Selena Gomez has officially joined the ranks of billionaires, making her debut on Bloomberg’s Billionaire Index with an impressive net worth of $1.3 billion. The 32-year-old star, who began her career as a child actor in the 1990s on “Barney & Friends,” has since diversified her income streams, establishing herself as a successful entrepreneur with multiple revenue sources.
Though Gomez is widely recognized for her acting and music career, the bulk of her fortune—over 80%, according to Bloomberg—comes from her beauty line, Rare Beauty. Launched in 2020, Rare Beauty has become a significant player in the cosmetics industry, with Bloomberg estimating Gomez’s ownership at around 51%.
The brand is valued at more than $2 billion, according to both Bloomberg and Business of Fashion. While some analysts suggest the company’s revenues, which range between $300 million and $350 million, might slightly lower its valuation, the potential for growth remains strong. Rare Beauty is currently sold only at Sephora and online, providing substantial room for expansion.
Industry experts aren’t surprised by Rare Beauty’s success. Anncy Rowe, a beauty industry professional, remarked that the brand’s high valuation reflects its status as a well-loved and rapidly growing company. Like Rihanna’s Fenty Beauty, Rare Beauty has outgrown its initial celebrity backing to become a standalone powerhouse in the beauty world. It has even been mentioned in earnings reports by retailers like Kohl’s, where the brand is available at Sephora sections, and manufacturers like Elementis. Many of its products, including a popular liquid blush, have become bestsellers at Sephora.
A major factor in Rare Beauty’s success has been its presence on social media. Gomez, a dominant force on platforms like Instagram, has helped the brand build a strong online following. Beauty industry veteran Jeffrey Ten noted that makeup brands today rely heavily on social media visibility, as online popularity directly translates to in-store sales. Rare Beauty’s social media momentum underscores its current market value.
Earlier this year, rumors circulated that Gomez was considering selling Rare Beauty, potentially cashing in on the brand’s high valuation while it remains a hot commodity. However, there has been no confirmation of such a deal to date.
Gomez’s journey to stardom began in 2002 when she joined the cast of “Barney & Friends.” Her major breakthrough came in 2007 with the Disney Channel hit “Wizards of Waverly Place,” where she played the character Alex Russo. The show was a massive success, earning two Emmy Awards and solidifying Gomez’s status as a teen star. This success helped her transition to larger roles, including movies like Monte Carlo and Spring Breakers. Over the years, Gomez has continued acting, with notable roles in the Hotel Transylvania franchise, which grossed over $1.3 billion across four films. She even earned an executive producer credit for the fourth installment.
Gomez has also expanded into producing, launching her own production company, July Moon Productions, in 2007. Under this company, she produced the Netflix hit 13 Reasons Why and her own reality cooking show, Selena + Chef. Recently, she found success starring alongside Steve Martin and Martin Short in Only Murders in the Building.
In addition to her acting and producing career, Gomez has built a successful music portfolio. She began her music journey with Selena Gomez & the Scene in 2009, releasing three studio albums. Her solo career took off in 2013 with the release of her first album, Stars Dance, which became her first No. 1 album. She has since released two more albums, with several hit singles like “Lose You to Love Me,” which topped the Billboard Hot 100. Gomez has sold 3.6 million albums and over 11.5 million album-equivalent units as of August 2023. Her most successful song, “Love You Like a Love Song,” sold 2.8 million copies, while her most-streamed track, DJ Snake’s “Taki Taki,” boasts over 1 billion on-demand streams.
Gomez’s wealth has also been bolstered by touring. Her 2016 Revival Tour earned more than $30 million in ticket sales, according to Bloomberg.
In addition to her entertainment career, Gomez has leveraged her massive social media following. She became the most-followed person on Instagram in 2016, surpassing celebrities like the Kardashian-Jenner family, Taylor Swift, Beyoncé, and Ariana Grande. This online influence has led to lucrative brand deals, which account for nearly 7% of her fortune. Gomez reportedly earned $10 million from a Coach deal in 2016 and also secured a $30 million contract with Puma SE. Other major partnerships include campaigns with Louis Vuitton, Coca-Cola, Verizon, and Pantene.
Beyond business, Gomez is a passionate advocate for mental health. She has openly discussed her struggles and co-founded the media platform Wondermind to create a space for mental health conversations. Wondermind offers resources such as podcasts, articles, and worksheets, and it currently makes up about 2.6% of Gomez’s wealth.
Gomez has also invested in real estate, purchasing multiple properties since 2011. She bought her first home for $2 million and sold it three years later for $3.45 million. In 2020, Gomez acquired a $4.9 million Encino home, formerly owned by singer Tom Petty, where she currently resides with her grandparents.
Selena Gomez’s rise from child star to billionaire entrepreneur is a testament to her diverse talents and business acumen.
