Selena Gomez, the renowned American singer and actress, has recently entered the prestigious club of young billionaires, as reported by Deadline. This milestone is largely attributed to the success of her beauty brand, Rare Beauty, which has significantly boosted her financial standing. Prior to this, Gomez’s wealth was primarily driven by her flourishing career in entertainment.
Rise to Billionaire Status
At 32 years old, Gomez has achieved a remarkable net worth of approximately $1.3 billion, according to a Bloomberg report. This accomplishment places her among the youngest female billionaires in the U.S. Her journey to this financial peak was greatly influenced by her entrepreneurial ventures, particularly Rare Beauty, which she launched in 2019.
Impact of Rare Beauty
Rare Beauty has been instrumental in elevating Gomez’s net worth. The beauty brand has quickly established itself as a major player in the cosmetics industry. Marketing expert Stacy Jones highlights that Gomez’s success extends beyond her role as a pop star, emphasizing her diverse income streams and business acumen.
Contributions to Net Worth
A substantial portion of Gomez’s wealth, approximately $1.1 billion, is attributed to Rare Beauty. The brand’s success is notable, with its blush product alone generating an impressive $70 million in revenue in 2022. Rare Beauty’s independence from major corporate partnerships has contributed to its financial success, with Gomez retaining full ownership alongside key investors like Nikki Eslami and Scott Friedman.
Additional Income Sources
Beyond her beauty brand, Gomez’s wealth is supported by several other ventures. Her investments in real estate and her mental health startup, Wondermind, add to her financial portfolio. Furthermore, Gomez continues to earn from her acting career, including her popular Hulu series, “Only Murders in the Building,” as well as from music sales, streaming deals, and brand endorsements.
Future Endeavours
Gomez is also set to return to television with the highly anticipated sequel to the Disney Channel show “Wizards of Waverly Place,” titled “Wizards Beyond Waverly Place,” scheduled to premiere on October 29 this year.
Despite recent speculation about selling Rare Beauty at a $2 billion valuation, Gomez has expressed her commitment to the brand. “I don’t think I’m going anywhere. I am enjoying this a little too much,” she stated.
Selena Gomez’s journey from entertainment star to billionaire is a testament to her multifaceted career and entrepreneurial spirit. With Rare Beauty being a major contributor to her wealth, along with her continued success in acting and business, Gomez exemplifies a dynamic and influential figure in today’s financial landscape.
