Selena Gomez is officially a billionaire...yes, with a "b."
According to the Bloomberg Billionaires Index, the former Disney Channel child star turned global sensation is worth a reported $1.3 billion, thanks in large part to her wildly successful beauty brand, Rare Beauty.
“Selena is not just a pop star,” Stacy Jones, founder and chief executive officer of Hollywood Branded, a Los Angeles-based branding agency, told Bloomberg in an interview for an article outlining the star's new billionaire status and breaking down her wealth.
“She’s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth," Jones continued.
The majority of her wealth is thanks to Rare Beauty, the Only Murders in the Building star's makeup brand. However, she has also been able to successfully monetize various "brand partnerships, acting deals and a mental health startup," the publication states, that has added to her overall 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,” Brent Saunders, CEO of eye-health company Bausch + Lomb Corp. and an investor in Gomez’s mental health startup Wondermind, told the publication.
“Selena epitomizes that.”
The star has certainly come a long way from her time as a child actor on the Disney Channel. According to Bloomberg, her hit role on the popular television showWizards of Waverly Place earned Gomez around $3 million in total at the time.
Since then, Gomez has become one of the most popular people on Instagram, allowing for various brand opportunities that have only expanded her fortunate. In 2016, Gomez made $10 million after she was named the new face of Coach, and another $10 million after inking a brand deal with Louis Vuitton.
In 2017, the publication reports, Gomez signed a two-year, $30 million dear with Puma SE.
“It's smart that she's kind of created a career that's not so dependent on music being a big part of the financial piece,” Carolyn Sloane, a professor at University of Chicago’s Harris School of Public Policy, told Bloomberg.
According to the publication, Gomez has not toured since 2016—music tours only account for a reported 5% of her wealth, while album and record sales make up less than 2%.
