Selena Gomez has reached a big milestone in her career and personal life, finally joining the billionaires' club, with a $1.3 billion net worth according to the Bloomberg Billionaires Index. A large piece of that pie comes from her successful beauty brand, Rare Beauty.
At 32, Selena Gomez is one of America's youngest self-made female billionaires. Unlike her friend Taylor Swift, who earns the majority of her millions through tours and music, Gomez has amassed her fortune through various ventures: her successful makeup line, acting roles, and multiple business projects.
Rare Beauty, which she founded five years ago, has taken off in the beauty world and helped accumulate a substantial amount of wealth. Add to this the brand's popularity, Gomez's social media presence and partnerships, and you get a billionaire.
Rare Beauty is at the center of Selena Gomez's wealth
Selena Gomez's Rare Beauty has significantly contributed to her net worth, which is estimated at $1.1 billion. Founded in 2020, Rare Beauty has quickly risen to become one of the biggest names in the beauty industry.
According to Pitchbook, it has generated revenue of approximately $350 million this year alone. The brand maintains its success with a strategy of offering quality makeup at a relatively affordable price. Besides that, active promotional work by Selena has played a key role in its popularity.
In a 2023 radio interview, she shared,
"I really tried my hardest to create a product that was beyond just me putting my name on something."
The brand is committed to social causes, such as mental health, through the Rare Impact Fund. It earmarks 1% of its sales for services associated with mental health, which has added to its popularity and success.
Selena Gomes is also an actor and investor
But apart from the Rare Beauty work, Selena's got a solid financial portfolio - thanks to acting gigs, smart investments, and a strong social media game. Currently, she continues to star in the Emmy-nominated series Only Murders in the Building, which began its fourth season in August 2024, and she is reportedly earning at least $6 million per season.
Additionally, businesswoman Selena Gomez has invested in mental health with her startup, Wondermind. She co-founded it with her mom, Mandy Teefey, and entrepreneur Daniella Pierson. By 2022, Wondermind's valuation was an astonishing $100 million.
The platform offers mental health tools and resources and is attracting attention from major investors, including Serena Williams' Serena Ventures. With a massive following of 424 million on Instagram, Gomez knows how to leverage her influence and financial success.
This ease in promoting her projects comes from her celebrity status in various arenas, including acting, beauty, and mental health. She is building her wealth by diversifying her investments and brand partnerships, ensuring she is not reliant on a single income source for financial success.
Brent Saunders, CEO of Bausch + Lomb and an investor in Wondermind, said:
"Selena epitomizes how a celebrity can use their influence to both do good and create good business."
To catch Selena Gomez's latest projects, such as her new show Only Murders in the Building, watch it on Hulu.
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