Selena Gomez Calls Talking About Money 'Distasteful' After Reaching Billionaire Status

Selena Gomez has achieved a significant milestone as one of the youngest self-made female billionaires in the country, thanks to her immensely successful beauty brand, Rare Beauty.

Launched just five years ago, Rare Beauty has captivated influencers and teens alike, thanks to Selena's staggering 424 million Instagram followers.

Despite reaching billionaire status, Selena Gomez finds discussions about money "distasteful" and prefers not to focus on her wealth.

At just 32, Selena Gomez now boasts a remarkable net worth of $1.3 billion, largely attributed to her successful beauty brand, Rare Beauty. Bloomberg has now officially acknowledged her on its Billionaires Index for the first time.

"I’m very grateful," the actress told Entertainment Tonight on the red carpet at the premiere of her new film, "Emilia Pérez" before adding, "I personally think it’s distasteful to talk about money."

"But I really am giving all the credit to people who buy the products," she acknowledged. "They’re the ones that made this dream of mine come true, so I’m really, really honored and just happy."

After achieving billionaire status, Stacy Jones, founder and chief executive officer of Hollywood Branded, a Los Angeles-based branding agency, praised Selena, calling her "not just a pop star" but a "multifaceted businesswoman with diverse income streams contributing to her impressive net worth.”

Selena's wealth primarily stems from her beauty empire, Rare Beauty Brands Inc., which she launched five years ago. The brand has rapidly gained popularity among influencers and makeup enthusiasts alike.

Brent Saunders, CEO of Bausch + Lomb and a major investor in Selena's mental health startup, Wondermind, attributes her success to her authenticity.

“You’ve got a real role model of how a celebrity can use their influence and expertise to both do good and create good business,” Saunders said. “Selena epitomizes that.”

The "Only Murders In The Building" actress previously spoke to Time about the success of her beauty brand.

"I have this weird thing in my head where if I focus on the numbers, I’ll lose whatever it is that made Rare Beauty, Rare Beauty," she told the outlet at the time. "I never wanted it to be about making a lot of money and that’s it."

According to the official website, Rare Beauty's vision is "to create a safe, welcoming space in beauty—and beyond—that supports mental well-being across age, gender identity, sexual orientation, race, cultural background, physical or mental ability, and perspective."

Since its launch in 2020, Rare Beauty has seen impressive growth, with annual sales increasing by 100% from 2021 to 2022 and an astounding 200% the following year, reaching $400 million for the 12 months ending in May.

Selena also revealed that Rare Beauty was born, not from specific makeup ideas, but from her desire to support those struggling with mental health.

She established the brand with a philanthropic initiative, the Rare Impact Fund, aiming to raise $100 million within its first decade. To support this mission, she pledged that 1% of all product sales would go to the fund.

As of May 2024, the Rare Impact Fund has raised $13 million, providing grants to 26 organizations across five continents dedicated to enhancing mental health, per Time.

Ahead of World Mental Health Day on October 10, Selena has revealed that her beauty brand, Rare Beauty, is teaming up with Sephora to support the Rare Impact Fund.

"It’s happening again," she announced in a social media post on Tuesday, October 1. "I couldn’t be more grateful to share Sephora is partnering with Rare Beauty to donate 100% of Rare Beauty global sales to the Rare Impact Fund on World Mental Health Day, October 10th. For 24 hours, ALLLLL sales (both online and in-store!) will go towards increasing access to mental health resources and education for young people around the world."

"The Rare Impact Fund began before we ever launched a product," Selena added. "Over the past 4 years, we have provided resources to 26 grantees globally who are doing incredible work. We couldn’t do this without your support, and it means the world to me that Sephora is joining us in our mission!
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This partnership aims to raise crucial funds for the initiative, which is dedicated to improving mental health resources and awareness globally.