Selena Gomez has officially become a billionaire, adding another significant achievement to her already impressive resume.
At 32, the actress, singer, and entrepreneur has reached a net worth of $1.3 billion, making her one of the youngest self-made billionaires in the U.S., according to Bloomberg.
While her earnings come from music, acting, and brand partnerships, the “vast bulk” of Gomez’s wealth is tied to her successful makeup brand, Rare Beauty, which has gained immense popularity with influencers and teens.
Launched five years ago, Rare Beauty is now a key factor in Gomez’s financial success.
Bloomberg’s estimate of Gomez’s fortune also factors in her stake in Rare Beauty, her involvement with the mental health platform Wondermind, and her income from music, acting, real estate, and social media deals.
With 424 million Instagram followers, Gomez ranks as the third most-followed person on the platform, trailing only soccer stars Cristiano Ronaldo and Lionel Messi.
Her online presence has earned her major endorsement deals, including $30 million from Puma and $10 million from Coach.
Rare Beauty has thrived in the competitive market of celebrity-owned makeup brands, joining the ranks of other successful ventures like those of Rihanna and the Kardashians.
Reports indicate that Gomez has sought a $2 billion valuation for her beauty brand by reaching out to potential investors.
In 2020, Gomez disclosed her diagnosis with bipolar disorder and emphasized her commitment to charitable causes, stating that any business deal she enters must include a philanthropic or mental health component.
She established the Rare Impact Fund, aiming to raise $100 million to expand access to mental health services.
Beyond her entrepreneurial efforts, Gomez continues to earn from her acting career.
Her Hulu series “Only Murders in the Building” was recently renewed for a fifth season, with Gomez earning $6 million per season.
Additionally, she continues to bring in a portion of her wealth from music royalties.
Source-CNN
