{"id":258816,"date":"2024-09-07T11:34:16","date_gmt":"2024-09-07T11:34:16","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/09\/07\/selena-gomez-from-no-gas-money-to-a-self-made-billionaire\/"},"modified":"2025-06-25T17:11:29","modified_gmt":"2025-06-25T17:11:29","slug":"selena-gomez-from-no-gas-money-to-a-self-made-billionaire","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/09\/07\/selena-gomez-from-no-gas-money-to-a-self-made-billionaire\/","title":{"rendered":"Selena Gomez: From no gas money to a self-made billionaire"},"content":{"rendered":"

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Selena Gomez is officially a billionaire.\u00a0According to Bloomberg<\/em>\u2018s Billionaire Index<\/a>, the 32-year-old actress, singer, investor<\/a>, and entrepreneur<\/a> is now one of the youngest self-made billionaires in the country, with an astounding $1.3 billion to her name. But her journey to this point wasn\u2019t easy.\u00a0<\/p>\n

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\u201cI can remember about seven times when our car got stuck on the highway because we\u2019d run out of gas money,\u201d Gomez told Elle<\/em> in 2012, recounting<\/a> her time growing up in poverty with her then-teen mom Mandy Teefey.\u00a0<\/p>\n

\u201cMy mom gave up everything for me and had, like, three jobs,\u201d Gomez said in a 2017 interview<\/a> with E! Entertainment<\/em>.\u00a0<\/p>\n

Teefey, 16 at the time, gave birth to Gomez in 1992 in a \u201creally rough neighborhood<\/a>\u201d of Grand Prairie, Texas. Five years later, she divorced her then-husband and raised Selena as a single mother while struggling to make it as a stage actress.<\/p>\n

\"Selena
Selena Gomez with her mom Mandy Teefey in 2009.<\/figcaption>

MICHAEL TRAN VIA GETTY IMAGES<\/p>\n<\/div>\n

As fate would have it, Gomez discovered her passion for acting after spending time on her mother\u2019s theater sets, which later propelled her to stardom.<\/p>\n

Teefey detailed<\/a> her daughter\u2019s early fascination with acting to the New York Times<\/em> in 2017: \u201cShe went to one of my rehearsals with me and sat through the whole thing, not moving. On the way home, she was quiet, and then she goes, \u2018You know, Mom, that might be funnier if you did it this way.\u2019 And I thought, \u2018Oh, no. She\u2019s going to be an actor.\u201d<\/p>\n

And she did just that.\u00a0<\/p>\n

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A scene of \u201cWizards of Waverly Place.\u201d<\/figcaption>

ERIC MCCANDLESS VIA GETTY IMAGES<\/p>\n<\/div>\n

At just 10 years old, Selena made her acting debut on Barney and Friends, <\/em>rising to fame five years later with her lead role in Disney\u2019s Emmy award-winning series Wizards of Waverly Place<\/em>, which earned her around $3 million in total, according to<\/a> Cosmopolitan<\/em>. She then transitioned to music as the leading lady of pop band Selena Gomez & the Scene<\/em> before launching a successful solo career with her hit album Stars Dance<\/em>, which ranked<\/a> No. 1.\u00a0<\/p>\n

\"Selena
Selena Gomez with her band The Scene at Siren Studios on September 29, 2009 in Hollywood, California.<\/figcaption>

MICHAEL TRAN VIA GETTY IMAGES<\/p>\n<\/div>\n

Today, Gomez boasts an impressive r\u00e9sum\u00e9: three studio albums, nine top-10 pop hits, 44 singles (half of which are platinum or gold), and two Grammy nominations.<\/p>\n

Interestingly enough, acting and singing don\u2019t make up the majority of Gomez\u2019s fortune.<\/p>\n

According to Bloomberg<\/em><\/a>, music tours only accounted for less than 5% of Gomez\u2019s wealth, with album and record sales less than 2%\u2014unlike her close friend Taylor Swift, who reached billionaire status<\/a> in October 2023 primarily from her music and concerts.<\/p>\n

