Selena Gomez is a billionaire

Sept. 6 (UPI) -- Selena Gomez is a billionaire and, at 32 years old, she is one of the youngest women in the United States to reach such a milestone.

Gomez, an actress who came to fame on Wizards of Waverly Place on the Disney Channel, also stars in Hulu's Only Murders In the Building and the upcoming film Emilia Pérez.

As a singer, she put out hits like "Lose you to Love Me" and has been nominated for a Grammy award twice.

But most of her financial success can be attributed to her makeup brand Rare Beauty, which she started in 2020.

According to a Bloomberg report, this venture has generated approximately $1.1 billion for the star, who has a net worth of $1.3 billion.

She has also enjoyed profitable brand deals with Puma, Coach, and Louis Vuitton, earning her some $50 million altogether.

In addition, the mental-health resource she created, called Wondermind, is worth approximately $100 million, according to 2022 data.

"What she's doing is pretty smart. There has been this big shift throughout her career towards what fits her more authentically, which turns out to be better investment decisions," Carolyn Sloane, a University of Chicago professor, told Bloomberg .

Gomez also executive produces and guest stars in a spinoff of Wizards of Waverly Place , called Wizards Beyond Waverly Place , which premieres in October.

Season 4 of Only Murders in the Building premiered on Aug. 27 .