Selena Gomez officially joined the ranks of billionaires, her net worth is now estimated at $1.3 billion, according to Bloomberg. The financial milestone is largely due to the success of her beauty brand, Rare Beauty, and her influential role as both an executive producer and star in the popular series 'Only Murders in the Building.'
Gomez launched Rare Beauty in 2019. The brand has garnered immense popularity, especially its liquid blush and lip tint, according to CNN. Rare Beauty's success extends to social media, where it has amassed over 2.6 billion views on TikTok and is particularly favored by influencers and teenagers, according to NBC News.
In 2021, Gomez co-founded the mental health startup Wondermind. She contributes 1% of her cosmetic sales to the Rare Impact Fund, aimed at supporting mental well-being across diverse communities. The initiative supports 26 organizations across five continents.
As the third most followed person on Instagram with 424 million followers, Gomez reportedly charges over $30 million for an endorsement deal with Puma and a $10 million deal with Coach.
Her wealth also includes substantial real estate investments and stakes in businesses.
Gomez recently teased the release of a new album. Future projects include starring in the Cannes-winning musical drama "Emilia Perez," which will open in select theaters on November 1 before streaming on Netflix.
Gomez has been open about her struggles with health issues, such as lupus and depression, shedding light on her experiences in her documentary "My Mind & Me."
Season four of "Only Murders in the Building" introduces audiences to a Hollywood setting where a movie adaptation of the podcast is in production.
This article was written in collaboration with Generative AI news company Alchemiq
Sources: The Indian Express, Hello Magazine, Ladbible, lavocedinewyork.com, emilycottontop.com, The Express Tribune, CNN, The Statesman, NBC.