Rihanna has joined Forbes' annual billionaires list for the first time in her career, making her the highest-ranked female musician.

The 34-year-old singer-turned-beauty mogul officially reached billionaire status in 2021 with an estimated net worth of $1.7 billion, which ranks her at No. 1,729 on the list.

Forbes' Madeline Berg attributed Rihanna's wealth not to her music outputs but to her wildly successful ventures into fashion and beauty.

According to the publication's recent report, the singer's stake in Fenty Beauty, the fastest-growing cosmetics line, makes up most of her wealth. The company, which she co-owns with luxury conglomerate LVMH, reportedly racked in more than $550 million in revenue in 2020.

She also has a 30 percent stake in her Savage x Fenty lingerie line, which raised approximately $115 million in series B funding at a $1 billion valuation in early 2021.

Rihanna, who is expecting her first child with ASAP Rocky, is reportedly the first billionaire to come from Barbados. She spoke about the milestone in September 2021 with the New York Times.

“It’s tricky because it’s hard to even accept that’s where you’re at because I know where I’ve come from,” she said. “At the same time, it feels good to be able to inspire young women and boys, who like me, come from humble beginnings, who come from parents who are immigrants or who are immigrants themselves, to be able to do this.”

According to Forbes, the world now has 2,668 billionaires with a collective net worth of $12.7 trillion. Last year’s list had 2,755 billionaires with a total estimated net worth of $13.1 trillion. The publication reports the decline—the most significant drop since the 2009 financial crisis—was due to sanctions on Russia, which lost one-third of its fortune following the ruble's collapse.