Selena Gomez can now add becoming a billionaire to her long list of achievements.
The 32-year-old actress, singer, investor and entrepreneur just achieved the financial milestone thus making her one of the youngest self-made billionaires in the United States, according to Bloomberg, which values her net worth at $1.3 billion.
Some of the wealth for the “Only Murders in the Building” star comes from singing, brand partnerships and acting, but the “vast bulk” of her wealth is tied to Rare Beauty, her 5-year-old makeup line that is a success with influencers and teens, the publication revealed Friday.
Gomez’s wealth is based on Bloomberg’s “estimated value” of her stake in the beauty brand, plus her interest in mental health platform Wondermind and various other earnings from her music, acting, properties and money she makes from partnerships that she posts about on social media, which includes her 424 million followers on Instagram.
Her popularity on Instagram makes her the third most followed person, behind soccer icons Cristiano Ronaldo (638 million) and Lionel Messi (504 million), helping her rake in massive endorsements with Puma, worth a reported $30 million, and Coach, a $10 million deal.
But her following has also helped her Rare Beauty line, putting her in the celebrity-led category of makeup brands dominated by Rihanna and the Kardashians. Gomez also has reportedly reached out to investors for Rare Beauty, seeking a $2 billion valuation.
In 2020, Gomez revealed that she was diagnosed with bipolar disorder and later said in an interview with Entrepreneur that any deal struck with her “has to have an element that’s charitable or in the mental health space.” She started the Rare Impact Fund to help raise $100 million to help people gain access to mental health services.
Other revenue streams for the former child star include income from her Hulu show “Only Murders in the Building,” which was just renewed for a fifth season where she makes $6 million a season, according to Bloomberg, and a smaller slice from her music royalties.
