Selena Gomez Is Officially A Billionaire

Selena Gomez has worn many hats in the entertainment industry, from a beloved actress to a record-breaking pop star and even a celebrity chef on TV, but she has also gained quite a reputation for her makeup brand, Rare Beauty. Though you might know her best these days from her starring role on the Emmy-nominated show Only Murders in the Building, Gomez is no stranger to the business world. Her success with Rare Beauty helped her to hit yet another career milestone recently, with the announcement that Gomez is officially a billionaire.

Rare Beauty has become one of the best-selling makeup brands in Sephora, and it has been valued at $2 billion. Even with the brand's financial wins, Gomez has been committed to using Rare Beauty as a way to give back too. The Rare Impact Fund uses a percentage of all Rare Beauty sales towards helping young people have access to mental health care. 

Bloomberg reported on September 6 that Selena Gomez's net worth is valued at $1.3 billion now, making this the first time she has been included on Bloomberg's Billionaires index. At just 32 years old, this news has Gomez joining the ranks of a select few women who have also become billionaires at such a young age. Notably, one of Gomez's best friends, Taylor Swift, was also declared a billionaire earlier this year at 34 years old by Forbes, boasting a net worth of $1.1 billion. Other celebrity billionaires include Rihanna, Kim Kardashian, and Oprah Winfrey.

Of course, Rare Beauty isn't the sole reason for Gomez's new status as a billionaire. The increase in Selena Gomez's net worth is attributed to several different things, according to Bloomberg's article, including her vast social media following. Gomez has held the title of the most-followed person on Instagram on and off for several years, and this large audience has led to a chance to secure multi-million dollar deals with brands that want to sponsor her. 

Regardless of the vast amount of success Gomez has found from working across art forms and trying different business ideas, financial gains were never the goal for her. In a recent profile with TIME, she said, "I have this weird thing in my head where if I focus on the numbers, I’ll lose whatever it is that made Rare Beauty Rare Beauty...I never wanted it to be about making a lot of money and that’s it.”