Selena Gomez becomes one of the U.S.'s youngest billionaires boosted by the success of Rare Beauty

Selena Gomez has officially entered the ranks of the nation's youngest self-made billionaires, according to the latest update from the Bloomberg Billionaires Index . The 32-year-old actress and entrepreneur currently has a net worth standing at $1.3 billion.

Her wealth comes from a diverse array of business ventures but is mainly a result of her beauty line, Rare Beauty. Other brand partnerships, as well as her acting career, help increase the figures.

Unlike her friend Taylor Swift, who primarily earned her billionaire status through music and touring, Gomez's wealth is tied to multiple income streams. The largest contributor is Rare Beauty, the cosmetics company she founded in 2020, which has resonated with influencers and younger consumers.

Rare Beauty alone is estimated to contribute $1.1 billion to her net worth. The brand's annual revenue reached $350 million in 2022, outperforming other celebrity-founded beauty brands.

While Gomez's music career has helped elevate her public profile, it accounts for only a small portion of her wealth. The report explains that tours and album sales represent less than 7% of her total fortune. Her primary focus has shifted towards acting and business ventures.

Gomez has also invested in Wondermind, a mental health platform she co-founded, valued at $100 million in 2022.

According to Stacy Jones, CEO of branding agency Hollywood Branded, Gomez is a "multifaceted businesswoman" who has leveraged her social media following and authenticity to build a sustainable business model. This sentiment is echoed by Brent Saunders, CEO of Bausch + Lomb Corp. and an investor in Wondermind, who noted that Gomez's success lies in combining her celebrity with meaningful ventures, such as her advocacy for mental health awareness.

Gomez's career started in television with roles in shows like "Barney & Friends" and "Wizards of Waverly Place." Since then, she has maintained a strong presence in the entertainment industry. She currently stars in the Hulu series "Only Murders in the Building," which has earned her an Emmy nomination.