Selena Gomez has revealed why she’ll never boast about her new billionaire status.
On September 6, Bloomberg declared the “Wolves” singer had reached a net worth of $1.3bn, placing her on the Billionaires’ Index for the first time. According to the report, Gomez’s wealth can be attributed to “a mix of businesses,” seeing that she’s an “actress, singer, and entrepreneur” with 424 million followers on Instagram.
When asked how it felt to reach the significant status, the Rare Beauty founder told Entertainment Tonight she was “grateful,” but she didn’t stop there. While the 32-year-old said she felt gratitude for all the opportunities and individuals who helped in her endeavors, she wasn’t interested in talking about money.
“I personally think it’s distasteful to talk about money,” Gomez confessed, before thanking her Rare Beauty customers. “I really am giving all the credit to the people who buy the products. They’re the ones that made this dream of mine come true. So I’m really, really honored and just happy.”
In Bloomberg’s analysis of Gomez’s newfound level of wealth, Rare Beauty – the makeup brand founded by the “Who Says” singer in 2020 – was identified as the “vast bulk” of her net worth.
Rare Beauty was created alongside the The Rare Impact Fund, a social initiative raising awareness on mental health issues, connecting young people to resources, and “celebrating everyone’s uniqueness” by forming an inclusive community.
Last year, the company reportedly raised over $7m, according to its website, as one percent of all Rare Beauty sales goes back to the fund to expand access to mental health services. The Rare Impact Fund also partners with a myriad of other organizations championing the same cause, including Mindful Life Project, Black Minds Matter, The Jed Foundation, and The Trevor Project.
In May, the Only Murders in the Building star spoke to Time about the duality of selling makeup products while also attempting to promote natural beauty. “I hope I don’t, and I hope Rare Beauty doesn’t, give off the vibe that you have to do anything,” she confessed, noting how she often wears minimal makeup. Gomez also maintained how “it’s bull****” that people who bear their imperfections, rather than covering them up, are judged by society.
Months before Gomez was announced as a new member of the Bloomberg Billionaire Index, speculation swirled about her future with Rare Beauty. Many fans believed that Gomez was planning to sell the company once its value hit $2m. However, speaking to Time, the former Disney Channel star confirmed these were just rumors.
“I don’t have any plans on that, genuinely,” she said, before adding: “I will admit it overwhelms me sometimes.”