Singer, actor, and entrepreneur Selena Gomez has reached billionaire status, according to Bloomberg, which added the celebrity to its billionaire index on Sept. 6.
Gomez, 32, rose to fame as a Disney Channel star, acting in popular shows such as Wizards of Waverly Place and movies including Princess Protection Program. She built her music career with hit songs throughout the 2010s, leading to her U.S. number one track “Lose You to Love Me” in 2020. Still, her music and acting efforts only account for a fraction of her wealth, with the Bloomberg report showing that music tours contributed to less than 5% of Gomez’s fortune, with album and record sales delivering less than 2%.
Gomez’s long-standing career in the entertainment industry has strengthened with her Golden Globe-nominated performance in the comedy-drama Only Murders in the Building, in which she stars beside comedy legends Steve Martin and Martin Short. Gomez also serves as an executive producer of the show, alongside Martin and Short. She reportedly took home “at least” $6 million per season for her turn in the Hulu hit, which was recently renewed for a fifth season.
Alongside her success in the music, television, and film industries, she is a lucrative business owner as founder of the cosmetics brand Rare Beauty.
The majority of Gomez’s wealth—roughly 81%—has been amassed through her work with Rare Beauty. In 2023, sales of its most popular product, a $23 liquid blush, reached $70 million.
The beauty company was launched in Sept. 2020 and entered into a market already brimming with celebrity beauty companies, such as Rihanna’s Fenty Beauty. Still, its success has been notable and significant.
In TIME’s May 2024 cover of Gomez, she spoke about how people often stop her to share how Rare Beauty has helped them.
“That’s what makes me most proud,” she told TIME. “When I’m able to have something like Rare or a single that people can relate to, I get so much joy when people say, ‘Hey, that helped me through a difficult time.’”
She also said that she focuses primarily on the impact fund and product development side of Rare Beauty, and money has never been on the top of her priority list for the company.
“I will admit it overwhelms me sometimes. 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 Rare Beauty,” she said. “I never wanted it to be about making a lot of money and that’s it.”
Gomez contributes 1% of her cosmetic sales to the philanthropic arm of Rare Beauty, Rare Impact Fund, which aims to raise $100 million, according to the fund’s website. So far, with over $16 million raised to date, the Rare Impact Fund has given grants to 26 organizations across five continents working to improve mental health.
The Bloomberg report also emphasized Gomez’s social media impact—as the actor is one of the most-followed individuals on Instagram with currently 424 million followers.
Gomez’s net worth is $1.3 billion, per Bloomberg’s estimations.
