Selena Gomez, the 32-year-old actress, singer, and entrepreneur, has officially joined the exclusive club of billionaires. Her net worth, estimated at $1.3 billion, places her among the youngest-made billionaires in the United States.
Rise to Billionaire Status
Gomez's journey to billionaire status began with her early career as a child star on TV shows such as Barney and Friends and Disney Channel's The Wizards of Waverly Place . Her success in television paved the way for her transition into pop music and movie stardom. However, the majority of her fortune is attributed to her highly successful makeup line, Rare Beauty, which she launched in September 2020.
Rare Beauty has been a massive success, generating at least $100 million in revenue in 2022 and an estimated $350 million in 2023. The brand's products, which include lip liner, liquid blush, and liquid foundation, are moderately priced and have resonated well with influencers and younger audiences. The Rare Beauty Liquid Blush alone earned $70 million in 2022, contributing significantly to her net worth.
Diverse Income Streams
In addition to Rare Beauty, Gomez earns substantial income from various other sources. She is one of the highest-paid celebrities on Instagram, with the ability to charge up to $1.735 million per sponsored post. Her lucrative endorsement deals include agreements with Puma and Coach, worth $30 million and $10 million respectively. She also generates income from her acting career, including her role in the Hulu series Only Murders in the Building , for which she earns $6 million per season.
Gomez's music career, although not as actively pursued in recent years, still contributes to her wealth. Her albums Stars Dance and Revival were commercially successful, with the Revival tour grossing over $13 million. She has also ventured into real estate, owning properties in Texas and California, including a house in a Calabasas gated community and homes in Fort Worth and Studio City.
Real Estate Portfolio
Gomez's real estate portfolio includes several multimillion-dollar properties. She purchased a large house in a Calabasas gated community for $3.69 million in 2014 and later sold it to rapper French Montana. She also owned a home in Fort Worth, Texas, which she sold for $2.4 million in 2020, and a modest home in Studio City, California, which she sold for $2.3 million.
Philanthropic Efforts
Gomez is also committed to philanthropy through her Rare Impact Fund, which aims to improve access to mental health resources. The fund receives 1% of every sale from Rare Beauty, reflecting her dedication to supporting young people's mental health.
With her diverse income streams, successful business ventures, and philanthropic efforts, Selena Gomez has solidified her position as one of the most influential and wealthy figures in the entertainment industry.
