Selena Gomez, the multi-talented American actress, singer, and entrepreneur, has officially become a billionaire, according to Bloomberg. The 32-year-old star’s net worth is now estimated at $1.3 billion, driven largely by the success of her cosmetics brand, Rare Beauty. While some of her wealth stems from her singing, acting, and brand partnerships, the “vast bulk” of it is attributed to her thriving beauty business, which has transformed her into one of the “youngest self-made” billionaires alongside other celebrities like Taylor Swift and Rihanna.
Rare Beauty: The Billion-Dollar Brand
Founded in 2020, Rare Beauty has quickly become a standout success in the competitive beauty industry. According to Bloomberg, the brand generated $400 million in net sales in the 12 months leading up to February and continues to grow. Selena Gomez has also reportedly reached out to investors, aiming for a $2 billion valuation for the company. Rare Beauty’s mission to promote self-acceptance and authenticity has resonated with millions of consumers, contributing to its rapid rise.
In addition to its commercial success, Rare Beauty reflects Gomez’s personal commitment to mental health advocacy. The company launched the Rare Impact Fund, with a goal of raising $100 million to support mental health services, tying her business success to charitable causes that align with her personal values.
Social Media and Endorsement Deals
Gomez’s impressive wealth is also supported by her massive presence on social media. With 424 million Instagram followers, she is currently the world’s third most-followed person on the platform, behind soccer stars Cristiano Ronaldo (639 million followers) and Lionel Messi (505 million followers). Her immense social media following provides lucrative opportunities for brand partnerships and endorsements.
Over the years, Selena Gomez has worked with luxury brands like Louis Vuitton, Coach, and Puma, securing multimillion-dollar endorsement deals that have added to her fortune. However, these deals represent a smaller portion of her total wealth compared to her beauty empire.
Acting Career and Television Success
Gomez’s career in entertainment began at a young age with her role on the hit Disney Channel show ‘Wizards of Waverly Place’, which propelled her to stardom. She has since built a successful acting career, starring in both film and television projects. One of her most notable roles is in the comedy series ‘Only Murders in the Building’, where she stars alongside icons Martin Short and Steve Martin. The show, a critical and commercial hit, has been renewed for a fifth season, with Gomez reportedly earning $6 million per season.
Despite her acting success, it accounts for a smaller portion of her overall wealth. According to reports, her music royalties and other entertainment-related ventures bring in additional income but are overshadowed by the financial success of Rare Beauty.
Overcoming Challenges and Advocating for Mental Health
Throughout her rise to fame and fortune, Selena Gomez has been open about her struggles with mental health. In 2020, she revealed that she had been diagnosed with bipolar disorder. She has since become an advocate for mental health awareness, ensuring that every business deal she makes includes an element of charity or contributes to the mental health space.
Her commitment to mental health is reflected in Rare Beauty’s philanthropic mission and the Rare Impact Fund, reinforcing her belief in using her platform for positive change.
As Selena Gomez continues to dominate the beauty and entertainment industries, her journey to becoming a billionaire is a testament to her entrepreneurial spirit, talent, and dedication to important causes.
