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Beyonce is a wise investor

entertainment Updated: Feb 21, 2009 16:56 IST

American singer Beyonce Knowles has a multi-million dollar fortune but she insists she is a wise investor and won't waste her earnings on luxury items.

Knowles was recently named the richest star less than 30-years-old, with an estimated $80 million (55 million pounds) in the bank.

But the diva says she has invested all of her money wisely, and won't be spending money on fast cars or expensive jewellery, reports.

"Honestly, I'm very frugal. I haven't bought a car since I was 16 or any diamonds since I was 17. I have a lot of property. I've invested my money and I don't have to make any more, thank god, because I'm set," she said.