Selena Gomez is Officially a Billionaire, Bloomberg reports

Just like her good friend Taylor Swift, Selena Gomez has achieved billionaire status this year. Gomez, who recently turned 32, now has a net worth of $1.3 billion, primarily due to the success of her beauty brand, Rare Beauty, according to Bloomberg. While her extensive acting and music career also play a considerable role in her wealth, it is Rare Beauty, launched four years ago, that has drastically contributed to her financial milestone. This is prepared by SSP.

Rare Beauty, now valued at $2 billion, stands out not only for its financial success but also for its symbolic impact. Gomez has expressed her frustration with the unrealistic standards in the cosmetic world and aims to provide products that make people feel good about themselves without altering their natural appearance. Each product in her collection carries uplifting and positive names, emphasizing joy and self-discovery. She has reiterated her vision of creating makeup that is fun and genuine, stating that striving for a certain appearance is both draining and futile.

Gomez has not limited her success to just business profits. Through the Rare Impact Fund, a portion of all Rare Beauty sales goes towards helping young people access mental health care.

Taylor Swift, who mirrored Gomez's financial leap earlier this year by making Forbes’s billionaire list with a net worth of $1.1 billion, reached this milestone solely through her music and highly successful Eras Tour, without any side business enterprises. Alongside Swift and Gomez, other notable young women billionaires include Rihanna, Kim Kardashian, and Oprah Winfrey.

Adding to Gomez’s financial empire is her massive social media following. Frequenting the title of the most-followed person on Instagram has enabled her to secure multi-million dollar sponsorship deals with various brands, thereby increasing her net worth even further.

Despite this success, financial gain wasn’t Gomez’s primary aim. In a TIME article, she expressed a desire to maintain the unique essence that makes Rare Beauty special, adding, "I never wanted it to be about making a lot of money and that’s it."

Overall, Selena Gomez epitomizes how a successful blend of art, business acumen, and personal values can lead to monumental achievements, bolstering the idea that true success extends beyond mere financial wealth.