Actor and singer Selena Gomez becomes a billionaire thanks to cosmetics brand

Selena Gomez has become a billionaire thanks to the success of her Rare Beauty brand.

The 32-year-old star has enjoyed significant success as a singer and as an actor but Rare Beauty, her makeup and cosmetics brand, has seen her personal fortune top the US$1 billion ($1.6b) mark.

The brunette beauty is worth US$1.3b, according to Bloomberg, which has included Gomez on its Billionaires Index for the first time.

Bloomberg noted Rare Beauty, which Gomez founded and also owns, accounts for the “vast bulk” of her personal wealth.

Gomez has a significant social media following, including more than 400 million followers on Instagram, and she’s also worked with a host of big-name brands during her career, including the likes of Puma and Louis Vuitton.

Earlier this year, Gomez claimed she never wanted Rare Beauty to be about “making a lot of money”.

The star launched her cosmetics company, which is committed to raising US$100m for mental health awareness, in 2020 and Gomez confessed to being amazed by its success.

Speaking to Time magazine, she said: “I will admit it overwhelms me sometimes. I have this weird thing in my head where if I focus on the numbers, I’ll lose whatever it is that made Rare Beauty Rare Beauty.

“I never wanted it to be about making a lot of money and that’s it.”

Rare Beauty has been valued at more than US$1b but Gomez doesn’t have any intention of ever selling the company.

The Only Murders in the Building star said: “I don’t have any plans on that, genuinely.”