Selena Gomez has achieved a significant milestone in her career as she has recently been named a billionaire by Bloomberg, with an estimated net worth of $1.3 billion. The majority of her wealth, approximately $1.1 billion, is attributed to her cosmetics brand, Rare Beauty, which she launched in 2020.
Rare Beauty has been a tremendous success, with one of its products, the blush, reportedly bringing in $70 million in revenue in 2022. Unlike many other celebrity-owned brands, Rare Beauty is not affiliated with a parent company or corporate partner, giving Gomez full ownership of the brand.
Earlier this year, there were rumors circulating that Gomez was considering selling Rare Beauty at a $2 billion valuation. However, Gomez quickly dismissed these claims, stating that she is fully committed to continuing to build and grow the brand.
In addition to her successful cosmetics brand, Gomez has a thriving acting career, with her role in the Hulu series "Only Murders in the Building" receiving critical acclaim. She is also the founder of the mental-health platform Wondermind and has secured lucrative endorsement deals with top brands such as Puma, Coach, and Louis Vuitton.
While Gomez has achieved success in music, it is not the primary focus of her portfolio, unlike her close friend Taylor Swift, who reached billionaire status mainly through her music career. Overall, Gomez's diverse career ventures have solidified her status as a prominent figure in the entertainment industry and a formidable businesswoman in her own right.