After Taylor Swift, Selena Gomez is the next female singer to officially join the ranks of billionaires with a net worth of 1.3 billion USD according to the Bloomberg Billionaires Index.
Selena Gomez, a singer, actress, producer, and multi-talented entrepreneur, has just seen her assets reach more than 1.3 billion USD in September 2024 according to data from the Bloomberg Billionaires Index.
Singer and actress Selena Gomez
Rare Beauty Success
The majority of Gomez’s wealth is determined by the success of her cosmetics brand Rare Beauty, which she launched in 2020. Rare Beauty is currently popular with influencers and many young audiences, becoming a major factor in Gomez’s presence on the list of the world’s billionaires.
Rare Beauty has consistently recorded impressive sales figures. The brand reportedly generated around $100 million in revenue in 2022 and is expected to reach between $300 million and $350 million by 2023.
Selena Gomez’s Rare Beauty cosmetics brand is the key to her billionaire status
The rapid growth of the cosmetics brand has contributed significantly to Gomez’s net worth. The brand is valued at up to $2 billion thanks to its popularity and presence in the market.
According to TIME Magazine, Rare Beauty, which is available in 36 countries, is the best-selling product at Sephora and continues to earn more profits every year.
Gomez’s 51% stake in Rare Beauty alone has helped the singer earn $1.1 billion, accounting for 85% of her net worth, which is what propelled Gomez to her current heights. The brand’s unique positioning and Gomez’s personal involvement has attracted a loyal following.
Acting and singing career
Starting her career as a child actress on the children’s television series Barney & Friends, Selena Gomez later rose to fame with her breakthrough role on the Disney Channel series “Wizards of Waverly Place”.
Her appearance on Wizards of Waverly Place helped Gomez become a “teen idol” at that time.
At that time, Selena Gomez was a familiar face to many young audiences, and was also noticed by directors and continuously invited to play the main role in popular series including: Spring Breakers, The Fundamentals of Caring… or the comedy “Only Murders in the Building” which helped her earn 6 million USD per season.
Although she has returned to acting more in recent years, Gomez is also known for her role as a singer. She has released 3 studio albums, 2 EPs, 7 singles, 4 promotional singles and 14 music videos in her solo career.
In addition, Gomez is also the lead singer of the band Selena Gomez & the Scene, which has released a total of 3 albums, all of which have made it into the top 10, and recorded sales of more than 6.7 million copies in the US.
Multi-talented entrepreneur
In addition to developing her cosmetics company and the above activities, Gomez’s assets also come from many other sources, including brand communication cooperation and social media partnerships.
The former child star has also made smart investments. In parallel with her singing and acting career, Gomez also pays close attention to business investment activities.
Gomez is the co-founder of mental health startup Wondermind, which recently raised $5 million and is currently valued at $100 million. She has also signed brand promotion cooperation agreements with many major brands, including a $30 million deal with Puma and a $10 million contract with Coach.
Selena Gomez is getting a lot of brand endorsements
Gomez’s success isn’t limited to her business ventures. She’s broken several world records, such as becoming the most followed person on Instagram in 2016 and the first person to reach 100 million followers on the platform. This achievement has made Gomez the third most followed individual on the platform, behind only football legends Cristiano Ronaldo and Lionel Messi.
The huge attention she’s received from the online community has not only helped Gomez’s image grow, but also helped her promote her own cosmetics line and attract more media contracts for other brands. It’s estimated that Gomez can earn around $2.6 million for each branded post on the app.
Achieving success at only 32 years old, Selena Gomez is predicted to continue to grow even more in the future, and the actress’s impact on the entertainment industry is also said to be even stronger.
