Selena Gomez joins youngest billionaires club with $1.3 billion net worth, follows ‘Rare Beauty’ brand’s success

Selena Gomez, the American singer and actress, has officially joined the youngest billionaires club, according to the Deadline report. This financial feat follows success of beauty brand, Rare Beauty. Selena Gomez's entrepreneurial efforts added to her financial success which was earlier primarily driven by thriving career as a singer and actress.

Alongside other lucrative ventures, the 32-year-old star producer of the popular Hulu series Only Murders in the Building launched her beauty brand in 2019, which played a pivotal role in ensuring billionaire status. This took the 'Emilia Perez' actor's estimated net worth to a whopping USD 1.3 billion, according to a Bloomberg report released on Friday. Selena Gomez is reportedly one of the youngest female billionaires in the United States.

Selena Gomez's entrepreneurial efforts added to her financial success which was earlier primarily driven by thriving career in the Entertainment industry. Around 81.4 percent of the net worth of star singer comes from her majority stake in her beauty brand.

Rare Beauty has become a powerhouse in the beauty and influencer markets, as explained by marketing expert Stacy Jones. “Selena is not just a pop star. She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth,” Stacy Jones said.

In addition to Selena Gomez's entrepreneurial efforts, revenue flow comes from investments in real estate and mental health startup Wondermind. Besides this, earnings from entertainment industry encompass revenue from music album sales, streaming deals, lucrative paid brand partnerships, concerts, and acting projects.

The star singer is set to mark her return to the television screen with a sequel to the Disney Channel show 'Wizards of Waverly Place'. ‘Wizards Beyond Waverly Place’ series is scheduled to premiere on October 29 this year. Selena Gomez has remained a prominent figure in entertainment industry even though her most recent album, ‘Rare’ was released four years ago.

(With agency inputs)