Paul McCartney reached the realm of billionaire status Monday after Forbes valued his net worth at a colossal US$1.4 billion – making him the world’s third-richest musician. McCartney’s wealth ranks behind his friend Taylor Swift ($2 billion), with whom he performed The Beatles’ first U.S. number 1 “I Want To Hold Your Hand” during the pop performer’s star-studded wedding to Travis Kelce at Madison Square Garden in July. Jay-Z topped Forbes’ revered chart at $2.8 billion. Forbes credits McCartney’s ascension to the number three spot to a lifetime of prolific song writing, a series of savvy business moves and an impressive art collection. But the 84-year-old rocker’s beginnings were humble, growing up in a working class household in Liverpool, northwest England. Despite The Beatles’ phenomenal success, the Fab Four saw little of the cash their hard work generated at the height of Beatlemania – Forbes reported that their initial record deal provided them with 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 a solution, McCartney established a publishing company of his own in 1969 – MPL Communications. This marked the first time the musician managed his intellectual property, providing him with a far greater cut of the royalties. MPL has been extremely lucrative to McCartney, as he has also used the company to purchase the copyrights to thousands of tracks including the back catalog of rock’n’roll pioneer Buddy Holly – who McCartney has cited as a major influence on The Beatles. The publisher also owns the rights to an array of Christmas favourites, including “It’s Beginning To Look A Lot Like Christmas” and “Baby, It’s Cold Outside,” as well as musicals such as “Grease” and “Annie.” Streaming those Christmas classics, or even performing in a high school production of those musicals, enhances the Brit’s wealth. McCartney, who is a father of five and grandfather of eight, fought several legal battles to ensure he and his fellow Beatles and their estates were entitled to optimal royalties. The outfit’s Apple Corps holding company now earns more than $50 million annually from streams, vinyl sales and merchandise. The Liverpool lad’s share of The Beatles’ song writing copyrights also makes him at least $10 million per year, Forbes has estimated. Forbes also noted that real estate across the United Kingdom and the Hamptons, and an art collection boasting works by Picasso and Magritte, upped McCartney’s net worth. By Charlotte Reck, CNN
