Selena Gomez is officially a billionaire, thanks to her beauty brand
Selena Gomez may now add billionaire status to her extensive list of accomplishments.
Selena Gomez.
The 32-year-old actress, singer, investor, and businesswoman just reached the financial milestone, making her one of the youngest self-made billionaires in the United States, according to Bloomberg, which estimates her net worth at $1.3 billion.
Lionel Hahn/Getty Images
The "Only Murders in the Building" star's money is derived from music, business partnerships, and acting, but the "vast bulk" of her wealth is linked to Rare Beauty, her 5-year-old makeup line that is popular among influencers and teenagers, according to the journal.
Gomez's net worth is calculated using Bloomberg's "estimated value" of her stake in the beauty brand, as well as her interest in mental health platform Wondermind and other earnings from her music, acting, properties, and partnerships that she promotes on social media, including her 424 million Instagram followers.
Her Instagram following ranks her third behind soccer giants Cristiano Ronaldo (638 million) and Lionel Messi (504 million), allowing her to earn large endorsements from Puma (worth a reputed $30 million) and Coach (a $10 million contract).
However, her following has aided her Rare Beauty line, placing her in the celebrity-led makeup brand segment dominated by Rihanna and the Kardashians. Gomez has also reportedly approached investors about Rare Beauty, seeking a $2 billion valuation.
Gomez announced in 2020 that she was diagnosed with bipolar disorder and subsequently stated in an interview with Entrepreneur that any partnership with her "has to have an element that's charitable or in the mental health space." She established the Rare Impact Fund to raise $100 million to provide people with access to mental health services.
Other financial streams for the former child star include income from her Hulu show "Only Murders in the Building," which was just extended for a fifth season and pays her $6 million every season, according to Bloomberg, as well as a smaller portion from her song royalty.
