On September 6, 2024, pop icon Selena Gomez joined the prestigious billionaire list, with an estimated net worth of $1.3 billion, according to Bloomberg. The major driving force behind this milestone is her beauty brand, Rare Beauty, launched in February 2019, which accounts for over 80% of her wealth. In addition to her success as an actress and singer, Gomez’s entrepreneurial venture has skyrocketed in the competitive beauty and influencer marketplace.
Marketing expert Stacy Jones, speaking to the outlet, noted the multifaceted nature of Gomez’s business portfolio, emphasizing, “Selena is not just a pop star. She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth.” Gomez’s majority stake in Rare Beauty, which promotes a message of self-acceptance and individuality, has been lauded as one of the most authentic and innovative beauty lines on the market, resonating with millions of customers and fans alike.
Beyond Beauty: A Growing Empire
Rare Beauty is just one of the avenues that have propelled Gomez into the billionaire ranks. Her expansive real estate portfolio, investments in Wondermind (a mental health platform), and the continuous revenue from her music and acting career, have all contributed to her increasing wealth. Paid partnerships also play a significant role, with reports indicating that Gomez can command upwards of $30 million for a single endorsement deal.
In addition to her entrepreneurial accomplishments, Gomez has found success in television. Her critically acclaimed series, Only Murders in the Building, has been renewed for a fifth season, proving to be one of Hulu’s most successful shows. Beyond the screen, Selena is also the third most-followed person on Instagram, a title that has only bolstered her influence in both the entertainment and business sectors.
Following in Taylor Swift’s Footsteps
Joining the billionaire ranks puts Gomez alongside longtime friend and fellow pop superstar, Taylor Swift, who reached billionaire status in October 2023. Swift, known for her record-breaking Eras Tour and music catalog, accumulated her fortune primarily through her music empire, earning an estimated $370 million from her tour alone. Swift’s investments in streaming and album sales added another $260 million to her wealth.
At 31, Selena Gomez is now one of the youngest self-made billionaires, a feat that parallels Swift’s journey and reinforces their roles as two of the most powerful women in the entertainment industry. Together, these trailblazing artists have redefined what it means to be a pop star, transitioning from music to business moguls with wide-ranging influence and success.
