Los Angeles: Beatles legend Paul McCartney has become the world’s third-richest musician, with an estimated net worth of USD 1.4 billion, according to Forbes.
McCartney’s fortune places him behind his friend Taylor Swift, whose net worth stands at USD 2 billion. CNN reported that McCartney performed The Beatles’ first US number one hit, “I Want To Hold Your Hand”, alongside Swift during her star-studded wedding to Travis Kelce at Madison Square Garden in July.
Forbes attributes McCartney’s rise to the third position to his decades-long songwriting career, smart business decisions and an impressive collection of artwork.
However, the 84-year-old musician’s journey to immense wealth began modestly. He grew up in a working-class family in Liverpool, northwestern England. Despite The Beatles’ phenomenal success, the Fab Four received only a small share of the money generated by their work during the height of Beatlemania. According to Forbes, their initial record deal earned them less than a penny per album sold.
“No matter how successful we made the company, we didn’t get a raise,” McCartney wrote in a 2017 Forbes essay.
Seeking greater control over his earnings, McCartney established his own publishing company, MPL Communications, in 1969. This marked the first time he managed his intellectual property, allowing him to secure a significantly larger share of royalties.
MPL has proved highly lucrative for McCartney. Through the company, he also purchased the copyrights to thousands of tracks, including the back catalogue of rock’n’roll pioneer Buddy Holly, whom McCartney has cited as a major influence on The Beatles.
