Selena Gomez is now a billionaire.Jordan Strauss/Invision/AP
Selena Gomez is now a billionaire. On Friday, September 6, 2024, Bloomberg reported that the 32-year-old star has reached this financial milestone, valuing her net worth at $1.3 billion. This achievement makes her one of the youngest self-made billionaires in the United States.
Most of Gomez’s wealth comes from her makeup brand, Rare Beauty, which she launched five years ago. The brand has become a hit, especially with influencers and teens, cementing its place in the celebrity-led beauty industry alongside brands by Rihanna and the Kardashians. Rare Beauty’s success has been a driving force behind Gomez’s immense fortune, and she’s even seeking a $2 billion valuation for the brand. Investors are reportedly interested in the continued growth of the brand, which has become a major player in the beauty world.
In addition to her beauty line, Gomez has other major sources of income. As an actress, she stars in Hulu’s hit series “Only Murders in the Building,” where she earns $6 million per season. The show was recently renewed for a fifth season, ensuring continued earnings from her acting career. Gomez also benefits from her music royalties, further contributing to her wealth.
Social media has played a big role in Gomez’s rise to billionaire status. She is the third most followed person on Instagram, with over 424 million followers. This massive audience has helped her land lucrative endorsement deals with brands like Puma and Coach. Her deal with Puma is worth $30 million, while her partnership with Coach brought in $10 million. These endorsements, along with her popularity on Instagram, have significantly added to her fortune.
Gomez’s wealth isn’t just about making money. She is known for her commitment to mental health advocacy, especially after revealing her diagnosis of bipolar disorder in 2020. She has made it clear that every deal she strikes must have a charitable or mental health component. To further this mission, she founded the Rare Impact Fund, which aims to raise $100 million to provide access to mental health services for those in need. Her mental health platform, Wondermind, also adds to her growing empire.
This billionaire status solidifies Gomez’s place as not only a top entertainer but also a savvy businesswoman. Her journey from a former Disney star to one of the youngest self-made billionaires is inspiring. She continues to expand her influence in the worlds of beauty, entertainment, and mental health, showing no signs of slowing down. As she celebrates this new financial milestone, Gomez’s representative has yet to make a public comment on her latest achievement.
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