Selena Gomez has entered the list of billionaire artists thanks to her own brand.

Selena Gomez officially became a billionaire thanks to the great success of her cosmetic brand Rare Beauty, just like her close friend Taylor Swift. According to Bloomberg Billionaires Index, the 32-year-old artist's net worth has now reached $1.3 billion. This success comes not only from Selena's acting and singing career but also from her Rare Beauty brand, which she established in 2020.

Stacy Jones, the founder and CEO of the Los Angeles-based brand agency Hollywood Branded, stated that Selena is not just a pop star but also a versatile businesswoman with various sources of income.

With this achievement, Selena is following in the footsteps of her 34-year-old friend Taylor Swift. Taylor also became a billionaire this year thanks to her record-breaking Eras Tour. The duo, who met while dating the Jonas Brothers in 2008, have maintained a close friendship ever since.

While Taylor accumulated her wealth solely through music and touring, Selena's sources of income are more diverse. Selena's music earnings make up a relatively small portion of her wealth and mostly come from live performances. According to Stacy, if Selena wrote her own songs, her income from music could double.

The former Disney Channel star is currently starring in Hulu's "Only Murders in the Building" series alongside Steve Martin and Martin Short. The series has been renewed for a fifth season. In addition to this, Selena is also involved in various brand partnerships and her mental health initiative, Wondermind.

All of these activities allow Selena to continue increasing her net worth even if she decides to leave the entertainment industry in the future.