Name: How Selena Gomez Became a Self-Made Billionaire at 32
Uploaded: 2024-09-20
Duration: 3 min 2 s
Description: Selena Gomez, 32, is one of the world's youngest self-made billionaires, but her path to success wasn't easy. Here's a look inside her $1.3 billion rise.

Selena Gomez, 32, is one of the world's youngest self-made billionaires, but her path to success wasn't easy. Here's a look inside her $1.3 billion rise.

 How Selena Gomez Became a Self-Made Billionaire at 32

Entertainment

 Selena Gomez, 32, is one of the world's youngest self-made billionaires, but her path to success wasn't easy. Here's a look inside her $1.3 billion rise.

Ok. All right. We're rolling. Selena Gomez has officially joined the billionaire club. According to the Bloomberg Billionaire index, its 32 year old superstar, actress, singer, investor and entrepreneur has reached a $1.3 billion net worth making her one of the youngest self made billionaires in the country. Though Gomez is a global pop sensation, her music and acting gigs account for less than 5% of her wealth. The real jackpot came from her makeup brand Rare Beauty, which she launched in 2020. While Selena's Star Power certainly helped the brand gain visibility. It quickly became a viral success with influencers and makeup lovers alike in just a few years. It has grown into a massive business generating $350 million in sales in 2023 alone and cementing its place as one of the hottest beauty brands today. Rare Beauty stands out in the industry for its dedication to redefining beauty rather than pushing the idea of perfection. Gomez created the brand to celebrate individuality, promote inclusivity and is what makes people rare, as she said at the brand's launch. Quote, makeup is something to enjoy. It's not something you need. I want every person to feel beautiful. Exactly as they are. Rare. Beauty is especially popular with gente consumers who value diversity and authenticity from their makeup brand. Her viral soft pinch, liquid blush has become a cult favorite and her business Savvy has propelled to the top with a whopping $1.1 billion of her wealth coming from Rare Beauty alone. By 2022 the brand expanded globally into the UK and Ireland and in 20 23 and launched a body care line to build on this mission of self care. Selena Gomez is the third most followed person on Instagram boasting 424 million followers. She's also secured significant brand deals including $30 million from Puma and $10 million from coach. But her roads to riches was anything but smooth. In a 2012 interview with Elle Gomez recalled on her humble beginnings saying, quote, I can remember about seven times when her car got stuck on the highway because we'd run out of gas money raised by her teenage mother and t who juggled three jobs to provide for her. Selena learned resilience from a young age. Selena was born in 1992 in a tough neighborhood in Grand Prairie Texas and was named after the Tejano star Selena Quiana Perez. Her fascination with acting began early after watching her mom perform in local theater. One of her earliest acting roles was on the show Barney and friends at age seven where she also happened to meet future star Demi Lovato. A few years later, in 2007, she shot to stardom as the lead in Disney's Wizards of Waverly Place, earning around $3 million from the role. Aside from her beauty brand, Selena is also committed to making mental health care more accessible. She co founded Wonderin a mental health start up valued at $100 million and donates 1% of rare beauty sales to the Rare Impact Fund which aims to raise $100 million by 2030 for mental health services. As she said at the time, 100 summit quote, I think that we've been able to do something that at least in cosmetics, no one has ever done. That's what makes me happy every night when I go to sleep.