Like her good friend Taylor Swift, Selena Gomez has become a billionaire this year. The 32-year-old Rare Beauty founder now has a net worth of $1.3 billion, Bloomberg reports, in large part due to the success of her beauty brand. Gomez, of course, has a long acting and music career behind her contributing to her wealth, too.
But Rare Beauty, which Gomez launched four years ago, was the big game-changer and creates a large bulk of her wealth, per Bloomberg.
The outlet reported in March that Rare Beauty was valued at $2 billion. Gomez shut down rumors that she was considering selling the company in April, saying during her Time100 Summit talk, “I am just enjoying this a little too much.”
She shared her thoughts entering the cosmetics space too, saying, “Personally, I felt that there’s a very unrealistic standard when it comes to the cosmetic world, and it makes me a little sad for my generation and for anyone to look at something that’s probably touched up and made to look nice. I just wanted to break that down. I don’t know how to do makeup, and I have a makeup line. Like, I’m terrible at it.”
She didn’t want Rare Beauty’s products to make people “feel like they had to look a certain way, didn’t have to change the shape of their face. I wanted it to feel good when you were using my products. And all of our products are named based on uplifting things, from our Find Comfort line to anything that comes to mind, body, and soul. We try to be very conscious of even naming the products to be reminders of joy or just finding yourself. So I genuinely just wanted to make makeup that was fun for people. I don’t believe in having to look a certain way. I spent years trying to do that and it just—it’s draining, a waste of time.”
Gomez’s friend Swift made Forbes’s billionaire list in April, with a net worth of $1.1 billion then. Swift, remarkably, achieved the feat with no side company of her own, just through the success of her music and Eras Tour.
