American Singer and Producer Selena Gomez has officially become a billionaire, with the net worth of $1.3 billion.
The 32-year-old Actress, singer, and entrepreneur’s financial success is credited to her diverse portfolio, which includes acting, music, and most significantly, her makeup line, Rare Beauty. Launched five years ago, Rare Beauty has been embraced by influencers and younger consumers, contributing significantly to Gomez’s wealth.
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According to Bloomberg, the “vast bulk” of Gomez’s fortune comes from her stake in Rare Beauty. Additionally, Gomez is also an investor in Wondermind, a mental health platform. Beyond these ventures, her 424 million Instagram followers have bolstered her earnings through brand endorsements with companies like Puma and Coach, worth $30 million and $10 million, respectively.
As Per Details over 80% of the entrepreneur’s wealth comes from her majority stake in the makeup brand, which has become a smash success in the influencer marketplace.
Her acting career also remains a strong revenue stream. Gomez is paid $6 million per season for her role in Hulu’s Only Murders in the Building, which was recently renewed for a fifth season. With her Rare Beauty brand reportedly seeking a $2 billion valuation, Gomez’s financial success is expected to continue growing.
Gomez is also the third most followed person on Instagram, reportedly raking in upwards of $30 million for endorsement deals.
