Selena Gomez, once a beloved child star from “Barney & Friends” and the Disney Channel, has now officially entered the billionaire ranks. At just 32, the actress, singer, and entrepreneur has amassed a fortune valued at $1.3 billion, according to Bloomberg, which added her to its billionaire index in 2024.
While Gomez’s fame initially came from her acting and music career, the bulk of her wealth stems from her successful beauty brand, Rare Beauty, which has taken the beauty industry by storm.
How Selena Gomez Built Her Fortune
Gomez’s rise to billionaire status didn’t happen overnight. In 2019, she launched Rare Beauty, a cosmetics company that has now become one of the leading beauty brands. According to Bloomberg, Rare Beauty is valued at over $1 billion, with the brand’s viral products — such as its liquid blush and lip tint — contributing significantly to this success. In the 12 months leading up to February 2024, the brand reportedly generated $400 million in net sales.
Selena still retains a major stake in the company, which has been the driving force behind her newfound billionaire status. Rare Beauty’s focus on inclusivity and promoting natural beauty has resonated with millions of consumers, especially younger generations, boosting the brand’s popularity on platforms like TikTok and Instagram.
Youngest Self-Made Female Billionaire
Gomez is now one of the youngest self-made female billionaires, joining the ranks of stars like Taylor Swift and Rihanna. While her success in entertainment is undeniable, it is her entrepreneurial endeavors that have pushed her wealth to extraordinary heights.
A Flourishing Beauty Brand
Rare Beauty’s mission to celebrate individuality and self-expression has struck a chord with fans. The brand’s success is largely attributed to its focus on diversity, offering products that cater to a wide range of skin tones and types. The viral success of products like the Soft Pinch Liquid Blush and Lip Soufflé Matte Lip Cream has kept Rare Beauty at the forefront of the beauty industry.
Other Income Streams: Endorsements and TV Success
In addition to her beauty empire, Gomez has also earned millions through high-profile endorsement deals with Louis Vuitton, Coach, and Puma. These collaborations have further bolstered her income, keeping her in the public eye and aligning her with some of the world’s top luxury and lifestyle brands.
Gomez’s role in the hit Hulu series “Only Murders in the Building” has also contributed to her wealth. Bloomberg reports that she earned at least $6 million per season for her Emmy-nominated performance in the show, which has been renewed for a fifth season. Despite her acting and musical successes — including Grammy and Emmy nominations — these achievements represent only a small fraction of her overall fortune.
Selena’s Journey: From Disney Star to Business Mogul
Born in Texas, Selena Gomez’s rise to fame began at a young age, appearing on “Barney & Friends” before becoming a household name on the Disney Channel’s “Wizards of Waverly Place”. Her transition from child star to global celebrity was far from easy, and she has faced intense media scrutiny throughout her career, particularly regarding her personal life, relationships, and health.
Health Struggles and Personal Growth
Despite her success, Gomez has been open about her struggles with mental health and her battle with lupus, an autoimmune disease. In recent years, she has used her platform to advocate for mental health awareness, even discussing her diagnosis of bipolar disorder. These personal challenges have not slowed her down, but rather made her a symbol of resilience and empowerment for her fans.
Gomez has also spoken about her Mexican heritage, sharing her family’s immigration story and recording songs in Spanish to connect with her roots. She continues to be a voice for representation and inclusion in the entertainment and beauty industries.
The Queen of Social Media
In addition to her business and entertainment ventures, Selena Gomez reigns as the most-followed woman on Instagram, with over 424 million followers. She overtook Kylie Jenner and Taylor Swift to claim the top spot, though she has had a complex relationship with social media. Gomez has been vocal about the negative impact Instagram has had on her mental health, and she has even taken breaks from the platform at various points in her career.
Despite these challenges, her massive online presence has played a significant role in boosting her beauty brand’s visibility and success, making her a social media force to be reckoned with.
Selena Gomez’s Enduring Legacy
As Gomez continues to expand her empire, she shows no signs of slowing down. Reflecting on her nearly three-decade-long career, Gomez once joked in an interview with BBC1, “It’s weird it’s almost two decades…am I too old?” She went on to express her belief that, despite all she has accomplished, she still feels like she’s just getting started.
From her early days on the small screen to building a billion-dollar brand, Selena Gomez’s journey is far from over. With her continued success in the beauty industry, entertainment, and beyond, she is poised to remain a major figure in popular culture for years to come.
FAQs
1. What made Selena Gomez a billionaire?
Selena Gomez became a billionaire primarily due to her beauty brand, Rare Beauty, which has achieved viral success and is valued at over $1 billion.
2. How did Rare Beauty become so successful?
Rare Beauty’s success is largely attributed to its focus on inclusivity, offering a wide range of products for all skin types and tones. The brand’s viral marketing on social media has also played a significant role.
3. Is Selena Gomez still acting and making music?
Yes, Selena Gomez continues to act and produce music. She stars in Hulu’s “Only Murders in the Building” and has released several successful albums.
4. How has Selena Gomez advocated for mental health?
Selena Gomez has been open about her struggles with mental health, particularly after being diagnosed with bipolar disorder. She uses her platform to raise awareness and support mental health initiatives.
5. How many followers does Selena Gomez have on Instagram?
As of 2024, Selena Gomez is the most-followed woman on Instagram, with over 424 million followers.