Legendary musician Paul McCartney has officially become a billionaire: Forbes magazine valued his wealth at $1.4 billion, allowing the former member of The Beatles to rank third among the richest musicians in the world. CNN reported this, writes UNN.
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In the ranking of the richest musicians, McCartney is surpassed only by Jay-Z, whose wealth is estimated at $2.8 billion, and Taylor Swift, with $2 billion.
Forbes attributes the musician’s financial success to decades of creative work, successful business decisions, and his art collection.
Despite The Beatles’ enormous success, at the beginning of their career the band members received only a small share of the profits from album sales. According to the publication, their first contract provided for a payment of less than one penny for each album sold.
To change the situation, McCartney founded his own publishing company, MPL Communications, in 1969. It enabled the musician to manage his copyrights independently and receive a larger share of the royalties.
The company subsequently acquired the rights to thousands of musical compositions, including the song catalog of rock ’n’ roll performer Buddy Holly. MPL also owns the rights to popular Christmas songs and famous musicals, including "Grease" and "Annie."
McCartney also receives additional income from his share of the copyrights to The Beatles’ compositions. According to Forbes estimates, it provides the musician with at least $10 million annually.
In addition, his wealth is boosted by property in the United Kingdom and the Hamptons, as well as an art collection that includes works by Pablo Picasso and René Magritte.
The Beatles’ holding company, Apple Corps, also generates more than $50 million annually through streaming, vinyl record sales, and merchandise.