Key Takeaways
- Selena Gomez is now a billionaire, with an estimated net worth of $1.3 billion, according to Bloomberg.
- Gomez’s wealth is largely due to her beauty brand, Rare Beauty, in which she has a stake worth over $1 billion.
- Rare Beauty brought in over $350 million in sales in 2023 and has found a large following on TikTok with millions of followers on TikTok and Instagram.
Selena Gomez is officially a member of the billionaire’s club. But that’s not because of television, music, or film according to Bloomberg.
The 32-year-old singer, songwriter, actor and entrepreneur became one of the youngest female self-made billionaires largely through her beauty brand, Rare Beauty, which makes up 80% of her $1.3 billion total net worth.
Launched in 2020, Rare Beauty brought in over $350 million in sales in 2023 and has earned a cult following on social media platforms TikTok (with 4.1 million followers) and Instagram (with 8 million). Rare Beauty was valued at $2 billion in March when Gomez hired a team of advisers to potentially sell the company. The star later told Time she has no plans to sell.
Gomez’s other businesses and investments include dessert company Serendipity Brands, grocery delivery company GoPuff (valued at close to $15 billion in 2021 and a part of comedian Kevin Hart’s venture capital portfolio) and Wondermind, a mental health platform Gomez co-founded with her mother, which was valued at $100 million in 2022.
Gomez’s brand extends beyond her business ventures. She has also made millions from lucrative endorsement deals with brands such as Puma, Louis Vuitton and Coach. She earns an estimated $2.5 million per sponsored post on Instagram, according to social media management company Hopper’s 2024 Instagram Rich List.
Also bringing Gomez star recognition: her undertaking as an actor and an executive producer on Hulu’s hit original series, “Only Murders In the Building.” Gomez earns an estimated $6 million per season for the show, where she stars alongside veteran actors Steve Martin and Martin Short.