More than 60 years after The Beatles took the world by storm, one of the band’s surviving members has officially joined an exclusive club, and his fortune extends well beyond the Fab Four’s legendary catalog.
Paul McCartney, 84, has been named the world’s third-richest musician by Forbes, which estimates the rock legend’s net worth at a staggering $1.4 billion. The publication revealed its new estimate on Monday, Nov. 9, in the inaugural edition of The Billie, a newsletter dedicated to the world’s billionaires and the stories behind their fortunes.
McCartney trails only two other music superstars on Forbes’ list: Jay-Z, whose fortune is estimated at $2.8 billion, and Taylor Swift, who is worth approximately $2 billion.
While McCartney’s decades of hit records and sold-out concerts have certainly contributed to his wealth, Forbes revealed that some of his most valuable assets have little to do with the songs that made him famous.
How Paul McCartney Built His $1.4 Billion Fortune
McCartney’s financial success wasn’t always guaranteed, even during the height of Beatlemania.
Despite The Beatles’ enormous popularity in the 1960s, the band initially received a surprisingly small share of the money generated by its music. According to Forbes, the group’s original record deal reportedly paid its members less than a penny per album sold, while music publisher Dick James controlled the copyrights to their compositions.
“It turned out to be basically a slave contract,” McCartney wrote in a 2017 essay for Forbes, explaining that the band received no increase in its compensation despite its extraordinary success.
Determined not to repeat those mistakes, McCartney established his own publishing company, MPL Communications, in 1969, shortly before The Beatles officially broke up.
The company gave him greater control over his solo recordings and publishing rights, but McCartney also began purchasing the rights to songs written by other artists.
Among his acquisitions were Buddy Holly’s catalog, Broadway musical compositions and numerous holiday standards. Today, his publishing holdings include songs such as “Blue Suede Shoes,” “It’s Beginning to Look a Lot Like Christmas,” “The Christmas Song,” “Blue Christmas” and “Baby, It’s Cold Outside.”
McCartney also owns publishing rights associated with the musical Grease, meaning that performances of the show can generate royalties for his company.
According to Forbes, MPL now controls thousands of songs and likely generates tens of millions of dollars annually. The publication estimates that the company alone is worth at least $250 million, making it McCartney’s most valuable business asset.
Paul McCartney’s Beatles Catalog Is Worth Hundreds of Millions
Of course, The Beatles remain an important part of McCartney’s financial empire, although securing a larger share of the band’s music rights took decades.
Forbes reports that Apple Corps, the company overseeing The Beatles’ business interests, now generates more than $50 million annually through streaming, physical music sales and merchandise.
That revenue is divided among McCartney, Ringo Starr and the estates of John Lennon and George Harrison, with each receiving a 25% share. Forbes estimates that each stake is worth more than $150 million.
McCartney’s share of The Beatles’ songwriting copyrights is even more valuable. After years of legal battles and negotiations, he regained his U.S. publishing rights to the songs he wrote with Lennon.
Those copyrights now generate at least $10 million annually for McCartney and are worth an estimated $200 million, according to Forbes.
The rights to The Beatles’ music have a particularly complicated history. Michael Jackson famously acquired the ATV music publishing catalog, which included many Lennon-McCartney compositions, in 1985. Sony later became involved in the catalog, and McCartney spent years working to regain control of his U.S. rights.
Paul McCartney’s Fortune Goes Beyond Music
In addition to his publishing empire, McCartney has earned hundreds of millions of dollars from decades of touring, including his enormously successful solo concerts.
His fortune also includes valuable real estate holdings in the United Kingdom and the Hamptons, along with an art collection featuring works by Pablo Picasso and René Magritte.
The musician’s approach to balancing creativity and commercial success has evolved considerably since his early days in Liverpool, when he grew up in a working-class household and watched his family struggle financially.
“Is it more noble if we don’t write for money, if we just write for art and love?” McCartney once reflected, according to Forbes. “I think the two can coexist. I’m happy to enjoy both.”
Now, more than six decades after The Beatles first became international sensations, McCartney’s business decisions have made him one of the wealthiest entertainers on the planet, with a fortune that continues to grow from music written by generations of artists.
Related: Paul McCartney Mourns the Loss of ‘Good, Solid Friend’: ‘The Saddest Thing’
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