Paul McCartney joins billionaire club, becomes world's third-richest musician

Beatles legend Paul McCartney has become the world's third-richest musician.

Beatles legend Paul McCartney has become the world's third-richest musician. According to Forbes, his net worth is estimated at a staggering USD 1.4 billion.

McCartney’s wealth ranks behind his friend Taylor Swift (USD 2 billion), with whom he performed The Beatles’ first US 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, CNN reported. Forbes attributes McCartney’s rise to the third position to his decades-long songwriting career, astute business decisions and an impressive collection of artwork.

However, the 84-year-old musician’s journey began modestly, as he grew up in a working-class family in Liverpool, northwestern 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. (ANI)