Selena Gomez is no longer just a pop icon or beloved actress; she is a newly minted billionaire. With her success spanning multiple industries, including music, acting, beauty, and entrepreneurship, Gomez has built a remarkable empire.
Her journey to this financial milestone began as a child actor on the hit show Barney & Friends, and she has since evolved into a global superstar.
Today, she stands as a prominent figure in entertainment and business, with a wealth valued at over $1.3 billion.
But how does Selena Gomez make and spend her fortune? Let’s explore how this talented artist turned entrepreneur built her wealth and where she chooses to invest it.
How Newly Minted Billionaire Selena Gomez Makes and Spends Her Money
Selena Gomez makes her money primarily through her beauty brand, Rare Beauty, which contributes over 80% of her fortune.
Additionally, she earns through her acting career, music releases, and lucrative brand deals. As for spending, Gomez invests in real estate, including luxury homes, and focuses on mental health initiatives.
She also allocates a portion of her wealth to philanthropic efforts, particularly in mental health advocacy.
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Rare Beauty: The Cornerstone of Gomez’s Wealth
While Selena Gomez is widely known for her acting and singing, it’s her beauty brand, Rare Beauty, that accounts for the majority of her wealth.
Launched in 2020, Rare Beauty has grown rapidly, positioning itself as a leading player in the cosmetics industry.
According to estimates, Rare Beauty makes up more than 80% of Gomez’s $1.3 billion net worth, with the brand valued at over $2 billion.
What sets Rare Beauty apart from other celebrity brands is its emphasis on inclusivity and mental health.
Gomez has been vocal about her struggles with mental health, and this transparency resonates with her audience.
The brand’s success also stems from its strong presence on social media, where Gomez has a massive following.
Rare Beauty’s social media popularity translates into significant sales, with best-selling products like the liquid blush becoming cult favorites.
With Rare Beauty, Gomez not only built a successful business but also created a platform that empowers and uplifts people.
From Child Star to Hollywood Mogul
Selena Gomez first gained fame as a child actor on Barney & Friends and then as a teen star on Disney Channel’s Wizards of Waverly Place.
Her acting career paved the way for more significant opportunities, including leading roles in films such as Monte Carlo and Spring Breakers.
Gomez’s talent extends beyond acting, as she has also taken on the role of producer. In 2007, she launched her production company, July Moon Productions, which has produced successful projects like the Netflix series 13 Reasons Why and the cooking show Selena + Chef.
Gomez continues to shine as a Hollywood star, with her latest project, Only Murders in the Building, gaining critical acclaim.
Her multifaceted career in the entertainment industry has significantly contributed to her wealth, and she shows no signs of slowing down.
Gomez’s Music Career: Hits, Albums, and Tours
In addition to acting, Selena Gomez has built a successful music career. She first entered the music scene with her band, Selena Gomez & the Scene, before going solo in 2013.
Her solo career took off with the release of her first No. 1 album, Stars Dance, and she has since released several hit singles, including “Lose You to Love Me,” which topped the Billboard Hot 100 chart.
Gomez has sold millions of albums and has garnered billions of streams worldwide. Her music tours, such as the Revival Tour, have also been highly lucrative, bringing in millions of dollars in ticket sales.
While music is not her primary source of income, it still plays a vital role in her overall wealth.
Brand Endorsements: Big Deals with Coach, Puma, and More
Selena Gomez’s star power extends beyond the entertainment world into brand endorsements. With millions of followers on Instagram, Gomez is one of the most influential celebrities online.
In 2016, she became the most-followed person on Instagram, which opened the door to numerous brand deals.
Some of her most notable endorsements include her partnerships with Coach, Puma, Louis Vuitton, and Pantene. Her deal with Puma alone was reported to be worth $30 million.
These brand partnerships have significantly boosted her income, contributing to her billionaire status.
Real Estate Investments: Luxury Homes Across the U.S.
Selena Gomez has also invested her money wisely in real estate. Over the years, she has bought and sold several luxury properties across the United States.
Her real estate portfolio includes homes in California, Texas, and New York, with each property showcasing her taste for luxury.
One of her most notable purchases was the former home of the late singer Tom Petty, located in Encino, California, which she bought for $4.9 million.
Gomez has shown a knack for real estate investments, often selling properties for a profit. These real estate ventures have added to her wealth, solidifying her position as a savvy investor.
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Mental Health Advocacy and Philanthropy
Selena Gomez is not just focused on building her wealth; she is also committed to giving back. One of her primary philanthropic efforts is mental health advocacy.
Gomez has been open about her struggles with anxiety and depression, and she uses her platform to raise awareness about mental health issues.
In 2021, Gomez co-founded Wondermind, a mental health media platform designed to provide resources and support to those dealing with mental health challenges.
Wondermind has become a significant part of her philanthropic efforts and continues to grow in influence.
In addition to mental health advocacy, Gomez supports various charitable causes, including education, children’s rights, and disaster relief.
Her dedication to philanthropy demonstrates that, despite her immense wealth, she remains grounded and focused on making a positive impact on the world.