On the back of her highly successful beauty brand, popular singer and actress Selena Gomez has joined the ranks of the youngest self-made female billionaires in the U.S.
What Happened: On Friday, Gomez’s net worth was estimated to be around $1.3 billion, which was largely attributed to her makeup line, Rare Beauty Brands Inc., reported Bloomberg.
The 32-year-old “Same Old Love,” singer’s wealth also comes from her brand partnerships, acting deals, and her mental-health startup, Wondermind.
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According to the report, Gomez has diversified her income sources – this is unlike her close friend Taylor Swift, who has accumulated her wealth primarily through her music.
“Selena is not just a pop star,” said Stacy Jones, CEO of Hollywood Branded, according to the report. “She's a multifaceted businesswoman with diverse income streams contributing to her impressive net worth.”
“You've got a real role model of how a celebrity can use their influence and expertise to both do good and create good business,” stated Brent Saunders, CEO of Bausch + Lomb Corp. and an investor in Gomez's Wondermind startup. “Selena epitomizes that,” she added, according to the report.
Why It Matters: Gomez began her career at a young age, appearing on Barney & Friends before rising to fame as Alex Russo on Disney’s Wizards of Waverly Place.
After playing the role of a wizard in the show she led a successful music career with hits as the frontwoman of Selena Gomez & the Scene, and later as a solo artist.
However, her path was not without obstacles. The singer has openly battled health issues, including a lupus diagnosis, which led to a kidney transplant in 2017.
She has also faced mental health struggles. She has previously revealed her bipolar disorder diagnosis.
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