Culture 3 min read By Alice Ashford
Paul McCartney ranked third-richest musician with fortune estimated at $1.4 billion
Forbes has named Paul McCartney a billionaire, with an estimated fortune of about $1.4 billion, placing him third among the world's richest musicians behind Taylor Swift and Jay Z.
Paul McCartney has been named a billionaire by Forbes, with an estimated fortune of about $1.4 billion. That places the former Beatle third on the list of the world's richest musicians, behind Taylor Swift and Jay Z. The fortune has been built over decades on hit songs, record sales and touring.
The figures are estimates by Forbes and Fortune and have not been audited. Catalogue valuations and revenue shares can vary, so the total should be read as an approximation rather than a precise accounting of his assets.
McCartney's rise began in Liverpool, where he grew up in a household that, by his own account, was short of money. His father worked as a cotton salesman and his mother was a midwife. McCartney has said that childhood worries about money drove him to earn a living from music.
His early earnings with the Beatles were modest by later standards. The band received about $10,000 for three appearances on The Ed Sullivan Show. The group later said it had been bound by a restrictive contract that paid low royalties per album, a grievance that shaped the financial history of its catalogue.
Much of McCartney's current wealth comes from his business interests. He runs MPL Communications, a company that owns thousands of songs. Through it he holds publishing rights to several Buddy Holly songs and to a number of Christmas standards, assets that continue to generate income long after their original release.
McCartney also holds a stake in Apple Corps, the company that manages the Beatles' business affairs. Under the arrangement, McCartney, Ringo Starr and the estates of John Lennon and George Harrison each hold 25 per cent. Apple Corps is reported to generate income of at least $50 million a year. Forbes estimates that each member's share of the business is worth more than $150 million.
Separately, McCartney earns at least $10 million a year from songwriting copyrights, according to the same estimates. Those royalties reflect the continuing use of his compositions in recordings, broadcasts and performances around the world.
McCartney has remained active as a solo artist. Earlier this year he released the album The Boys of Dungeon Lane, which reflects on his Liverpool roots. The record returns to the city that shaped his early life and the financial pressures that, in his telling, first pushed him toward a career in music.
Source: fortune.com
6
