Cover Self-made billionaire Selena Gomez celebrates an impressive year of achievements in 2024 (Photo: Kylie Fitts & Flannery Underwood).
Self-made billionaire Selena Gomez celebrates an impressive year of achievements in 2024 (Photo: Kylie Fitts & Flannery Underwood).
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Through passion and relentless dedication, billionaire Selena Gomez has made remarkable strides in both film and business.
On 12 December 2024, singer and actress Selena Gomez announced her engagement to music producer Benny Blanco, sharing a series of photographs on Instagram showcasing her engagement ring. To date, her post has garnered more than 22 million likes, along with an outpouring of congratulations from stars such as Taylor Swift, Lily Collins, Jennifer Aniston, Cardi B, and Lil Nas X.
Beyond her blissful romance with Benny Blanco, Selena Gomez has also enjoyed an extraordinary year across multiple fields, particularly in film and business. After years of perseverance, she now stands among the world’s self-made billionaires, with a net worth of USD 1.3 billion.
Here, we reflect on the self-made billionaire’s journey—her resilience in overcoming challenges and the milestones she has reached over the past year.
A defining year in acting
Before stepping into the music industry, Selena Gomez first captivated global audiences with her role as Alex Russo in Disney’s hit series Wizards of Waverly Place. She also starred in romantic comedies such as Another Cinderella Story and Monte Carlo, quickly winning the affection of fans.
Even as she focused on her music career, Gomez remained involved in film—voicing characters in the Hotel Transylvania animated franchise, making guest appearances in various productions, and serving as a producer on Netflix’s 13 Reasons Why.
However, her acting performances were not always well received. For instance, Spring Breakers, which marked her transition to a more mature and provocative image, fell short of expectations, earning just over USD 30 million at the global box office and receiving a modest IMDb rating of 5.3.
Between 2010 and 2018, the public largely recognised Gomez as a singer rather than an actress, thanks to chart-topping hits such as Love You Like a Love Song, The Heart Wants What It Wants, Same Old Love, and Lose You to Love Me. At the time, many assumed her passion for acting had waned.
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However, in 2019, she made a return to the silver screen with the psychological romance A Rainy Day in New York and the horror-black comedy The Dead Don’t Die. Though her roles were minor, working alongside industry greats such as director Jim Jarmusch, veteran actor Bill Murray, and rising star Timothée Chalamet provided invaluable experience and an opportunity to refine her craft.
By 2021, her acting career reached new heights with Only Murders in the Building, a Hulu series in which she starred alongside legendary actors Steve Martin and Martin Short.
Her performance in the show was widely praised, with critics and audiences alike noting her newfound depth and maturity. The success of Only Murders in the Building also secured her an impressive salary of USD 6 million per season.
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In 2024, Selena Gomez once again captivated critics and audiences with her role in the musical thriller Emilia Pérez. Featuring a compelling script and an innovative character portrayal, the film’s success at the 2024 Cannes Film Festival saw Gomez honoured in the Best Actress category, alongside Adriana Paz, Zoe Saldaña, and Karla Sofía Gascón.
Not only that, in 2024, Selena Gomez secured two significant nominations at the 2025 Golden Globe Awards for both television and film. She was recognised in the Best Supporting Actress category for Emilia Pérez and Best Actress for Only Murders in the Building.
At the 2024 Emmy Awards, Gomez also received a nomination for Best Actress in a Comedy Series, alongside a string of other nods at ceremonies such as the Satellite Awards and the People’s Choice Awards. These accolades reaffirm her growing stature in Hollywood.
Billionaire status through Rare Beauty
Beyond her success in film, Selena Gomez has also cemented her place in the beauty industry with her cosmetics brand, Rare Beauty. While her wealth is bolstered by multiple income streams—including acting, music, and fashion—Rare Beauty has been the driving force behind her billionaire status, as she retains full ownership of the company.
Gomez launched Rare Beauty in 2020, coinciding with the release of her studio album Rare. With her immense social media influence—boasting 423 million Instagram followers—Rare Beauty immediately captured the attention of both fans and the beauty industry.
By 2022, the brand’s Soft Pinch Liquid Blush had already generated over USD 70 million in revenue. The following year, Rare Beauty recorded an extraordinary USD 350 million in revenue and was valued at USD 2 billion.
Within just four years, Rare Beauty had secured a place among Sephora’s best-selling cosmetic brands and expanded to 36 countries worldwide. A 2023 survey by investment bank Piper Sandler ranked it as the second most popular cosmetics brand among Gen Z consumers, surpassing industry heavyweights such as Fenty Beauty, Maybelline, and L'Oréal, with only e.l.f. ahead.
Rare Beauty’s success is not solely attributable to Selena Gomez’s star power but also to the quality of its products. According to beauty journalist Amanda Krause, the brand’s appeal lies in its well-formulated range, featuring universally flattering neutrals for everyday wear alongside striking statement shades for special occasions.
Championing mental health with the Rare Impact Fund and Wondermind
Throughout her career, Selena Gomez has faced considerable challenges, including lupus, depression, and bipolar disorder. As a result, she has long used her platform to raise awareness about mental health, openly sharing her personal struggles to inspire and support others facing similar difficulties.
Rare Beauty’s brand ethos is deeply rooted in mental health advocacy, a key factor that sets it apart in the competitive beauty industry. Rather than promoting unattainable beauty standards, the brand champions self-acceptance and confidence. Since its inception, Rare Beauty has marked Mental Health Awareness Month each May by hosting an annual conference featuring Gomez alongside leading experts in the field.
In addition, Rare Beauty donates 1% of its annual sales to the Rare Impact Fund, a foundation Gomez established to increase access to mental health resources for young people worldwide. To date, the fund has raised USD 13 million, supporting 26 mental health organisations across five continents.
Furthering her commitment to the cause, Gomez launched Wondermind in 2022, an online platform dedicated to raising awareness and providing mental health support. She describes it as a safe space for those seeking to improve their well-being, with contributions from experts offering practical guidance and solutions.
Having overcome numerous challenges, Selena Gomez has built a life filled with love, success, and purpose. More than a global star, she is a beacon of inspiration—empowering others to navigate their own struggles while driving meaningful conversations about mental health.
