Rihanna officially became a billionaire this month, making her the wealthiest musician in the world, as reported by Forbes. But, surprisingly, the bulk of her wealth doesn’t come from her chart-topping music but her ultra-successful Fenty Beauty line, valued at a whopping $1.4 billion.
The Grammy-winning musician is just the latest in a long line of Black entertainers making a name for themselves in the business world. This week, Beyoncé will drop her fifth collection for Adidas with Ivy Park, the activewear line that now makes up a significant portion of the singer’s $440 million fortune. Of course, Beyoncé is married to another artist-turned-entrepreneur, Jay-Z, whose foray into the spirits industry with Armand de Brignac champagne and D’ussé Cognac have helped him garner a net worth of $1.4 billion.
Over the last few years, the entrepreneurial ventures of Black entertainers have proven not only to be ultra-successful but have helped more than a few of them make their way into the Billionaire’s Club. From Oprah Winfrey, who has long held the title as the wealthiest female entertainer in the world with “The Oprah Winfrey Show” and her own self-titled cable network OWN, to Tyler Perry whose mega-successful movie, TV and theater empire made him a billionaire in 2020, Black creatives have proven themselves to be masters at wearing many (very lucrative) hats.
Below are a few of the most successful Black entrepreneurs within the entertainment industry, and the products that helped build their empires.
Rihanna
Fenty Beauty Gloss Bomb Universal Lip Luminizer$26.00
Fenty Beauty Full Frontal Volume, Lift and Curl Mascara
Fenty Beauty Ful Frontal Volume, Lift and Curl Mascara$23.81
Savage x Fenty A Peek Behind the Lace Maxi Slip
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Oprah Winfrey
Tyler Perry was officially deemed a billionaire in 2020, thanks to his mega-successful movie, TV and theater empire. Perry has grossed more than $1 billion at the box office, thanks in large part to his 11 Madea movies.
Named PvNew’s Showman of the Year for 2020, the multi-hyphenate also earned the Governor’s Award from the Television Academy, as well as the People’s Champion honor at the People’s Choice Awards. In 2021, he accepted an honorary Oscar, the Academy’s Jean Hersholt Humanitarian Award.
Perry recently wrapped production on his passion project, “A Jazzman’s Blues” and up next, he’ll write, direct, produce and star in a brand new Madea movie for Netflix, titled “A Madea Homecoming.” Perry is also set to produce “Sister Act 3” alongside Whoopi Goldberg for Disney. In 2017, the multi-hyphenate inked a multiyear deal with Viacom, agreeing to produce content for BET, Nickelodeon and more, plus launching BET plus.
Amid the coronavirus pandemic, Perry crafted a plan to get Hollywood back to work with the creation of Camp Quarantine, which housed 300 cast and crew members within a “bubble” for the two-week duration of filming of his BET shows Sistas,” “The Oval,” “Bruh” and “Ruthless.” He also worked to promote vaccine awareness, as well as voting rights initiatives during the 2020 presidential election.
The writer, director, producer and playwright also owns the 330- acre Tyler Perry Studios in Atlanta, which the mogul recently announced plans to expand. In June, Perry and Bishop T.D. Jakes got approval to purchase 130 acres to expand their footprint in Southwest Atlanta by developing business opportunities including a theater district, restaurants and retail space.
‘Madea’s Witness Protection’ on Blu-Ray
'Madea's Witness Protection' on Blu-Ray$19.99$13.04
Will Smith and Jada Pinkett Smith
Will Smith and Jada Pinkett Smith kept busy while in lockdown. The power couple boosted financial gains from their Westbrook Media firm by more than 300 percent over the last year, according to The Hollywood Reporter.
What originally started as a fun Snapchat series starring Will Smith from his garage, “Snapchat Will From Home,” a 12-episode vlog series of Smith’s pandemic pursuits, soon skyrocketed to become one of the platform’s most popular services.
The Academy Award-nominated isn’t taking a break from acting anytime soon, though. For his starring role in “King Richard,” which chronicles the life of Serena and Venus Williams, Smith earned a cool $40 million. Smith will also star in Netflix’s “Bright 2,” and is currently filming the drama “Emancipation,” directed by Antoine Fuqua.
