Selena Gomez's beauty brand just made her a billionaire

• Selena Gomez is now worth $1.3 billion, according to Bloomberg.
• Rare Beauty accounts for the vast majority of Gomez's fortune.

Selena Gomez has entered a rarefied circle for young celebrities.

The actress, singer, and entrepreneur is now a billionaire, according to Bloomberg, which pegs her estimated net worth at $1.3 billion.

Though Gomez's career is multifaceted, the lion's share of her wealth — roughly $1.1 billion worth — comes from her Rare Beauty cosmetics brand, Bloomberg reports.

Rare, launched in 2020, is a bonafide smash hit, with its popular blush product alone pulling in a whopping reported $70 million in revenues in 2022.

Rare is a huge source of wealth because it doesn't have a parent or corporate partner. The brand is owned by Gomez, and also counts New Theory Ventures' Nikki Eslami and its CEO — the beauty vet Scott Friedman — as investors, according to Bloomberg.

Earlier this year, reports swirled that 32-year-old Gomez was seeking to sell Rare at a $2 billion valuation. But Gomez later denied that a sale was imminent.

"I don't think I'm going anywhere. I am enjoying this a little too much," Gomez said in April. "I just want to continue building what we're doing."

Rare Beauty did not immediately respond to a request for comment from Business Insider.

In addition to her flourishing acting career, which includes the Hulu hit "Only Murders in the Building," Gomez is also the founder of the mental health platform Wondermind.

Gomez has previously inked eight-figure endorsement deals with the likes of Puma, Coach, and Louis Vuitton, according to Bloomberg.

And while she has had success in music, it's not the centerpiece of her portfolio — unlike Gomez's friend Taylor Swift, who hit billionaire status almost exclusively thanks to her music.