Selena Gomez’s Popular Rare Beauty Line Has Officially Made Her a Billionaire
You gotta keep an eye out for Selena, because the former Disney star is officially a billionaire.
The 32-year-old Emmy-nominated actress, singer, and entrepreneur has become the latest celeb to enter the nine-figure club, joining her longtime BFF Taylor Swift, Paul McCartney, and Michael Jordan, to name a few. Gomez is now worth a whopping $1.3 billion following a decades-long career and multiple sources of income—chief among them, her uber-popular makeup brand Rare Beauty, according to Bloomberg.
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Most of Gomez’s wealth (81.4 percent) can be attributed to her vegan and cruelty-free cosmetics company, which she founded in February 2019. Back in March, it was reported that Rare Beauty was valued at over $2 billion. Along with her makeup line, the Wizards of Waverly Place alum also has a stake in Wondermind, a mental health start-up that she created alongside her mom, Mandy Teefey. Since the platform was founded, tennis legend Serena Williams has invested a hefty $5 million, and it reached an impressive $100 million valuation in 2022.
“You’ve got a real role model of how a celebrity can use their influence and expertise to both do good and create good business,” Brent Saunders, CEO of eye-health company Bausch + Lomb Corp. and an investor in Wondermind, told Bloomberg. “Selena epitomizes that.”
Gomez’s net worth can also be attributed to several lucrative partnerships, including a $30 million deal she signed with Puma SE in 2017 and two separate $10 million agreements with Coach and Louis Vuitton. Now, with her current gig as a lead on Hulu’s Only Murders in the Building, she’s taking home approximately $6 million per season. For reference, the hit TV series is currently in its fourth installment and was recently renewed for a fifth.
After taking a break from music following her Lupus diagnosis, Gomez’s afrobeats song Calm Down made history last year with over one billion streams in the U.S. and even won her a 2023 VMA Award. However, album and record sales only accounted for less than 2 percent of her net worth and her tour earnings made up less than 5 percent. “It’s smart that she’s kind of created a career that’s not so dependent on music being a big part of the financial piece,” added Carolyn Sloane, a professor at the University of Chicago’s Harris School of Public Policy.