American actress, singer, and entrepreneur Selena Gomez has officially joined the ranks of billionaires, with Bloomberg estimating her net worth at $1.3 billion. The 32-year-old has built her fortune through a diverse range of ventures, including her music career, acting, and brand partnerships, but the “vast bulk” of her wealth comes from her highly successful makeup brand, Rare Beauty, which was launched five years ago.
Gomez’s achievement places her among the “youngest self-made” billionaires on the Bloomberg Billionaire Index, alongside other notable figures such as Taylor Swift and Rihanna. According to Bloomberg, her success as the third most-followed person on Instagram—boasting 424 million followers—has further contributed to her wealth. She trails behind only soccer legends Cristiano Ronaldo and Lionel Messi, with 639 million and 505 million followers, respectively.
Gomez’s rise to fame began with her role on Disney Channel’s The Wizards of Waverly Place, which catapulted her into stardom. Since then, she has expanded her portfolio with a variety of TV shows and films, including Only Murders in the Building, where she stars alongside comedy icons Martin Short and Steve Martin. Although she has earned significant income from her acting and endorsement deals with brands like Louis Vuitton, Coach, and Puma, Bloomberg reports that these account for a relatively small portion of her overall wealth.
Rare Beauty, which Gomez launched in 2020, has become the primary driver of her fortune. The brand achieved net sales of $400 million in the 12 months leading up to February 2024. Additionally, Gomez has sought a $2 billion valuation for the company by reaching out to potential investors.
Beyond her business ventures, Gomez has been vocal about her struggles with mental health, revealing in 2020 that she had been diagnosed with bipolar disorder. In line with her personal experiences, she has made it a priority to incorporate charitable initiatives into her business endeavours. The Rare Impact Fund, which she established, aims to raise $100 million to provide access to mental health services for those in need.
In addition to her work with Rare Beauty, Gomez earns a substantial income from her role in Only Murders in the Building, which has been renewed for a fifth season. She reportedly makes $6 million per season, and her music royalties, while a smaller revenue stream, also contributes to her wealth.
Gomez’s success as an entertainer and entrepreneur, coupled with her commitment to mental health advocacy, solidifies her place as a leading figure in both the entertainment industry and the business world.
