Selena Gomez, the 32-year-old singer, actress, and entrepreneur, has officially become a billionaire with an estimated net worth of $1.3 billion.
According to Bloomberg, while her wealth comes from various sources, such as her successful career in music, acting, and brand endorsements, the "vast bulk" of her fortune is tied to her five-year-old makeup company, Rare Beauty.
Launched in 2020, Rare Beauty has proven to be a major success, reportedly generating $400 million in net sales in the 12 months leading up to February.
Gomez’s brand success has propelled her into the ranks of "self-made" billionaires, placing her alongside other notable figures like Taylor Swift and Rihanna on the Bloomberg Billionaire Index.
Beyond her business ventures, Gomez is also a prominent social media figure, ranking as the third most-followed person on Instagram, with 424 million followers, trailing only soccer stars Cristiano Ronaldo and Lionel Messi. Her immense popularity has led to lucrative partnerships with high-end brands such as Louis Vuitton, Coach, and Puma, further boosting her income.
Gomez's career took off with her starring role in Disney Channel's The Wizards of Waverly Place, and she has continued to excel in both television and film. She stars alongside Martin Short and Steve Martin in the hit series Only Murders in the Building, which recently renewed for its fifth season. Gomez reportedly earns $6 million per season for her role.
However, it's her makeup line Rare Beauty that truly anchors her wealth.
The brand's success, combined with Gomez's efforts to seek a $2 billion valuation from investors, has catapulted her into billionaire status. Alongside her business achievements, Gomez has also focused on mental health advocacy. Diagnosed with bipolar disorder in 2020, she established the Rare Impact Fund, aiming to raise $100 million to improve access to mental health services.
Though music royalties contribute a smaller portion to her overall wealth, Gomez's multifaceted career continues to thrive, making her one of the youngest billionaires in the entertainment industry.