Singer, actor and entrepreneur Selena Gomez has achieved billionaire status.
Gomez's net worth is estimated at $1.3bn (R23.3bn), according to Bloomberg's Billionaire Index published recently.
This marks a remarkable evolution from her early days as a child star to becoming one of the most influential figures in the entertainment business.
Gomez first garnered public attention as a cast member of Barney & Friends before landing a lead role as Alex Russo in Disney Channel’s Wizards of Waverly Place from 2007 to 2012. The show earned Gomez about $3m (R53.7m) during her teenage years.
Her music career, highlighted by hits such as Lose You to Love Me, solidified her status. Despite the success of her music, it accounts for a small portion of her wealth. Bloomberg reported that less than 5% of her fortune comes from music tours and less than 2% from album and record sales.
Most of Gomez’s fortune, roughly $1.1bn (R19.7bn), stems from her stake in Rare Beauty, a cosmetics brand she launched in September 2020. She has largely kept the company independent, with the only known investors being Nikki Eslami’s New Theory Ventures and CEO Scott Friedman, who previously led Nyx Cosmetics and sold it to L’Oréal for $50m in 2014.
In addition to her music career, Gomez has made waves in television. Her role in the comedy-drama Only Murders in the Building has been met with acclaim, earning her a Golden Globe nomination.
Gomez stars alongside comedy legends Steve Martin and Martin Short and also serves as an executive producer. Her work on the Hulu series reportedly earns her at least $6m (R107.5m) per season, with the show recently renewed for a fifth season.
Gomez’s influence extends beyond entertainment. As one of Instagram’s most-followed personalities with 424-million followers, she wields considerable power in the social media sphere.
This influence has translated into lucrative endorsement deals, including a two-year contract with Puma SE worth $30m (R538m), a $10m (R179m) partnership with Coach, and another $10m agreement with Louis Vuitton.
In a recent TIME cover story, Gomez shared how Rare Beauty has positively affected her customers.
“That’s what makes me most proud,” she said, reflecting on the brand's ability to resonate with people during challenging times.
She emphasised her focus is on the impact of the brand rather than solely on financial gain.
“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,” she said.
Rare Beauty also embodies Gomez’s commitment to philanthropy through its Rare Impact Fund. The fund, which aims to raise $100m (R1.7bn), has so far raised more than $16m (R287m), supporting 26 organisations worldwide working to improve mental health.
How Selena Gomez became a billionaire — not from entertainment
Multimedia reporter
Image: Selena Gomez/X
Singer, actor and entrepreneur Selena Gomez has achieved billionaire status.
Gomez's net worth is estimated at $1.3bn (R23.3bn), according to Bloomberg's Billionaire Index published recently.
This marks a remarkable evolution from her early days as a child star to becoming one of the most influential figures in the entertainment business.
Gomez first garnered public attention as a cast member of Barney & Friends before landing a lead role as Alex Russo in Disney Channel’s Wizards of Waverly Place from 2007 to 2012. The show earned Gomez about $3m (R53.7m) during her teenage years.
Her music career, highlighted by hits such as Lose You to Love Me, solidified her status. Despite the success of her music, it accounts for a small portion of her wealth. Bloomberg reported that less than 5% of her fortune comes from music tours and less than 2% from album and record sales.
Most of Gomez’s fortune, roughly $1.1bn (R19.7bn), stems from her stake in Rare Beauty, a cosmetics brand she launched in September 2020. She has largely kept the company independent, with the only known investors being Nikki Eslami’s New Theory Ventures and CEO Scott Friedman, who previously led Nyx Cosmetics and sold it to L’Oréal for $50m in 2014.
In addition to her music career, Gomez has made waves in television. Her role in the comedy-drama Only Murders in the Building has been met with acclaim, earning her a Golden Globe nomination.
Gomez stars alongside comedy legends Steve Martin and Martin Short and also serves as an executive producer. Her work on the Hulu series reportedly earns her at least $6m (R107.5m) per season, with the show recently renewed for a fifth season.
Gomez’s influence extends beyond entertainment. As one of Instagram’s most-followed personalities with 424-million followers, she wields considerable power in the social media sphere.
This influence has translated into lucrative endorsement deals, including a two-year contract with Puma SE worth $30m (R538m), a $10m (R179m) partnership with Coach, and another $10m agreement with Louis Vuitton.
In a recent TIME cover story, Gomez shared how Rare Beauty has positively affected her customers.
“That’s what makes me most proud,” she said, reflecting on the brand's ability to resonate with people during challenging times.
She emphasised her focus is on the impact of the brand rather than solely on financial gain.
“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,” she said.
Rare Beauty also embodies Gomez’s commitment to philanthropy through its Rare Impact Fund. The fund, which aims to raise $100m (R1.7bn), has so far raised more than $16m (R287m), supporting 26 organisations worldwide working to improve mental health.
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