Paul McCartney becomes billionaire as world's third richest musician
With so many popular musicians who have been in the business for decades, you may be hard-pressed to name the handful who are billionaires. Well, it seems there has been another added to the list, as Sir Paul McCartney is named the world's third-richest musician and a billionaire.
Forbes lists McCartney's net worth as $1.4 billion
Forbes has placed McCartney's net worth at an eye-watering $1.4 billion, with only Taylor Swift ($2 billion) and Jay-Z ($2.8 billion) ahead of him.
Taking a stroll down memory lane and recalling all the hits McCartney had with The Beatles and on his own, it really isn't that surprising that he has hit billionaire status.
But it's more than just songwriting; Forbes also credits his net worth to savvy business moves and a large art collection.
Beatlemania didn't translate to a cash windfall
When you look back at Beatlemania and just how big the group was, it's hard to believe it didn't result in a cash windfall. McCarney wrote a Forbes essay in 2017 that described just how little cash they saw during that time.
"No matter how successful we made the company, we didn't get a raise," wrote McCartney.
It was this inequity that prompted McCartney to create his own publishing company in 1969, called MPL Communications. He started managing his intellectual property, which meant he got a lot more of the royalties.
MLP Communications has been a massive success
No matter how you look at it, MLP Communications was the turning point for McCartney in terms of net worth. Not only did he own his intellectual property, but he started purchasing the rights to other tracks and catalogs.
MLP purchased the back catalog of Buddy Holly, the tracks "Baby, It's Cold Outside" and "It's Beginning to Look a Lot Like Christmas", and full musicals like "Annie" and "Grease".
Think about how often any of those tracks get performed, streamed or played on-air. Every single time that happens, McCartney gets a royalty payment.
Do a little digging on McCartney's work
This is a great reminder of just how vast McCartney's personal library is, and a gentle reminder to do a little digging and remember just how iconic he is.
Source: CNN
