ALBAWABA - In addition to her many achievements, Selena Gomez can now say that she is a millionaire.
Bloomberg reports that the actress, singer, and entrepreneur's net worth is $1.3 billion, making her one of the youngest billionaires in the US. She has reached a financial milestone.
The "Only Murders in the Building" actress and singer has a good income from acting, singing, and business ventures, but her beauty line, Rare Beauty, which she started five years ago and has since grown popular among youths and influencers, is the main source of her money, according to a magazine that came out on Friday.
Bloomberg estimates that Gomez's stake in the beauty brand and her interest in the mental health platform "Wondermind" are worth a combined total of $424 million. Gomez also earns money from her music, acting, real estate, and social media partnerships, which contribute to her net worth.
Selena has racked up massive endorsement agreements, including a $30 million contract with Puma and a $10 million deal with Coach, thanks to her prominence on Instagram, where she ranks third in terms of followers, after soccer greats Cristiano Ronaldo (638 million) and Lionel Messi (504 million).
However, her Rare Beauty company has also benefited from her popularity, classifying her among the celebrity beauty firms headed by Rihanna and the Kardashians. According to reports, Gomez has sought a $2 billion valuation for Rare Beauty and has enlisted investors.
According to Bloomberg, she earns $6 million each season from her Hulu series "Only Murders in the Building," which recently received a fifth season extension. She also receives a smaller share of music royalties.
