Selena Gomez, 32, is one of the world's youngest self-made billionaires, but her path to success wasn't easy. Here's a look inside her $1.3 billion rise.
Category
🤖
TechTranscript
00:00Okay, all right, we're rolling
00:02Selena Gomez has officially joined the billionaire Club according to the Bloomberg billionaire index the 32 year old superstar actress singer
00:10Investor and entrepreneur has reached a 1.3 billion dollar net worth making her one of the youngest self-made billionaires in the country
00:18Though Gomez is a global pop sensation her music and acting gigs account for less than 5% of her wealth
00:24The real jackpot came from her makeup brand rare beauty
00:27But she launched in 2020 while Selena's star power certainly helped the brand gain visibility
00:32It quickly became a viral success with influencers and makeup lovers alike in just a few years
00:38it has grown into a massive business generating 350 million dollars in sales in 2023 alone and
00:44Cementing its place as one of the hottest beauty brands today
00:47Rare Beauty stands out in the industry for its dedication to redefining beauty rather than pushing the idea of perfection
00:53Gomez created the brand to celebrate
00:56Individuality promote inclusivity and embrace what makes people rare as she said at the brand's launch quote makeup is something to enjoy
01:02It's not something you need
01:04I want every person to feel beautiful exactly as they are where beauty is especially popular with Gen Z consumers who value diversity and
01:11Authenticity from their makeup brands her viral soft pinch liquid blush has become a cult favorite and her business savvy has propelled to the top
01:18With a whopping 1.1 billion dollars of her wealth coming from rare beauty alone by 2022
01:23The brand expanded globally into the UK and Ireland and in 2023 it launched a body care line to build on its mission of self-care
01:31Selena Gomez is the third most followed person on Instagram boasting
01:35424 million followers
01:37She's also secured significant brand deals including 30 million dollars from Puma and 10 million dollars from coach
01:42But her roads to riches was anything but smooth in a 2012 interview with Elle Gomez recalled on her humble beginnings
01:49Saying quote I can remember about seven times when her car got stuck on the highway because we'd run out of gas money raised by
01:55Her teenage mother Mandy Teefey who juggled three jobs to provide for her Selena learned resilience from a young age
02:01Selena was born in 1992 in a tough neighborhood in Grand Prairie, Texas and was named after the Tejano star Selena
02:08Quintanilla Perez her fascination with acting began early after watching her mom perform in local theater
02:13One of her earliest acting roles was on the show Barney and Friends at age 7 where she also happened to meet future star
02:19Demi Lovato a few years later in 2007
02:22She shot to stardom as a lead in Disney's Wizards of Waverly Place earning around 3 million dollars from the role
02:28Aside from her beauty brand Selena is also committed to making mental health care more accessible
02:32She co-founded wonder mind a mental health startup valued at a hundred million dollars and donated 1% of rare beauty sales to the rare
02:40Impact fund which aims to raise a hundred million dollars by 2030 for mental health services as she said at the time 100 summit
02:47Quote, I think that we've been able to do something that at least in cosmetics. No one has ever done
02:51That's what makes me happy every night when I go to sleep