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Is Selena Gomez a billionaire? Singer turns 31 as her net worth sees unbelievable jump in just one year

Selena Gomez’s cosmetics brand Rare Beauty donates 1% of its revenue to its own Rare Impact Fund, which also organizes fundraising events

LOS ANGELS, CALIFORNIA: Selena Gomez celebrated her 31st birthday on Saturday, but she might have another reason to rejoice. According to CelebrityNetWorth.com, the singer's net worth has skyrocketed to a whopping $800 million, thanks to the success of her makeup line Rare Beauty.

A recent Bloomberg report claimed that Rare Beauty, generated around $70 million in sales last year from its blush product alone. It also projects that the brand will rake in at least $210 million from the same product in 2023.

Is Selena Gomez a billionaire?

If these numbers are accurate, they would put Selena in the same league as other celebrities who have made a fortune from cosmetics, such as Kylie Jenner, who became a billionaire with her Kylie Cosmetics brand, TMZ noted. Selena acknowledged the impact of Rare Beauty in a birthday post on Instagram, where she thanked her fans for their support and asked them to donate to the Rare Impact Fund, a charity initiative that aims to increase access to mental health services for young people. She wrote, "I am thankful for so much in my life and one of the things I am most thankful for is the work we’ve been able to do with the Rare Impact Fund through @Rarebeauty." 

'This is my true passion in life'

She added, "Because of YOU we’ve been able to raise awareness and increase access to mental health services for young people. This is my true passion in life. People keep asking me what I want for my birthday, and I tell everyone the same thing please do not get me anything but if you want to do something for my birthday, please donate to the Rare Impact Fund. If you have the means, consider donating to help us make a difference." She concluded the post, by writing, "I LOVE YOU ALL!". Gomez launched her beauty empire in September 2020, and it has grown rapidly since then, tripling its earnings since 2022. The singer also holds the title of the most followed woman on Instagram, which reportedly has boosted her business as well.

'I'm so grateful to all of you'

According to a report, Selena Gomez’s Rare Beauty donates 1% of its revenue to its own Rare Impact Fund, which also organizes fundraising events. One such event was held at the White House last year, where they raised $500,000. The fund aims to reach $100 million in its first decade, and 70 percent of it will support BIPOC-led organizations. Earlier in May she tweeted the Rare Beauty Social Impact report, "I'm proud to share, the @RareBeauty

Social Impact Report 2022 is live! I'm so grateful to all of you who are on this journey with us. The need for mental health education and resources for young people has never been more needed and we could not do this meaningful work without all of you. Thank you."

'Rich Mother'

Even as people have reportedly begun congratulating her, some still want conformation from Forbes, "Desperately wanted to know this, cheers," wrote one user on Twitter. Another wrote, "Impressive how she managed to achieve this mostly by her non-musical businesses." One more user wrote, "Rich mother."