Rihanna becomes self-made billionaire, world's wealthiest female musician with $1.7 billion worth

LOS ANGELES -- Singer, actress and entrepreneur Rihanna has put in a lot of hard "work" and now she's a billionaire.

Forbes estimates the Grammy winner's worth is now $1.7 billion, making her the wealthiest female musician in the world and second to Oprah as richest entertainer.

While Rihanna is known for her number one hits like "Work," "Umbrella" and "We Found Love," and starring in big budget films like "Ocean's 8," she is also a fashion icon.

In 2017, Rihanna teamed up with French company, LVMH -- the fashion house behind Louis Vuitton and Dior -- to launch her now wildly popular Fenty Beauty cosmetics line.

The following year, she spearheaded Savage by Fenty, a lingerie line aimed at body positivity and inclusivity.

"The majority of her $1.7 billion estimated net worth is not from singing but from cosmetics," Forbes editor Kerry Dolan told "GMA." "From a super-successful cosmetics line which, when it was launched, drew lots of praise because there were something, like, more than 40 shades for all range of skin tones, which was something that at the time, not very many cosmetics lines had been that inclusive."

While Fenty's luxury clothing line was shut down earlier this year, the brand catapulted the singer-turned-mogul into billionaire status.

Rihanna joins the coveted Forbes list as one of Hollywood's most successful female self-made entrepreneurs that includes Kim Kardashian and Kylie Jenner.

This week, Reese Witherspoon sold her production company, Hello Sunshine, which is behind HBO's "Big Little Lies" and Hulu's "Little Fires Everywhere, for an estimated $900 million. While she may not be a billionaire yet, she's not far behind.

"Women are making more headway, slowly but surely as super-successful entrepreneurs," said Dolan. "So we will see more famous artists, entertainers, performers go into a successful entrepreneurial vein. It's been proved as a proven formula for some people so others would like to try it."