Selena Gomez is officially a billionaire, according to Bloomberg’s index

At just 32, Selena Gomez has reportedly joined the elite billionaire club, with Bloomberg revealing how she did it.

Selena Gomez is officially a billionaire, according to Bloomberg’s latest index.

The US actress, 32, has quietly amassed an exorbitant fortune in recent years, after first shooting to stardom as a teen with her Disney Channel show Wizards of Waverly Place in 2007.

While Gomez carved out a flourishing TV and music career in the years afterwards, while also becoming one of Hollywood’s most popular celebrities, the outlet reports 81 per cent of her wealth stems from her cosmetics company Rare Beauty, which launched in 2020.

According to Bloomberg’s recent estimations, which were published September, Gomez’s net worth is $US1.3 billion.

Selena Gomez's wealth stems largely from her cosmetics company, Rare Beauty.

Similar to pop star Rihanna, who became a billionaire in 2021 largely thanks to her cosmetics company Fenty Beauty, Gomez’s showbiz exploits accounted to only a fraction of her wealth, with music tours contributing to less than 5 per cent of her fortune, while album and record sales made up less than 2 per cent.

Rare Beauty, which sells makeup products from liquid blush to lipsticks, reportedly did net sales of $US400 million in the 12 months to February 2024.

Gomez is in a relationship with music producer Benny Blanco.

While it’s unknown what stake Gomez has in the business, which she founded, Bloomberg speculates it’s around 51 per cent, with the company estimated to be worth more than $US2 billion.

Further, Gomez is the most followed woman on Instagram, with 424 million followers.

Gomez alongside her Only Murders in the Building co-stars Meryl Streep, Steve Martin and Martin Short. She’s richer than all of them combined. Picture: Kevin Winter/Getty Images

The cosmetics space has proved highly lucrative for celebrities, including Kylie Jenner, who was namedForbes’ youngest self-made billionaire in 2019 thanks to the success of her company Kylie Cosmetics, which was founded in 2015.

However, she was a year later sensationally stripped of that status, with the business magazine accusing the reality star and her mother, Kris Jenner, of “inflating the size and success of her business”. Forbes lists her current net wealth at $US710 million.

Gomez joins her best friend, US pop star Taylor Swift, in the elite billionaire club, with the latter’s net worth estimated at $US1.1 billion in October last year.

Billionaire besties: Selena Gomez and Taylor Swift. Picture: Todd Williamson/CBS via Getty Images

Swift’s financial feat was particularly impressive, with the singer accumulating the bulk of her wealth from music and tours alone.

Per Bloomberg, Swift earned $US400 million from music she had released since 2019, when she took control of her own masters, as well as $US370 million from ticket sales and merchandise and $US120 million from streaming on Spotify and YouTube.

She also netted $US110 million from her five personal properties and $US80 million in royalties from music sales.

By the time it wraps in December this year, Swift’s blockbuster Eras Tour is estimated to have brought in more than $US2 billion.

Originally published as Selena Gomez is officially a billionaire, according to Bloomberg’s index