Paul McCartney ranks third among world’s richest musicians
Former Beatles member Paul McCartney has officially joined Forbes’ billionaire ranks, with an estimated net worth of $1.4 billion, making him the world’s third-richest musician.
According to Forbes’ report published on Monday, Nov. 9, the British singer-songwriter ranks behind rapper Jay-Z, whose fortune is estimated at $2.8 billion, and singer Taylor Swift, with $2 billion.
Much of McCartney’s wealth comes from his music publishing business, MPL Communications, which he established in 1969, months before The Beatles disbanded.
Through the company, McCartney secured control over the publishing rights and master recordings of his solo work while also acquiring the catalogs of other musicians, including early rock-and-roll artist Buddy Holly.
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MPL also owns the rights to Broadway musical scores and well-known Christmas songs, including “It’s Beginning to Look a Lot Like Christmas,” “The Christmas Song (Chestnuts Roasting on an Open Fire),” “Blue Christmas” and “Baby, It’s Cold Outside.”
Forbes estimates that MPL is worth at least $250 million and generates tens of millions of dollars in annual revenue.
McCartney also continues to earn from The Beatles’ music catalog through the band’s Apple Corps holding company, which generates more than $50 million annually from music streaming, vinyl sales and merchandise.
The surviving members of the group, McCartney and Ringo Starr, along with the estates of late members John Lennon and George Harrison, each receive a 25% share of the company’s earnings. Forbes estimates that McCartney’s share represents an income stream worth more than $150 million.
His ownership of Beatles songwriting copyrights is another source of income. After years of legal battles and negotiations to regain control of the rights to the band’s compositions, McCartney now owns all his US publishing rights. Forbes estimates that these rights are worth at least $200 million and generate at least $10 million annually.
The 84-year-old singer-songwriter’s fortune also includes earnings from decades of international touring, properties in the United Kingdom and the Hamptons, and an art collection featuring works by renowned artists Pablo Picasso and René Magritte.
McCartney remains active in music, continuing to build on a career that spans more than six decades since The Beatles rose to international fame in the 1960s. /edv
