Selena Gomez has officially joined the ranks of the world’s billionaires, and not just any billionaires, but self-made ones at that–at the tender age of 32. The news has been buzzing with reports of her financial milestone, marking her as one of the youngest female self-made billionaires in the United States. Her talents go way beyond being a Disney star and pop sensation, she is clearly gifted as an entrepreneur.
According to Bloomberg Billionaire’s Index, Gomez is worth $1.3 billion.
“Selena is not just a pop star,” said Stacy Jones, founder and chief executive officer of Hollywood Branded, a Los Angeles-based branding agency. “She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth.”
Gomez’s ability to leverage her massive social media following into successful business ventures is remarkable. Her ascent is not just about financial milestones but also about the impact and influence she wields in various industries, from beauty to mental health advocacy with her Wondermind startup.
Gomez’s journey to billionaire status is nothing short of inspirational. Her story is a classic tale of rags to riches, growing up with financial struggles that are all too familiar to many. Recounting times when her family couldn’t afford gas money, Gomez’s past is a stark contrast to her present success. It’s a narrative that resonates with the dreamers and the doers, those who see in her story a reflection of their own aspirations—and perhaps, potential.
Her ascent to financial success is largely attributed to the triumph of her cosmetics company, Rare Beauty Brands Inc., that she started just five years ago. The brand quickly became a favorite with fans and influencers, leveraging her already established popularity in the entertainment world. It accounts for a whopping 81 percent of her wealth as calculated by Bloomberg.
Bloomberg’s wealth analysis took into account the estimated value of her stake in Rare Beauty, her interest in Wondermind, the estimated value of her music album sales and properties, and earnings from streaming deals, brand partnerships, concert tickets and acting. It assumes the lowest estimated value of her stakes in businesses and is based only on assets that could be confirmed or traced from publicly disclosed figures. In other words, she could be worth even more than the $1.3 billion that landed her in the rarefied list of the wealthiest in the US.
But it’s not just about the money for Gomez; it’s about the message. Brent Saunders, CEO of eye-health company Bausch + Lomb Corp. and an investor in Gomez’s Wondermind startup, said there’s a key factor for her success: authenticity. “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,” Saunders said. “Selena epitomizes that.” Rare Beauty has been praised for its commitment to inclusivity and self-acceptance, values that Gomez herself champions.
Selena Gomez’s billionaire status is more than just a financial milestone; it’s a cultural moment—she has tapped into the prevailing values and dreams of her time—an insight and skill that visionary entrepreneurs share and without which success is not possible.
