning more than Kim Kardashian West's KKW Beauty, Kylie Jenner's Kylie Cosmetics and Jessica Alba's Honest Company, the magazine reported.

Historically, women's fashion and beauty brands have perpetuated Eurocentric and often unrealistic standards of beauty. One of the keys to Rihanna's success has been marketing products to women of all shapes, sizes and skin shades, according to Shannon Coyne, co-founder of Bluestock Advisors, a consumer products consultancy.

"She was one of the first brands that came out and said 'I want to speak to all of those different people,'" Coyne told Forbes.

"A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark. We all know that's not reality."

Forbes reported that Rihanna owns 30 per cent of Savage x Fenty, which raised US$115 million ($156m) in February after receiving a US$1 billion valuation ($1.35b).

LVMH CEO Bernard Arnault and rapper Jay-Z are also principle investors in the lingerie brand.

A spokesperson for Rihanna declined to comment.