\"Taylor
Taylor Swift and Selena Gomez perform onstage during Taylor Swift The 1989 World Tour Live In Los Angeles at Staples Center in 2015.<\/figcaption>

CHRISTOPHER POLK VIA GETTY IMAGES<\/p>\n<\/div>\n

\u201cSelena is not just a pop star,\u201d Stacy Jones, founder and CEO of Hollywood Branded, a Los Angeles-based branding agency, told<\/a> Bloomberg<\/em>.<\/p>\n

Roughly 84% of Gomez\u2019s wealth\u2014$1.1 billion\u2014comes from a stake in her makeup brand Rare Beauty, which she founded just five years ago.\u00a0<\/p>\n

Launched in 2020 at the height of the pandemic, entering an already saturated market with celebrity-backed giants like Rihanna\u2019s Fenty Beauty and Kim Kardashian\u2019s SKKN, Gomez marketed Rare Beauty products as \u201cmoderately priced makeup,\u201d according to<\/a> Bloomberg<\/em>.<\/p>\n

\"Selena
Selena Gomez celebrates the launch of Rare Beauty\u2019s Soft Pinch Tinted Lip Oil Collection.<\/figcaption>

CINDY ORD VIA GETTY IMAGES<\/p>\n<\/div>\n

\u201cI really tried my hardest to create products that were beyond just me putting my name on something,\u201d she told 102.7 KIISFM<\/em> in a 2023 radio interview.\u00a0<\/a><\/p>\n

Of course, having the third most-followed Instagram<\/a> account on the planet helped.<\/p>\n

With 424 million followers on the platform, just behind soccer stars Christiano Ronaldo and Lionel Messi, Gomez aided her brand\u2019s marketing efforts by posting clips of her applying makeup with Rare Beauty products. With 14 product categories and 150 items at launch, the brand quickly built a loyal following\u2014especially for its viral liquid blush. In 2023, Rare Beauty hit $350 million<\/a> in total sales, $70 million<\/a> of which were generated from its blush alone, reports Bloomberg.<\/em><\/p>\n

Her social media influence has also helped her secure multimillion-dollar deals with major brands like Puma<\/a> and Coach, which earned her $30 million<\/a> and $10 million<\/a>, respectively.<\/p>\n

\"Fans
Fans crowd outside the store the Coach In-Store Event with Selena Gomez.<\/figcaption>

KEVIN MAZUR VIA GETTY IMAGES<\/p>\n<\/div>\n

But that\u2019s not all. The Come and Get It <\/em>singer, who\u2019s been open about her struggles with bipolar disorder<\/a> and depression, started her own mental-health startup<\/a> called Wondermind with her mother, which was valued at $100 million in 2022.\u00a0<\/p>\n

\u201cShe\u2019s a multifaceted businesswoman with diverse income streams contributing to her impressive net worth,\u201d Stacy Jones tells<\/a> Bloomberg.\u00a0<\/em><\/p>\n

But despite all her business success, the Only Murders in the Building<\/em> star (Hulu<\/a> pays her $6 million<\/a> per season) is most proud of her philanthropic mission to expand mental health services and education globally. She contributes 1% of her cosmetic sales to the Rare Impact Fund, which aims to raise $100 million by 2030.\u00a0<\/p>\n

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Selena Gomez speaks onstage during the 2024 TIME100 Summit.<\/figcaption>

JEMAL COUNTESS VIA GETTY IMAGES<\/p>\n<\/div>\n

At the TIME<\/em> 100 Summit in April, Gomez said<\/a>, \u201cI think that we\u2019ve been able to do something that, at least in cosmetics, no one has ever done. That is what makes me happy every night when I go to sleep.\u201d<\/p>\n<\/div>\n

Explore our new special issue.<\/strong>
A Wall Street legend gets a radical makeover, crypto iniquity, misbehaving poultry royalty, and more.
Read the stories.<\/a> <\/div>\n

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