Billionaire Paul McCartney grew up ‘poor’ and was raised by a cotton salesman in Liverpool—now, he’s the third richest musician in the world

Paul McCartney, the iconic frontman of The Beatles, has just joined the ranks of billionaires, making him the third wealthiest musician in the world, according to Forbes. His net worth of $1.4 billion is attributed to a six-decade career that includes selling records, touring worldwide, and earning from royalties and publishing rights.

The musician, who has always been mindful of his working-class roots, was raised by a cotton salesman father, Jim, and a midwife mother, Mary, in Liverpool. McCartney’s humble beginnings inspired him to earn money from a young age, as he recalled thinking "I’ll solve that; I will try to get money" when he was a kid. The Beatles' early success, including their first single "Love Me Do" in 1962 and their appearance on The Ed Sullivan Show, provided a lucrative start for McCartney.

By 21 years old, he was already earning thousands and appearing on TV. Despite earning less than a penny per album sold in their early days, The Beatles managed to earn $10,000 from their three performances on The Ed Sullivan Show, which equates to over $100,000 today, adjusted for inflation. McCartney has built a music-publishing empire through his company MPL Communications, which owns the rights to thousands of songs, including those of Buddy Holly and classic Christmas tunes.

This venture has contributed significantly to his net worth. Additionally, McCartney has expanded his music holdings by acquiring other artists' catalogs and winning back a greater share of The Beatles' catalog after a series of lawsuits and negotiations. The new billionaire also earns at least $10 million per year from his songwriting copyrights and has recently released a solo album titled "The Boys of Dungeon Lane," reflecting on his Liverpool roots.

Despite his immense wealth, McCartney emphasizes the importance of his working-class upbringing, stating that it made him humble and helped him avoid becoming too impressed with his success.