Another pop star turned makeup mogul becomes a billionaire. Selena Gomez, the founder of Rare Beauty, is officially worth $1.3 billion, according to the Bloomberg Billionaires Index. Despite her industry status as a “multifaceted businesswoman,” the bulk of Gomez’s wealth is tied to Rare Beauty, a cosmetic brand that marketed inner beauty to women alike in 2019.
Gomez’s Bloomberg wealth analysis constituted the value of her estimated stake in the Rare Beauty and Wondermind, the profit pocketed from music album sales and properties, and earnings from streaming deals, brand partnerships, concert tickets, and her sporadic acting career. Rare Beauty encompasses $1.1 billion from Gomez’s $1.3 billion profit stockpile. In a 2023 radio interview, Selena gushed, saying she tried her hardest “to create products that were beyond just [her] putting [her] name on something.” Gomez added, “I wanted the products to be great, and I also wanted the message to be that makeup is meant to be fun.”
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Rare Beauty recorded $350 million in revenue last year, according to Pitchbook, entering a revenue bracket shared by famed celebrity-owned makeup brands like Haus Labs by Lady Gaga and Jessica Alba’s Honest Co. Selena Gomez’s philanthropy and passion for mental health served as the guiding force behind the Rare Impact Fund, which donates 1% of all Rare Beauty sales to a range of mental health services and initiatives.
Brent Saunders, the only angel investor in Wondermind, believes that “the combination of celebrity backing, a cause-based mission, and quality products is a really good mix for success.” Gomez co-founded Wondermind with her mother and Hollywood producer, Mandy Teefey, and the founder of pop culture newsletter The Newsette, Daniella Pierson. Wondermind experienced steady growth toward a $1 million valuation in 2022, mere months after its debut in the market.
