Selena Gomez has reached a remarkable milestone by becoming a billionaire at the age of 32, according to Bloomberg, which evaluates her net worth at $1.3 billion. This achievement makes her one of the youngest self-made billionaires in the United States.
A significant portion of Gomez’s wealth is derived from her ventures in music, acting, and brand partnerships. However, the majority of her fortune is linked to Rare Beauty, her five-year-old makeup brand that has gained immense popularity among influencers and teenagers.
Her financial standing is primarily based on an estimated value of her share in Rare Beauty, alongside her investments in the mental health platform Wondermind and various earnings from her entertainment career, properties, and lucrative social media partnerships, which benefit from her 424 million Instagram followers.
With her substantial follower base, Gomez ranks as the third most followed person on Instagram, trailing only behind football stars Cristiano Ronaldo and Lionel Messi. This popularity has led to lucrative endorsement deals with brands such as Puma, reportedly worth $30 million, and Coach, at $10 million.
Gomez’s Rare Beauty line positions her among other celebrity-led makeup brands that include Rihanna and the Kardashians. Reports suggest that she is currently seeking a $2 billion valuation for Rare Beauty by reaching out to potential investors.
In 2020, Gomez disclosed that she has bipolar disorder and emphasized in an interview that any future deals should incorporate charitable components or mental health initiatives. She established the Rare Impact Fund, aiming to generate $100 million to enhance access to mental health services.
Furthermore, Gomez continues to earn income from her role in the Hulu series “Only Murders in the Building,” which has been renewed for a fifth season, reportedly bringing her $6 million per season, alongside some earnings from her music royalties.
There has been no immediate response from Gomez’s representative regarding the news.