Jada Pinkett Smith has amassed a her own sizable social media following, with revenue to follow. Pinkett Smith is a daytime Emmy award winner for producing “Red Table Talk” show, which she hosts alongside her daughter Willow Smith and her mother Adrienne Banfield-Norris. The show, which has also won the NAACP Image Award for outstanding talk series, recently announced a three-year contract extension on Facebook Watch. Bringing in fans by bringing on newsworthy guests (including Gabrielle Union, Alicia Keys, Demi Moore and Rumer Willis, Olivia Jade Giannulli), having candid conversations about race and culture and showcasing intimate moments (the episode where “Jada Brings Herself To The Table” has garnered more than 38 million views since last July).
With the pair both bringing their own assets to the table, their combined net worth is $400 million, with Will being worth $350 million and Jada Pinkett Smith worth $50 million, according to ibtimes.
Jay-Z
BUY NOW:$500$449.99
D’Usse Cognac
BUY NOW:$59.99
Beyoncé
BUY NOW:$205
Kanye West
BUY NOW:$567
Yeezy Workwear Jumpsuit
BUY NOW:$763
Dwayne Johnson
BUY NOW:$65
Project Rock Wireless Headphones
BUY NOW:$199.95
Daymond John
'The Power of Broke' by Daymond John$19.00$12.79
‘Rise and Grind’
'Rise and Grind by Daymond John$28.00$19.88
LeBron James
Drafted to the NBA straight out of high school, LeBron James joined the Cleveland Cavaliers in 2003. Since then, the four-time NBA MVP has been regarded as one of the greatest players of all time, and the financial records mirror it.
After joining the Los Angeles Lakers in 2018, James garnered a four-year, $153 million contract according to Forbes. Forbes reported that the star has the NBA’s top endorsement portfolio, headlined by his production company SpringHill Entertainment, which most recently produced “Space Jam 2,” starring James, and his media company Uninterrupted.
Although the NBA hit a 20 percent decrease in revenue without spectators due to COVID-19, James, among other athletes, had blockbuster sneaker contracts that kept them among the highest paid athletes during the pandemic. According to Forbes, James is the top-earning player for the seventh straight year, including off-court income. He’s expected to earn $95.4 million, including an estimated $64 million from endorsements, memorabilia and media.
Outside of sports, James is involved in many other ventures, including teaming up with Cindy Crawford, Arnold Schwarzenegger and Lindsey Vonn in 2018 to launch Ladder, a health and wellness company.
Additionally, the Lebron James Family Foundation plans to spend $41 million to send children to college since opening its first elementary school in 2018.
James has also made a name for himself in the restaurant business, with he and his partners owning 19 Blaze Pizza franchises in Chicago and South Florida.
Ladder Pre-Workout
BUY NOW:$49.95
Michael Jordan
Michael Jordan earned $90 million during his ultra-successful NBA career, where he won six titles for the Chicago Bulls and made a name for himself as one of the greatest basketball players in NBA history.
But like many all-star athletes, he made the bulk of his fortune through lucrative sponsorships with Nike, Hanes and Gatorade, adding an impressive $1.8 billion to his net worth. Aside from sponsorships (and starring in the 1996 classic “Space Jam”), the 58 year-old athlete has made a series of smart business decisions since retiring from the court: he joined sports-betting firm DraftKings as a special advisor to the board and investor in 2020, and became a NASCAR team co-owner in 2020.
Plus, as the owner of the Charlotte Hornets, he sold a minority stake in a clever 2019 deal that brought the NBA team’s value to $1.5 billion.
Sean Combs
BUY NOW:$49.99
DeLeon Tequila
BUY NOW:$39.99
Gabrielle Union
'We're Going to Need More Wine' by Gabrielle Union$16.99$11.15
‘Welcome to the Party’ by Gabrielle Union and Dwyane Wade
'Welcome to the Party' by Gabrielle Union and Dwyane Wade$18.99$9.99
Tracee Ellis Ross
Pattern On-The-Go Hair Kit
Pattern Beauty On-The-Go Hair Kit$30.00
