Rare Beauty founder Selena Gomez is officially a Billionaire.
Selena Gomez is officially a billionaire, with a net worth estimated at $1.3 billion, according to a recent report by Bloomberg.
At just 32, she has become one of the youngest self-made billionaires in the United States, thanks largely to the massive success of her makeup line, Rare Beauty, which launched in 2019.
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| Mike Marsland/WireImage |
Gomez’s massive success in the beauty industry and social media has helped her achieve billionaire status. She is now one of the youngest billionaires, alongside other famous celebrities like Taylor Swift and Rihanna.
The majority of her fortune comes from her stake in Rare Beauty, which has gained worldwide popularity for its products like liquid blush and lip tint, particularly among influencers and the younger generation on social media.
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Bloomberg reported that Rare Beauty achieved net sales of $400 million in the 12 months leading up to February 2024, securing Gomez’s place as a leading entrepreneur in the beauty industry.
Gomez’s path to billionaire status isn’t limited to Rare Beauty. She has also earned tens of millions through brand endorsement deals with high-profile companies such as Louis Vuitton, Coach, and Puma. According to Bloomberg, her deal with Puma alone is worth $30 million, while her partnership with Coach brought in $10 million.
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| Rare Beauty |
Additionally, her acting career has added significantly to her earnings, with her role in Hulu’s Emmy-nominated show Only Murders in the Building bringing in at least $6 million per season. The series was recently renewed for a fifth season.
She will star in the upcoming musical drama "Emilia Perez," which won acclaim at Cannes and is set to open in theaters in November before streaming on Netflix. Additionally, Gomez will executive produce and star in a reboot of the Disney Channel series "Wizards of Waverly Place," titled "Wizards Beyond Waverly Place," which will premiere on Disney+.
Aside from acting, and her makeup brand, Gomez co-founded Wondermind, a mental health platform aimed at promoting mental wellness, and she continues to use her platform to advocate for mental health awareness.
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In 2020, Gomez publicly revealed her diagnosis with bipolar disorder and has since been dedicated to raising awareness about mental health issues. She also created the Rare Impact Fund, which aims to raise $100 million to help people access mental health services.
Selena is the most followed woman on Instagram, with over 424 million followers, placing her just behind global soccer icons Cristiano Ronaldo and Lionel Messi. This massive following has allowed her to secure brand deals and endorsements, further boosting her earnings.
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