KUALA LUMPUR: Actor and singer Selena Gomez has officially entered the billionaires' club with an estimated net worth of US$1.3 billion, according to the Bloomberg Billionaires Index.
The pop star, 32, first rose to fame at the age of nine on "Barney & Friends" before debuting on the Disney Channel and embarking on her music career.
According to Bloomberg's wealth analysis, Gomez's wealth comes from a diverse range of ventures that capitalise on her talents and vast social media following.
This includes the launch of her beauty line, Rare Beauty Brands Inc., five years ago, which has since become a hit among influencers and teenagers.
In addition to her beauty brand, she secured brand partnerships with Puma, Coach and Louis Vuitton, along with streaming and acting deals, as well as a mental health start-up called Wondermind.
The analysis also noted that Gomez's wealth surged with her music career, starting with the band Selena Gomez & the Scene and later as a solo artist.
With three studio albums and 44 singles, she has leveraged her popularity on social media, amassing 424 million Instagram followers, making her one of the platform's most-followed figures, only behind sports icons Cristiano Ronaldo and Lionel Messi.
Her music success accounts for a small portion of her wealth, with concert tours contributing less than five per cent and album and record sales less than two per cent.
Bloomberg's analysis stated that the bulk of Gomez's fortune, about US$1.1 billion, comes from her 51 per cent stake in Rare Beauty, which has remained largely independent.
Rare Beauty reportedly generated US$350 million in annual revenue in 2022, surpassing other celebrity brands, such as Jessica Alba's Honest Co. and Lady Gaga's Haus Labs.
Despite speculation that Gomez might sell Rare Beauty at a valuation of US$2 billion, she recently told "Time" magazine that she has no plans to do so.
Gomez co-founded Wondermind with her mother, Mandy Teefey, and Daniella Pierson, the founder of The Newsette.
Valued at US$100 million in 2022, the platform has attracted investments from prominent venture capital firms and Serena Williams' venture fund.
In terms of her acting career, Gomez is starring in the Emmy-nominated Hulu series Only Murders in the Building alongside Steve Martin and Martin Short, now in its fourth season.
She earns at least US$6 million per season and is in contention for an Emmy Award for lead actress in a comedy series later this month.