Selena Gomez has officially joined the ranks of billionaires. According to Bloomberg’s Billionaire Index, the 32-year-old actress, singer, investor, and entrepreneur has amassed an incredible $1.3 billion, making her one of the youngest self-made billionaires in the United States. However, her path to wealth and success was far from smooth.
“I remember at least seven times when our car broke down on the highway because we didn’t have gas money,” Gomez shared with Elle in 2012, reflecting on her challenging childhood with her teenage mother, Mandy Teefey.
“My mom sacrificed everything for me, working three jobs,” Gomez recounted in a 2017 interview with E! Entertainment.
Teefey was just 16 when she gave birth to Gomez in 1992 in a tough neighborhood in Grand Prairie, Texas. Five years later, she divorced Gomez’s father and raised her as a single mother while pursuing a career in theater.
Gomez’s passion for acting began on her mother’s theater sets, igniting the spark that would eventually lead her to fame.
Teefey shared with the New York Times in 2017 that her daughter’s fascination with acting was evident early on: “She went to one of my rehearsals and watched silently the whole time. On the way home, she said, ‘You know, Mom, that would be funnier if you did it this way.’ That’s when I knew she’d be an actress.”
And indeed, she did just that.
At age 10, Gomez made her acting debut on Barney and Friends, and five years later, she gained widespread recognition through her lead role in Disney’s Emmy-winning series Wizards of Waverly Place, earning her approximately $3 million, as noted by Cosmopolitan. She soon transitioned to music, fronting the band Selena Gomez & the Scene before launching a successful solo career with her chart-topping album Stars Dance.
Today, Gomez boasts a formidable career with three studio albums, nine top-10 pop hits, 44 singles (half of which are certified gold or platinum), and two Grammy nominations.
Surprisingly, acting and music are not the main contributors to Gomez’s vast fortune.
According to Bloomberg, her music tours accounted for less than 5% of her wealth, while album sales made up less than 2%. This is in stark contrast to her close friend Taylor Swift, who reached billionaire status in 2023, largely due to her concerts and music sales.
“Selena is much more than a pop star,” said Stacy Jones, founder and CEO of Hollywood Branded, a Los Angeles-based branding agency, in an interview with Bloomberg.
A staggering 84% of Gomez’s wealth—amounting to $1.1 billion—comes from her stake in her makeup brand, Rare Beauty, which she launched in 2020 during the pandemic. Entering a market already dominated by celebrities like Rihanna’s Fenty Beauty and Kim Kardashian’s SKKN, Gomez positioned Rare Beauty as an affordable option, according to Bloomberg.
“I really worked hard to create products that went beyond just having my name on them,” Gomez told 102.7 KIISFM in a 2023 radio interview.
Her immense Instagram following also played a crucial role in marketing the brand. With 424 million followers, Gomez is the third most-followed person on the platform, trailing only behind Cristiano Ronaldo and Lionel Messi. She frequently shares videos of herself using Rare Beauty products, helping to build a devoted customer base. Launched with 14 product categories and 150 items, Rare Beauty quickly gained a following, particularly for its viral liquid blush. In 2023, the brand achieved $350 million in total sales, with $70 million coming from blush alone, as reported by Bloomberg.
Gomez’s social media influence has also landed her lucrative endorsement deals with major brands such as Puma and Coach, earning her $30 million and $10 million, respectively.
In addition to her cosmetic empire, Gomez co-founded a mental health startup called Wondermind with her mother, valued at $100 million in 2022. Gomez has been open about her own struggles with bipolar disorder and depression, using her platform to advocate for mental health awareness.
“She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth,” said Stacy Jones to Bloomberg.
Despite her business success, Gomez’s greatest pride comes from her commitment to mental health advocacy. Through the Rare Impact Fund, she donates 1% of Rare Beauty’s sales to expand mental health services and education, with a goal to raise $100 million by 2030.
At the TIME 100 Summit in April, Gomez said, “I think we’ve achieved something in cosmetics that no one else has done, and that’s what brings me joy every night when I go to sleep.”
