Selena Gomez is a billionaire thanks to her beauty brand Rare Beauty

Selena Gomez has risen into a select circle of young celebrities.

The 32-year-old actress, singer and entrepreneur is now a billionaire, according to Bloomberg, and estimates her net worth at $1.3 billion.

Although Gomez's career is diverse, the lion's share of her wealth – about $1.1 billion – comes from her cosmetics brand Rare Beauty, Bloomberg said.

Rare's launch in 2020 was a huge success – its popular blush product alone is expected to generate $70 million in sales in 2022.

Rare is a huge source of cash because it has no parent company or corporate partner. The brand is owned by Gomez and counts Nikki Eslami of New Theory Ventures and its CEO, beauty expert Scott Friedman, among its investors, according to Bloomberg.

Earlier this year, rumors circulated that Gomez was looking to sell Rare for a $2 billion valuation, but Gomez denied that a sale was imminent.

“I don't think I'm going anywhere. I'm enjoying this a little too much,” Gomez said in April. “I just want to keep working on building what we're doing.”

Rare Beauty did not immediately respond to Business Insider's request for comment.

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

According to Bloomberg, Gomez has signed eight-figure endorsement deals with Puma, Coach and Louis Vuitton.

And although she is successful in music, it is not the centerpiece of her portfolio – unlike her friend Taylor Swift, who became a billionaire almost exclusively through her music.