Selena Gomez has joined the elite rank of self-made billionaires, as her net worth is standing at an enviable $1.3 billion. This formed a major milestone in the life of the former child star who is now adroitly changing into a powerhouse entrepreneur. While the fame of Gomez had started from acting and singing, her leap into the billionaire status can be mainly attributed to the phenomenal success of her beauty brand, Rare Beauty.
Since its launch in 2020, Rare Beauty has become a rapidly growing phenomenon, especially among Gen Z and teen consumers. The brand seems to have cornered the market among younger audiences with its commitment to inclusivity and mental health advocacy, fuelling its meteoric rise in the highly competitive beauty market. At a valuation nearing $2 billion, Rare Beauty accounts for approximately 81% of Selena’s wealth, making it the cornerstone of her financial empire.
But Rare Beauty is not only distinguished by offering quality, easy-to-wear makeup; the message of self-acceptance was what has made this brand stand out. That Gomez is focusing on “breaking down unrealistic standards of beauty” resonated deeply, especially in an age where younger consumers are rejecting traditional notions of beauty for authenticity. The popularity of the brand blew up across social media platforms, thanks to influence from popular social influencers and very devoted, attached-to-the-brand fans. That could explain why Rare Beauty, launched just in 2020, has become a place of refuge for Gen Z and further cemented Selena Gomez as one sharp businesswoman.
While Rare Beauty has been a key player in her financial gain, multiple streams of income underpin Selena’s fortune. As an actress, she pulls in a staggering $6 million per season for her work on the hit Hulu series Only Murders in the Building. In the series-a critical and commercial hit that sees Gomez share the screen with comedy legends Steve Martin and Martin Short-she is continuing to further her growing portfolio of entertainment ventures.
But acting isn’t her only forte. She has equally been a force in music, with chart-topping albums and singles that have helped build her brand as a global pop star. Not to mention strategic brand partnerships with companies like Puma and Coach, where the deals have additionally increased her net worth considerably. It underlines Selena’s broad appeal and influence into such different industries as the $30 million deal with Puma and the $10 million partnership with Coach.
Selena’s business acumen does not end with beauty, acting, or for that matter, with music. She has tried her hand at startups, too, with her investment in Wondermind, a mental health platform that fights against the stigma associated with being sick mentally. Part-founded by Gomez, the startup taps into a cause close to her heart as it further underlines her determination to create an impact that’s more meaningful than that of the film and music world.
Her immense reach on social media has contributed a great deal to her success. With 424 million followers on Instagram, Selena is among the most followed in the world; this offers an unprecedented platform from which she can tout her businesses and partnerships. Everything she does expands exponentially, be it new product launches or philanthropy.
Adding to her growing empire, Selena has made a series of smart real estate investments. Over the years, she has purchased and sold luxury properties in Los Angeles, each sale adding to her ever-increasing wealth. Additionally, as a producer, she is working on several projects, including the highly publicized reboot of Wizards of Waverly Place, a hearkening to the show that truly launched her career.
Selena Gomez became a billionaire and joined yet another elite circle of self-made women, with her close friend Taylor Swift being another such powerhouse in the entertainment and business worlds. Together, they usher in a new generation of female billionaires who have adeptly harnessed their creative minds, business acumen, and the power of culture to shatter glass ceilings.
From the child star on Disney Channel to billion-dollar mogul-her story is literally the perfect example of resilience in regard to her vision. Now, with barely 31 years to her name, Selena has set an example on what it means to be a pop culture icon, raised the bars in the business world, the beauty industry, and mental health awareness boutiques. But in a world where celebrity-driven brands are but fleeting events, Selena proved that with the right combination of passion, strategy, and authenticity, true success is not only possible, but sustainable as well.
