Selena Gomez Is a Billionaire Following the Success of Her Rare Beauty Brand

Selena Gomez is known for many things, such as her Emmy-nominated performance role on Hulu's Only Murders in the Building and her successful career as a pop star, and now she can add billionaire to the list.

Gomez was ranked on the Bloomberg Billionaires Index for the very first time, which puts her current net worth at $1.3 billion, Bloomberg reported on Friday, September 6. The outlet cited Gomez's many lucrative endeavors as an "actress, singer and entrepreneur" for helping her reach the impressive milestone.

The "Love On" singer's company Rare Beauty Brands Inc. accounts for the "vast bulk of Gomez’s wealth," according to Bloomberg. But it's the musician's ability to diversify into avenues like brand partnerships and television producing roles (she’ll produce this fall’s Wizards of Waverly Place reboot ) that will help prolong her success as a public figure.

Bloomberg compared Gomez's financial success to that of her close friend Taylor Swift , who became a billionaire almost exclusively from selling and touring her own music. While Gomez has embarked on tours in the past, she accrued wealth from a number of different avenues, including her brand Rare Beauty.

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Gomez last toured in 2016, and she previously revealed she's unsure she'd tour her music again.

"Nothing makes me happier than 90 minutes of being with my fans and just celebrating together," Gomez told TIME in May. "[However,] it is very emotionally draining for me and then you realize you’re just surrounded by a bunch of people that you’re paying."

According to Bloomberg, only a small fraction of Gomez's wealth comes from her music career. Instead, the Spring Breakers star has leveraged her huge social media following to book multimillion-dollar deals with brands like Puma, Louis Vuitton and Coach.

Rumors had suggested Gomez was considering a sale of Rare Beauty once it reached a $2 billion valuation. In her TIME profile, the multi-hyphenate denied she would be parting ways with her beauty brand anytime soon. "I don’t have any plans on that, genuinely," she told the publication.

Despite reaching billionaire status at 32, the A Rainy Day in New York star doesn't take her success for granted. And when it comes to her beauty brand, she admitted to being nervous she could lose sight of why she started the company.

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"I will admit it overwhelms me sometimes," she told TIME . "I have this weird thing in my head where if I focus on the numbers, I’ll lose whatever it is that made Rare Beauty Rare Beauty."

She continued, "I never wanted it to be about making a lot of money and that’s it."