Selena Gomez becomes a billionaire, driven by Rare Beauty success

Selena Gomez has officially reached billionaire status, largely thanks to her booming Rare Beauty makeup line.

Selena Gomez has become one of the youngest self-made billionaires in the United States, with her net worth now valued at $1.3 billion, according to Bloomberg. The 32-year-old actress, singer, and entrepreneur's financial success is credited to her diverse portfolio, which includes acting, music, and most significantly, her makeup line, Rare Beauty. Launched five years ago, Rare Beauty has been embraced by influencers and younger consumers, contributing significantly to Gomez’s wealth.

According to Bloomberg, the “vast bulk” of Gomez's fortune comes from her stake in Rare Beauty. Additionally, Gomez is also an investor in Wondermind, a mental health platform. Beyond these ventures, her 424 million Instagram followers have bolstered her earnings through brand endorsements with companies like Puma and Coach, worth $30 million and $10 million, respectively.

Her acting career also remains a strong revenue stream. Gomez is paid $6 million per season for her role in Hulu’s Only Murders in the Building, which was recently renewed for a fifth season. With her Rare Beauty brand reportedly seeking a $2 billion valuation, Gomez’s financial success is expected to continue growing.