And, now at a very young age, Only Murders in the Building star Selena Gomez entered the elite list of billionaires. She is just 32. The actress and singer has brought a fortune worth $1.3bn, according to Bloomberg, which added Gomez to its billionaire index on Friday, September 6. Here’s how her net worth rose to such extent at a very quick time–
Selena Gomez Is A Billionaire Now
Selena Gomez. Image Credit: Instagram/selenagomez
Selena Gomez, renowned for her roles as an actress, singer, and Instagram sensation, has recently added another impressive title to her repertoire: self-made female billionaire. The multi-talented star of Only Murders in the Building has built a fortune that reflects the diversity of her career.
At the age of 32, Selena Gomez’s net worth has been estimated at $1.3 billion, according to the Bloomberg Billionaires Index. What sets her apart is the breadth of her income streams. While her presence in the entertainment world remains significant, the largest portion of her wealth comes from her booming cosmetics brand, Rare Beauty. It has been reported that “more than 80% of her net worth is derived from Rare Beauty.” However, that’s not the sole contributor. Her acting career, music, and partnerships with top-tier brands like Coach, Louis Vuitton, and Puma have all played roles in building her financial empire.
The impact of Rare Beauty on Gomez’s fortune cannot be overstated. Launched in 2020, the brand has been a major success, with net sales reaching an impressive $400 million within the 12 months leading up to February. Despite her previous ventures in acting and music, it is clear that the vast bulk of her wealth is now tied to this brand. Recently, she has also been reported to have sought investor support for a potential $2 billion valuation for Rare Beauty, a move that could further solidify her status in the business world.
Gomez’s diverse ventures include more than just cosmetics. About seven percent of her net worth is derived from endorsements with companies like Puma, which brought in $30 million, and Coach, which added another $10 million. Additionally, five percent of her wealth comes from touring, and under three percent from her mental health platform, Wondermind. Other income sources include album sales, streaming revenue, and her extensive real estate holdings.
What’s Beyond Her Entrepreneurial Ventures?
Selena Gomez. Image Credit: Hulu
Selena Gomez’s popularity on Instagram has added even more value to her brand. With 430 million followers, she ranks as the third most followed person on the platform, trailing behind only Cristiano Ronaldo and Lionel Messi. This immense social media presence has allowed her to negotiate high-paying endorsement deals that further bolster her already considerable wealth.
In addition to her entrepreneurial success, Gomez continues to thrive in the world of television and film. Although her most recent solo tour was in 2016 with the Revival tour, and her latest album, Rare, was released in 2020, she has not slowed down. Gomez currently stars alongside comedy legends Martin Short and Steve Martin in Only Murders in the Building, a Hulu hit series now heading into its fifth season. Her role in the show has even earned her an Emmy nomination for Outstanding Lead Actress in a Comedy Series. Beyond acting, she is also set to executive produce a reboot of the beloved show Wizards of Waverly Place, a project that will undoubtedly reignite nostalgia among fans of the original series.
Gomez’s path to fame and fortune has not been without challenges. In 2020, she openly shared her diagnosis of bipolar disorder, and her candidness on mental health has been praised. In alignment with her philanthropic efforts, she once stated that any business deal she enters into “has to have an element that’s charitable or in the mental health space.” This commitment led to the creation of the Rare Impact Fund, which aims to raise $100 million to provide mental health services to those in need.
Born in Texas, Selena’s personal history is as compelling as her professional one. She has written about her family’s journey from Mexico, sharing the story of how her aunt crossed the border “hidden in the back of a truck.” Her connection to her heritage remains strong, as she has also recorded music in Spanish, further broadening her appeal and influence.
Selena Gomez’s rise to billionaire status is a testament to her tenacity, talent, and ability to diversify her career. With a firm foothold in both entertainment and business, she is poised to continue growing her empire while making a lasting impact through her philanthropic endeavors. Whether through her booming cosmetics brand, her compelling roles on-screen, or her advocacy for mental health, Gomez’s influence shows no signs of waning.
