Multi-talented singer, actress, investor, and businesswoman, Selena Gomez just crossed a huge milestone by becoming a billionaire.
Gomez, 32, has secured her position as one of the youngest self-made billionaires in the United States, with Bloomberg estimating her net worth at $1.3 billion.
The majority of Gomez’s income comes from her extremely successful beauty brand, Rare Beauty. The beauty company, which debuted five years ago, has acquired significant interest among influencers and teenagers.
While her singing, acting, and brand partnerships help her financial success, Rare Beauty accounts for the “vast bulk” of her net worth. The brand’s success, together with her other endeavors, demonstrates Gomez’s significant financial accomplishments.
Bloomberg estimates Gomez’s wealth to include her share in Rare Beauty, an interest in the mental health website Wondermind, and profits from music, acting, and social media partnerships.
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Gomez’s massive Instagram following—424 million strong—has played an important role in her financial success. She is the third most-followed person on the network, after only soccer players Cristiano Ronaldo and Lionel Messi.
Gomez’s massive social media following has resulted in hefty endorsement deals, including an estimated $30 million contract with Puma and a $10 million agreement with Coach.
Her influence extends beyond these endorsements, helping her Rare Beauty line compete in a celebrity-driven industry dominated by Rihanna and the Kardashians. Gomez recently was looking for investors to raise the $2 billion valuation for Rare Beauty.
In addition to her beauty brand, Gomez has used her celebrity and influence to benefit charity organizations. In 2020, she revealed her bipolar disorder diagnosis and stressed her devotion to agreements involving philanthropic or mental health components.
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Her Rare Impact Fund wants to generate $100 million to improve access to mental health care, demonstrating her commitment to these issues.
Beyond her beauty empire, Gomez also earns from her successful Hulu series “Only Murders in the Building.” The show, which has been renewed for a fifth season, brings Gomez a salary of $6 million per season. This additional income complements her music royalties and other revenue streams, further enhancing her financial portfolio.
