Selena Gomez, the multi-talented actress, singer, and entrepreneur, has quietly achieved a remarkable turning point. The 32-year-old star has officially become a billionaire, achieving a financial milestone that many could not have foreseen when she began her journey in the entertainment industry.
Her rise to popularity as a child star and worldwide music sensation set the stage for her achievements, but it was a clever entrepreneurial move that truly pushed her into the league of billionaires. Gomez’s transition from a Disney star to a billionaire entrepreneur showcases her keen business sense and adaptability.
Selena Gomez, best known for her roles in Disney’s “Wizards of Waverly Place” and, more recently, “Only Murders in the Building,” has amassed an impressive $1.3 billion fortune. This remarkable accomplishment, as reported by Bloomberg’s Billionaire Index, positions her among the youngest self-made billionaires in the United States.
Her fortune’s source is particularly striking. While her acting and music careers have played a role in her financial success, the true driving force behind her recent billionaire status is her thriving cosmetics line, Rare Beauty.
Launched in 2020, Rare Beauty has proven to be a game-changer in the competitive world of celebrity makeup brands. Gomez’s choice to emphasize both beauty products and the importance of mental well-being and inclusivity has resonated deeply with consumers, especially among young people and social media influencers.
The brand’s sought-after liquid blush and lip products have captured the hearts of many, contributing to Rare Beauty’s impressive estimated revenue of $100 million by 2022. Gomez’s 51% stake in the company highlights her significant role in the brand, indicating that her involvement goes beyond mere appearances.
“I really tried my hardest to create a product that was beyond just me putting my name on something,” Gomez stated in a 2023 interview on KIIS-FM. “I wanted the products to be great, and I also wanted the message to be that makeup is meant to be fun.”
Her genuine approach and personal ties to her brand have proven to be beneficial. Today, Rare Beauty accounts for over 80% of her wealth, serving as the cornerstone of her billionaire empire.
Alongside her achievements with Rare Beauty, Gomez has also ventured into various strategic investments. She played a pivotal role in establishing Wondermind, a platform focused on mental health that aims to offer resources and enhance awareness regarding mental well-being.
Wondermind, with an estimated value of $100 million, has expanded Gomez’s business portfolio even further. Her dedication to mental health goes beyond mere business tactics; it is a deeply personal effort.
Since being diagnosed with bipolar disorder in 2020, Gomez has become a prominent advocate for mental health, making sure that both Rare Beauty and Wondermind incorporate a charitable aspect. Through the Rare Impact Fund, Rare Beauty aims to raise $100 million to improve access to mental health services.
Gomez’s influence on social media has significantly contributed to her financial growth.
With 424 million Instagram followers, she is the third most-followed person on the platform, trailing soccer icons Cristiano Ronaldo and Lionel Messi.
The substantial fan base has resulted in highly profitable endorsement agreements with companies like Puma and Coach, estimated at $30 million and $10 million, respectively. Her talent for utilizing her social media presence has enhanced her personal brand and business endeavors, expanding her influence and reinforcing her status as a billionaire.
Selena Gomez’s journey in the world of business has significantly contributed to her financial achievements, yet her deep ties to the entertainment industry continue to thrive. The actress has appeared in a variety of films, such as “Spring Breakers” and “The Fundamentals of Caring,” and her performance in “Only Murders in the Building” has garnered significant praise from critics.
According to reports, the popular Hulu series, which stars Gomez alongside Steve Martin and Martin Short, has officially received a fifth season renewal, with Gomez expected to earn $6 million per season. Even with her achievements in the business world, Gomez has emphasized that her true love lies in acting. “Performing has always been my passion,” she expressed.
Gomez’s music career, while not as high-profile as it used to be, remains a significant source of income. Having achieved sales of over 3.6 million albums in the U.S. and more than 11.5 million album-equivalent units, her impact on the music industry continues to be significant.
Nonetheless, she has suggested that her music journey might be coming to a close, indicating that she has “one more album in [her],” which will center around themes of personal growth and liberation. Despite her remarkable accomplishments, Gomez stays humble and dedicated to her future goals.
During a recent interview with “Entrepreneur”, she emphasized the importance of incorporating a charitable aspect or connecting with mental health initiatives into any upcoming business endeavors. This approach is evident in her ongoing efforts to grow the Rare Impact Fund and her participation with Wondermind.
Gomez’s transformation from a young performer to a successful entrepreneur showcases her remarkable ability to adapt and thrive in a competitive landscape. Her remarkable transition from entertainment to entrepreneurship has established her as a financial powerhouse and an inspiring figure for young entrepreneurs looking to make their mark.
Selena Gomez is set to broaden her impact, driven by her dedication to mental health advocacy and a strong vision for what lies ahead, influencing both the business sector and other areas.
Feature Image Credit: (Instagram/ @selenagomez)
