32-year-old Gomez is a singer, investor and businesswoman. She just reached a financial breakthrough, making her one of the youngest independent tycoons in the United States.
The publication states that she earned her riches primarily from her Rare Beauty make-up company, which she launched five years ago and still holds a stake worth more than $1 billion.
Rare Beauty, known for its liquid blush and lip tint has gone viral on social media, reportedly made $400 million in net sales in the year ending February.
Selena is now one of the “youngest female self-made” affluent persons on the list, among celebrities such as Rihanna and Taylor Swift, due to the popularity of her business with influencers and teenagers.
According to Bloomberg, Gomez has earned tens of millions of dollars through endorsement deals with brands such as Louis Vuitton, Coach, and Puma.
It further stated that she netted “at least” $6 million per season for her Emmy-nominated performance in the Hulu blockbuster “Only Murders in the Building,” which was just renewed for a fifth season.
Despite her on-screen and musical success, which includes many Emmy and Grammy selections, Bloomberg stated that these accomplishments account for only a small portion of her riches.
Bloomberg calculates Gomez’s net worth by estimating the value of her stake in the beauty brand as well as factoring in her interest in the mental health platform Wondermind, along with other earnings from her music, acting, properties, and partnerships that she promotes on social media, including her 424 million Instagram followers.
Her Instagram following ranks her third behind soccer giants Cristiano Ronaldo and Lionel Messi, allowing her to earn large endorsements from Puma worth a reputed $30 million.
However, her following has helped Rare Beauty Line succeed, positioning her as a prominent player in the celebrity-led make-up brand market alongside Rihanna and the Kardashians. Gomez has also reportedly approached investors about Rare Beauty, seeking a $2 billion valuation.