Selena Gomez, the beloved singer, actress, and entrepreneur, has officially entered the billionaire ranks. Known for her versatility in the entertainment industry, Gomez’s recent financial milestone is largely attributed to the soaring success of her beauty brand, Rare Beauty.
Rare Beauty, which Gomez launched in 2020, has quickly become a major player in the beauty industry. The brand’s inclusive approach to makeup, promoting self-expression and mental health awareness, resonated with a wide audience. This strategy paid off immensely, with over 81% of Gomez’s estimated $1.3 billion net worth coming directly from Rare Beauty’s success. According to Bloomberg, Rare Beauty has been a game-changer, capturing the hearts of consumers, especially Gen Z, who are drawn to the brand’s authenticity and mission.
While Rare Beauty is the primary driver of her newfound billionaire status, Gomez has diversified her income streams effectively. Her acting career, particularly her role in Hulu’s “Only Murders in the Building,” and various brand partnerships, have also contributed to her wealth. In addition, she has invested in a mental health startup, further solidifying her reputation as a multifaceted businesswoman. Hollywood Branded founder Stacy Jones remarked on Gomez’s savvy business decisions, highlighting how she’s built a career not solely dependent on music or acting.
Gomez’s billionaire status at just 32 years old underscores the strategic growth of her business ventures. Experts suggest that her focus on long-term sustainability, rather than quick profits, has been key to her success. With Rare Beauty expanding globally, Gomez’s financial future looks as bright as ever. The brand’s dedication to inclusivity and mental health, combined with Gomez’s strong personal brand, suggests that her empire is only just beginning to grow.
Credit: This article is based on Bloomberg, Uproxx, and The Daily Beast information.
Summary
Selena Gomez has joined the billionaire club, with her net worth estimated at $1.3 billion.
Over 81% of her wealth comes from her beauty brand, Rare Beauty.
Gomez has diversified her income through acting, brand partnerships, and startup investments.
Rare Beauty’s success, especially among Gen Z, has been a key driver of her financial growth.
