Selena Gomez has reached a significant achievement, becoming one of the youngest female self-made billionaires in the U.S., largely due to the immense success of her beauty line, Rare Beauty.
Launched only five years ago, Rare Beauty has quickly gained traction in the beauty industry, especially among influencers and teenagers, thanks to Selena’s huge influence. With an impressive 424 million Instagram followers, her brand’s success seems inevitable.
However, her fortune isn’t solely from her beauty business. Selena also profits from lucrative brand partnerships, her mental health venture Wondermind, and her Emmy-nominated role in “Only Murders in the Building.”
According to The Blast at the age of 32, Selena Gomez has amassed a remarkable net worth of $1.3 billion, with the majority of her wealth stemming from her beauty brand, Rare Beauty.
This accomplishment has earned her a spot on Bloomberg’s Billionaires Index for the first time.
Selena joins a select group of self-made female billionaires, now standing alongside her close friend Taylor Swift.
While Taylor achieved her billionaire status largely through her music and world tours, Selena’s fortune comes from a wide array of ventures, including her acting, singing, and massive social media influence.
“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.”
In 2023, Rare Beauty raised over $7 million, reached more than 1 million people, and made waves across five continents.
“I really tried my hardest to create a product that were beyond just me putting my name on something,” Selena said in a radio interview last year. “I wanted the products to be great, and I also wanted the message to be that makeup is meant to be fun.”
The vision of Rare Beauty is “to create a safe, welcoming space in beauty—and beyond—that supports mental well-being across age, gender identity, sexual orientation, race, cultural background, physical or mental ability, and perspective.”
“Being rare is about being comfortable with yourself,” Selena admitted. “I’ve stopped trying to be perfect. I just want to be me.”
selena gomez went from poverty to be a self made billionaire, she has been working since she was 7 truly a woman that deserves to be admired https://t.co/ntLJOlT4Ih
— shadow ﾒ???? (@souvenirofabel) September 6, 2024
