Name: How Selena Gomez Became a 32-Year-Old Billionaire
Uploaded: 2024-09-23T11:33:01.000Z
Duration: 3 min 2 s
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Selena Gomez has officially joined the billionaire club.

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According to the Bloomberg Billionaire Index, the 32-year-old superstar, actress, singer, investor, and entrepreneur has reached a $1.3 billion net worth, making her one of the youngest self-made billionaires in the country.

Though Gomez is a global pop sensation, her music and acting gigs account for less than 5% of her wealth.

The real jackpot came from her makeup brand, Rare Beauty, which she launched in 2020.

While Selena's star power certainly helped the brand gain visibility, it quickly became a viral success with influencers and makeup lovers alike.

In just a few years, it has grown into a massive business, generating $350 million in sales in 2023 alone and cementing its place as one of the hottest beauty brands today.

Rare Beauty stands out in the industry for its dedication to redefining beauty.

Rather than pushing the idea of perfection, Gomez created the brand to celebrate individuality, promote inclusivity, and embrace what makes people rare.

As she said at the brand's launch, Rare Beauty is especially popular with Gen Z consumers who value diversity and authenticity from their makeup brands.

Her viral soft-pinch liquid blush has become a cult favorite, and her business savvy has propelled her to the top with a whopping $1.1 billion of her wealth coming from Rare Beauty alone.

By 2022, the brand expanded globally into the UK and Ireland, and in 2023, it launched a body care line to build on its mission of self-care.

Selena Gomez is the third most followed person on Instagram, boasting 424 million followers.

She's also secured significant brand deals, including $30 million from Puma and $10 million from Coach.

But her road to riches was anything but smooth.

In a 2012 interview with Elle, Gomez recalled on her humble beginnings, saying, quote, Raised by her teenage mother, Mandy Teefey, who juggled three jobs to provide for her, Selena learned resilience from a young age.

Selena was born in 1992 in a tough neighborhood in Grand Prairie, Texas, and was named after the Tejano star Selena Quintanilla-Perez.

Her fascination with acting began early after watching her mom perform in local theater.

One of her earliest acting roles was on the show Barney & Friends at age seven, where she also happened to meet future star Demi Lovato.

A few years later in 2007, she shot to stardom as the lead in Disney's Wizards of Waverly Place, earning around $3 million from the role.

Aside from her beauty brand, Selena is also committed to making mental health care more accessible.

She co-founded WonderMind, a mental health startup valued at $100 million, and donated 1% of Rare Beauty sales to the Rare Impact Fund, which aims to raise $100 million by 2030 for mental health services.

As she said at the Time 100 Summit, quote, I think that we've been able to do something that at least in cosmetics no one has ever done.

 That's what makes me happy every night when I go to sleep.