Selena Gomez, a multifaceted talent in entertainment and business, has reached billionaire status, boasting a net worth of $1 billion as of September 2024. Her wealth stems from her acting, music career, and most notably, her entrepreneurial success with Rare Beauty, which has become a cornerstone of her financial empire.
Rare Beauty: A Billion-Dollar Enterprise
Rare Beauty, Selena’s makeup brand launched in 2020, has been a major driver of her wealth. The brand emphasizes accessibility and affordability, with products priced between $5 and $30. Key milestones include:
- 2022 Revenue: At least $100 million.
- 2023 Revenue: Approximately $350 million.
- Valuation: Estimated at $1.4 billion based on a 4x revenue multiple, with Selena owning 51%.
- Acquisition Interest: In early 2024, reports surfaced of a $2 billion offer for the brand, further solidifying its market dominance.
Rare Beauty also prioritizes philanthropy, donating 1% of all sales to its fund, which has raised over $5 million for mental health initiatives.
Acting and Music Career Highlights
Selena began her career as a child actress on Barney & Friends and rose to prominence with Disney Channel’s Wizards of Waverly Place (2007–2012), earning $30,000 per episode. Her acting career includes:
- Movies: Another Cinderella Story, Princess Protection Program, Ramona and Beezus.
- Hulu Series: Only Murders in the Building, alongside Steve Martin and Martin Short.
Her music career includes three studio albums with Selena Gomez & The Scene and three solo studio albums, all achieving significant success. She has also headlined multiple tours and continues to be a force in the music industry.
Endorsements and Social Media Power
Selena is one of the most-followed celebrities globally, with 420 million Instagram followers and 58 million TikTok followers. Her influence translates into lucrative endorsement deals:
- Puma: $30 million two-year deal (2017).
- Coach: $10 million endorsement deal (2016).
- Instagram Posts: Reportedly earns $500,000 to $800,000 per sponsored post, with some estimates valuing posts at $3.5 million for brands.
Other Business Ventures
Selena’s entrepreneurial ventures extend beyond Rare Beauty:
- Wondermind: Co-founder of the mental health startup valued at $100 million as of 2022.
- Serendipity Ice Cream: Co-owner of the premium dessert brand.
- Gopuff: Investor in the food delivery service.
These ventures showcase her diversified business interests and commitment to impactful projects.
Real Estate Investments
Selena owns and has owned several high-profile properties:
- Encino Mansion: Purchased in 2020 for $4.9 million, previously owned by Tom Petty.
- Tarzana Home: Bought in 2011 for $2.175 million, sold in 2014 for $3.45 million.
- Calabasas Estate: Acquired in 2014 for $3.69 million, later sold at a slight loss.
- Fort Worth, Texas: Listed multiple times, eventually sold in 2020 for $2.4 million.
Philanthropy and Advocacy
Selena is deeply involved in charitable work, often supporting causes like:
- UNICEF: Ambassador and advocate for children’s rights.
- Mental Health Awareness: Initiatives through Wondermind and Rare Beauty.
- Global Aid: Donations for clean water, disaster relief, and refugee support.
FAQs
How did Selena Gomez become a billionaire?
Her majority ownership in Rare Beauty, coupled with its massive revenue growth, propelled her net worth to $1 billion.
What is Rare Beauty’s unique appeal?
The brand focuses on affordable, high-quality makeup with an emphasis on inclusivity and mental health advocacy.
What are Selena Gomez’s major endorsements?
Selena has secured high-profile deals with Puma, Coach, and numerous social media collaborations.
How influential is Selena on social media?
With 420 million Instagram followers, she is one of the most-followed individuals globally, making her posts incredibly valuable for brands.
What philanthropic causes does Selena support?
She actively works with UNICEF, promotes mental health awareness, and contributes to clean water and disaster relief initiatives.
