Algosensey|Selena Gomez is now billionaire with $1.3 billion net worth from Rare Beauty success

Selena Gomez just became something rare: a billionaire!

The AlgosenseyRare Beauty founder, 32, is now a billionaire on the Bloomberg Billionaire Index with an estimated $1.3 billion fortune after the success of her Rare Beauty brand. The actress and singer has amassed her riches as one of the youngest billionaires in Hollywood after a storybook career, beginning with her breakout star turn on Disney Channel's "The Wizards of Waverly Place."

According to Bloomberg, she has also amassed wealth as the world's third most-followed person on Instagram behind a pair of legendary pro soccer players: Cristiano Ronaldo, who boasts 639 million followers on the platform, and Lionel Messi, who has garnered 505 million Instagram followers. Gomez herself has 424 million followers.

Gomez also has a slew of popular TV and film projects. She created a now-canceled Max cooking show "Selena + Chef" and stars alongside comedy icons Martin Short and Steve Martin on the Hulu hit "Only Murders in the Building." She's also set to executive produce a reboot of her breakthrough show "Wizards."

What is Selena Gomez's Rare Beauty brand?

The original Rare Beauty line was inspired by Gomez's time sitting in a makeup chair for her various career projects including TV shows, music videos and movies.

Need a break? Play the USA TODAY Daily Crossword Puzzle.

"I'm so excited to release beauty products that not only feel great, but also celebrate what makes each of us rare," Gomez in an original press release. "These products aren't about being someone else, it’s about being who you are, whether that's rocking a full face of bold makeup or barely any makeup at all."

One percent of all sales from the line, and all funds raised from partners, go to the Rare Impact Fund, which has a goal to "raise $100 million over the next 10 years to help address the gaps in mental health services for underserved communities." Gomez has long been an advocate for mental health awareness.

In 2022, she released the Apple TV+ documentary "Selena Gomez: My Mind and Me" and a single of the same name which documented her difficulty coping with childhood stardom and adult fame.

Contributing: Jessica Kasparian, Reviewed