Selena Gomez reaches billionaire status

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Selena Gomez has reached billionaire status thanks to her Rare Beauty cosmetics brand.

According to Bloomberg’s Billionaires Index, the 32-year-old singer, actress and businesswoman is one of the youngest female self-made billionaires in the United States.

The bulk of Gomez’s money — 81% — comes from her stake in Rare Beauty, her makeup line that has found success with the influencer crowd, but she also stashes plenty of cash thanks to her other brand partnerships, her mental health startup Wondermind, acting, streaming, real estate and other ventures, according to Bloomberg News.

With 425 million followers on Instagram, Gomez is the third most followed person on the social media platform, trailing Cristiano Ronaldo (638 million) and Lionel Messi (504 million).

E! reported in 2017 that Gomez had inked a $30 million endorsement deal with Puma, and according to The Hollywood Reporter, back in 2016 the Only Murders in the Building star had another agreement with Coach that was said to be worth $10 million.

Gomez also has a deal with Louis Vuitton.

Launched in 2020, Rare was an instant hit. According to Business Insider, its popular blush product alone is said to have brought in $70 million in revenue in 2022.

Earlier this year, reports swirled that Gomez was looking to unload Rare. But Gomez denied that she was looking to sell.

“I don’t have any plans on that, genuinely,” Gomez told Time.

Gomez maintained that she was committed to using the brand to help fund her philanthropic ventures, including her focus on mental health.

“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,” she said. “I never wanted it to be about making a lot of money and that’s it.”

According to Time, the company’s philanthropic branch, Rare Impact Fund, has already raised $13 million and hopes to raise $100 million within the brand’s first 10 years. Additionally, 1% of all Rare Beauty sales goes directly back to the foundation, which is focused on making mental health resources more widely accessible.

In April, Gomez said she wanted to “continue building” on the brand.

“I don’t think I’m going anywhere. I am enjoying this a little too much,” she said during an onstage Q&A at the Time 100 Summit, calling the company her “pride and joy.” 

mdaniell@postmedia.com