Rihanna Was Reportedly Nearly Bankrupt in 2009 but Is Ending the Decade with $600 Million
Rihanna faced bankruptcy in 2009 and sued her accountant for gross mismanagement.
Thanks to her accountant's bad advice, fashion diva and pop star Rihanna was close to bankruptcy in 2009 having spent 9 of the 11 million dollars she had in the bank.
Rihanna suddenly found herself down to her last 2 million and scrambling not to fall into debt, was forced to sell her home.
Later Rihanna would be forced to sell the house to stay solvent, at a brutal loss of $2 million.
BAD ADVICE BROUGHT RIHANNA TO THE EDGE OF BANKRUPTCY
In 2009, Rihanna was just 21 and she relied implicitly on the advice and guidance of the man she trusted to manage her money: Her accountant.
Unfortunately for Rihanna, the man proved to be less competent than she hoped, and though she started 2009 with a net worth of $11 million, by the end of the year her bank account held under $2 million.
WHERE DID THE MONEY GO
Rihanna revealed that she had asked her accountant if she could afford to buy a new house, which would set her back $7,5 million, and he gave her the go-ahead. Later Rihanna would be forced to sell the house to stay solvent, at a brutal loss of $2 million.
"BLEEDING" MONEY ON THE 2009 TOUR
In addition to the loss she suffered on the purchase and resale of her house, Rihanna also discovered that her enormously successful 2009 "Last Girl on Earth Tour" might be packing in the audiences, but was running at a loss.
RIHANNA SUES HER ACCOUNTANT
When she discovered the real state of her finances, Rihanna immediately fired the accountant, and subsequently filed a lawsuit against him for gross mismanagement.
Undaunted by her predicament, the young Rihanna set to work, plunging into her dream of founding a fashion and makeup line and recording new albums.
Today, Rihanna, 31, is worth over $600 million and is on her way to becoming a billionaire thanks to her fashion and makeup brand, Fenty.
RIHANNA ON FORBES LIST OF WEALTHIEST ENTERTAINERS
In the last 10 years, Rihanna has made a fabulous financial recovery, going from being close to insolvency to being on the list of Forbes' wealthiest entertainers, topping Madonna's $570 million, Céline Dion's $450 million and Beyoncé's $400 million with a breathtaking $600 million.
Rihanna parlayed her talent as a designer and businesswoman - and her huge social media following - into a fashion and a makeup line - Fenty - worth a fortune.
Rihanna formed a partnership with LVMH, the French luxury goods giant run by billionaire Bernard Arnault, and Fenty Beauty racked up a reported $100 million in sales in its first few weeks.
The sky seems to be the limit, and it will be no surprise to see Rihanna in the billionaire's list in 2020.