Selena Gomez, the Rare Beauty founder, recently responded to being officially declared a billionaire in September 2024. Bloomberg reported that the singer’s net worth had reached $1.3 billion, earning her a spot on the Billionaires’ Index for the first time. Gomez, who is known for her work as an actress, singer, and entrepreneur with a massive following of 424 million on Instagram, expressed gratitude for the achievement but made it clear that she finds it uncomfortable to discuss money.
In an interview with Entertainment Tonight, the 32-year-old star acknowledged her thankfulness for the opportunities and individuals who supported her journey. However, Gomez emphasised that she believed talking about money was distasteful and preferred to credit her success to the customers of Rare Beauty. She attributed her billion-dollar status to their support, stating, “I really am giving all the credit to the people who buy the products. They’re the ones that made this dream of mine come true. So I’m really, really honoured and just happy.”
Bloomberg’s analysis highlighted Rare Beauty, the makeup brand launched by Gomez in 2020, as the primary contributor to her significant wealth. The company is closely linked to The Rare Impact Fund, a social initiative dedicated to mental health awareness, providing resources for young people, and celebrating individuality in an inclusive community. Rare Beauty has raised over $7 million, with one percent of its sales directed towards expanding access to mental health services through partnerships with organisations like Mindful Life Project and The Trevor Project.
Gomez’s commitment to promoting natural beauty through Rare Beauty was underscored in her interview with Time, where she expressed her hope that the brand inspires acceptance of imperfections without societal judgment. Addressing speculations that she planned to sell Rare Beauty once its value exceeded $2 million, Gomez denied these rumours in the same interview, stating, “I don’t have any plans on that, genuinely. I will admit it overwhelms me sometimes.”
The singer’s stance on money and her dedication to using her platform for important social causes have resonated with her fans. While achieving billionaire status is a remarkable milestone in her career, Selena Gomez remains focused on empowering others and advocating for mental health awareness through her work with Rare Beauty and The Rare Impact Fund.