Billionaires don’t get a great press these days. But surely no-one would begrudge the latest addition to their monied ranks – the living legend and ex-Beatle Paul McCartney.
The news that Macca now has a wealth that exceeds eight figures has been announced by the business magazine Forbes. Apparently he has a net worth of $1.4 billion or £1.04 billion. In terms of the world’s musicians, that’s third behind Jay-Z ($2.8 billion/£2.01 billion) and Taylor Swift ($2 billion/ £1.49 billion).
You’re probably asking: ‘But surely as one half of the greatest songwriting team of the last 60 years he should be out in front? Ah, actually most of McCartney’s huge wealth is derived from other people’s catalogues that he has acquired through MPL Communications, the publishing company he set up in 1969 to manage his own business affairs.
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MPL bought the Buddy Holly catalogue in the 1970s, and it has acquired a number of Broadway scores and standards. Grease, Blue Suede Shoes, a number of Four Seasons songs including Sherry, Walk Like A Man and Big Girls Don’t Cry – every time you hear one of them, McCartney gets paid.
In addition to this, he also receives 25% of the earnings from Apple Corps, which, as we know, is very much still active, generating over $50 million (£37.2 million) each year from streaming, vinyl sales and the many, many pieces of merchandise that still bear the Beatles‘ name.
The Lennon-McCartney back catalogue actually makes just (just!) $10 million or £7.4 million annually. A nice little earner admittedly, but far from his largest income generator.
As well as all that lot, there is also the income generated from touring – for the year Forbes was calculating, McCartney had just completed his Got Back world tour. He also owns real estate all over the world and has an art collection befitting of a man in his position that includes paintings by Magritte and Picasso.
It’s been a busy year for the ex-Beatle. He released his first new album for six years and The Boys Of Dungeon Lane became his first to be nominated for the Mercury Prize. He’s also been the subject of two new documentaries – Man On The Run, about his years from the end of The Beatles to the end of Wings and McCartney: The Hunt For The Lost Bass, a BBC production which told the story of how he lost – and then found, after 50 years – his beloved Hofner violin bass.
