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Selena Gomez has just hit a major milestone, becoming one of the youngest female self-made billionaires in the country—thanks to her wildly successful beauty brand, Rare Beauty.
Launched just five years ago, Rare Beauty has taken the beauty world by storm, capturing the hearts of influencers and teens alike, all thanks to Selena’s massive clout. With a jaw-dropping 424 million Instagram followers, it’s no wonder her brand is a hit.
But it’s not just her beauty empire that’s stacking her bank account. Selena Gomez’s also been cashing in on brand deals, her mental health startup Wondermind, and her Emmy-nominated role in “Only Murders In The Building.”
At just 32, Selena’s net worth is a staggering $1.3 billion, with the bulk of it coming from Rare Beauty. Bloomberg is now recognizing her for the first time on its Billionaires Index.
Only a handful of women are in the self-made billionaire club, and Selena is now in elite company, joining her friend Taylor Swift.
While Taylor reached billionaire status primarily through her music and touring, Selena has amassed her fortune through a diverse range of businesses, her acting and singing, and her massive social media following.
“Selena is not just a pop star,” Stacy Jones, founder and chief executive officer of Hollywood Branded, a Los Angeles-based branding agency, said, per Bloomberg. “She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth.”
The majority of Selena Gomez’s fortune is tied to her beauty empire, Rare Beauty Brands Inc., which she launched five years ago and has quickly become a sensation among influencers and makeup-loving teens.
She’s managed to keep Rare Beauty mostly independent, with only a few big names investing in her beauty empire, including Nikki Eslami’s New Theory Ventures and CEO Scott Friedman, who previously led Nyx Cosmetics before selling it to L’Oréal for $500 million in 2014.
Brent Saunders, CEO of Bausch + Lomb and a key investor in Selena’s mental health startup, Wondermind, says the secret to Selena’s success is her authenticity. “You’ve got a real role model of how a celebrity can use their influence and expertise to both do good and create good business,” Saunders said. “Selena epitomizes that.”
