Selena Gomez attains billionaire status
Selena Gomez is now a billionaire, according to a recent report.
Her beauty brand, Rare Beauty, catapulted her to the enviable status after 5 years in the industry.
She is now the youngest female billionaire with an estimated $1.3 billion (over Sh 162 billion) per the Bloomberg Billionaires Index.
“Gomez’s wealth reportedly comes from her various business ventures, with the outlet stating more than 81 per cent of her money is in her Rare Beauty cosmetics brand,” People Magazine notes.
“Other major income sources include — from most to least prominent — endorsements, touring, her mental health startup Wondermind, albums, acting, streaming and real estate.”
The 32-year-old has had a lustrous career that began when she was a child, starring in children’s television series and rising to become a teen idol thereafter.
Now, in her adulthood, she is an accomplished actress, singer and investor with multiple accolades under her belt that speak of her impressive talent and hard work.
“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,” Time Magazine reports on the star’s wealth.
“Gomez also serves as an executive producer of the show, alongside Martin and Short. She reportedly took home “at least” $6 million per season (over Sh 773 million) for her turn in the Hulu hit, which was recently renewed for a fifth season.”
Selena launched Rare Beauty in 2020, and, as Time notes, entered into a market already brimming with celebrity beauty companies, such as Rihanna’s Fenty Beauty.
On its website, Rare Beauty is described as a brand that “breaks down unrealistic standards of perfection.”
A note from Selena on the platform reads: “This is makeup made to feel good in, without hiding what makes you unique—because Rare Beauty is not about being someone else, but being who you are.”
The singer and entrepreneur said in a May interview that she gets fulfillment from creating a product that people can relate to.
“I get so much joy when people say, ‘Hey, that helped me through a difficult time.’”
She added: “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. I never wanted it to be about making a lot of money and that’s it.”
