American actress, singer and entrepreneur Selena Gomez is now a billionaire, according to Bloomberg, which values her net worth at $1.3 billion. Some of the wealth of the 32-year-old comes from singing, brand partnership and acting, but the “vast bulk” of her wealth is tied to her 5-year-old make-up company called Rare Beauty, the outlet said. Her brand’s success has made her one of the “youngest self-made” wealthy on the Bloomberg Billionaire Index, alongside the likes of Taylor Swift and Rihanna. 

According to Bloomberg, the ‘Only Murders in the Building’ star has also amassed wealth as the world’s third most-followed person on Instagram behind soccer icons Cristiano Ronaldo who boasts 639 million followers on the platform and Lionel Messi who has garnered 505 million Instagram followers. Ms Gomez herself has 424 million followers. 

Selena Gomez has a storybook career, beginning with ‘The Wizards of Waverly Place’ – a popular TV show on Disney Channel. She has a slew of other popular TV shows and film projects as well. She created a now-cancelled Max cooking show ‘Selena + Chef’ and stars alongside comedy icons Martin Short and Steve Martin on the hit show ‘Only Murders in the Building’. The 32-year-old has also brought in tens of millions of dollars from endorsement deals with the likes of Louis Vuitton, Coach and Puma, according to Bloomberg. 

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However, despite her on-screen success, those achievements count for a relatively small fraction of her wealth. The “vast bulk” of her wealth is tied to Rare Beauty, which she launched in 2020. The brand reportedly did net sales of $400 million in the 12 months to February. She also reportedly reached out to investors for Rare Beauty, seeking a $2 billion valuation. 

In 2020, Ms Gomes revealed that she was diagnosed with bipolar disorder and later said in an interview that any deal struck with her has to have an element that’s charitable or in the mental health space. She started the Rare Impact Fund to help raise $100 million to help people gain access to mental health services. 

Other revenue streams for the 32-year-old include income from her show ‘Only Murders in the Building,’ which was just renewed for a fifth season where she reportedly makes $6 million a season, and a smaller slice from her music royalties.