Selena Gomez is one of the most loved pop culture icons of the modern era, the most followed woman on Instagram, and she’s now again in everyone’s sights. Only Murders in the Building hit Hulu on Aug. 27, premiering its much-awaited fourth season. Just days later the season 4 premiere on Aug. 27, the comedy-drama starring Gomez, Steve Martin, and Martin Short, was renewed for a fifth season.
Amidst all the chit-chat, the singer, businesswoman, producer, and actor had her net worth updated for 2024. The 32-year-old kicked off her career at age seven as a child actor on the Disney Channel, but while her various acting projects and eventual shift to singing brought her to prominence in media, that didn’t put her in contention for the billionaires club. Now things are different.
Owing mostly to her beauty brand Rare Beauty and her venture into a producing career while also pursuing acting full-time again, Selena Gomez has seen a huge hike in her wealth from last year. Has she finally entered billionaire territory?
How much is Selena Gomez worth in 2024?
Selena Gomez was officially in line to enter the billionaire celebrity club after climbing to a $800 million net worth last year. The sudden rise came after her 4-year-old makeup brand Rare Beauty reportedly generated at least $300 million in 2023, a $200 million increase from a year before. Rare Beauty roped another $400 million in net sales between February 2023 and 2024. Following this, Selena Gomez officially recorded a net worth of $1.3 billion in Sept. 2024.
The profits from her makeup brand make up most of the singer’s net worth as she holds a 51% majority interest in the company, which she’s kept largely independent thus far. Gomez’s increased wealth can also be linked to her unmatched social media following, which makes her one of the most sought-after influencers. She currently has more than 58 million followers on TikTok, 424 million followers on Instagram, and more than 34 million subscribers on YouTube.
Gomez has been known to earn anywhere from $500,000 to $800,000 for a single sponsored post on Instagram. She has cashed in big money into her bank account from endorsement agreements with companies like Puma, Coach, and Louis Vuitton. And, for Only Murders in the Building, Gomez is getting paid at least $6 million per season, with additional profits from her producer role.
Selena is also co-founder of the mental health startup Wondermind and became an owner and investor of the ice cream brand Serendipity in 2020. And the list of Selena’s income sources doesn’t stop here. Our favorite businesswoman is also enjoying huge profits in real estate. Although music tours only accounted for less than 5% of Gomez’s wealth, with album and record sales less than 2%, Gomez will also soon release a new album, which she teased last year.
With her updated net worth, Selena Gomez has become one of the few musicians to join the billionaire club. In July, Bruce Springsteen, popularly known as “The Boss” officially hit $1.1 billion net worth, joining other musicians like Taylor Swift, Rihanna, and Jay-Z in billionaire territory.