Selena Gomez, the 32-year-old actress, has just attained billionaire status. The investor, singer, and entrepreneur is now one of the youngest self-made billionaires in the United States. Gomez’s net worth is currently valued at $1.3 billion.
Gomez’s wealth is distributed in several areas. A small chunk of the Only Murders In the Building star’s wealth comes from singing and brand sponsorships. However, the larger part of her fortune comes from Rare Beauty, which is a make-up brand established five years ago.
Bloomberg has made a meticulous study on Selena Gomez’s billionaire status
The financial news website performed an “estimated value” on Gomez’s stake in the beauty brand and concluded this was by far the most profitable area of Gomez’s business venture.
However, there are other business endeavors that have helped Gomez attain billionaire status. For instance, her interest in the mental health platform Wondermind is one of these. The platform focuses on connecting people with resources to educate themselves about mental health and help end the stigma around mental illness.
This platform’s earnings, combined with royalties from her music, acting, and property values have cemented Selena Gomez as one of the youngest billionaires in the world.
One of the main sources of Gomez’s wealth is her social media activity and sponsorships. She is currently the third person in the world with the most Instagram followers at 424 million followers on the platform. She is just behind football legend Cristiano Ronaldo, who has 638 million followers, and Lionel Messi with 504 million.
Gomez’s mass following and reach on the platform have reportedly earned her massive endorsements with Puma, which is worth a reported $30 million and Coach on a $10 million deal.
Selena Gomez’s massive Instagram following helped her boost her makeup brand earnings
Gomez’s massive 424 million Instagram followers have boosted her Rare Beauty line so much so that she has constantly overtaken her direct competitors. Celebrity makeup brands were previously dominated by the Kardashians and Rihanna, but Gomez has managed to surpass both brands to the extent that her visionary entrepreneurial spirit has led her to reach out to investors to grant her company a two billion dollar valuation.
Despite her makeup brand being the single most profitable celebrity-led makeup brand in the world, Gomez has also openly stated that she is now only interested in deals that are linked with mental health.
Selena Gomez mentioned this in an interview with Entrepreneur during which she stated that any deal she is involved with “has to have an element that’s charitable or in the mental health space.” Her actions also speak to this. The former child star established the Rare Impact Fund to raise $100 million and help others access mental health services.
