Paul McCartney ranks third-richest musician with $1.4bn

Paul McCartney, the 84-year-old former member of The Beatles, has been recognized as the world's third-richest musician with an estimated net worth of $1.4 billion, according to Forbes. This places him behind American rapper Jay-Z, whose fortune is valued at $2 billion. Forbes' report, published on Monday, highlighted the source of McCartney's wealth, which includes songwriting, music publishing, royalties, touring, and property holdings.

A significant portion of his fortune comes from his music publishing company, MPL Communications, which he established in 1969. This company owns the publishing rights to thousands of songs, including early rock-and-roll hits by Buddy Holly and Broadway musical scores. Forbes estimated MPL's value to be at least $250 million and its annual revenue from music royalties to be in the tens of millions.

McCartney's earnings also come from Apple Corps, the company controlling The Beatles' music catalogue, which Forbes estimated generates over $50 million annually from streaming, vinyl sales, and merchandise. He shares in the income from The Beatles' compositions and songwriting copyrights in the United States, with an estimated annual worth of at least $10 million.

Additional sources of McCartney's wealth include earnings from international tours, properties in the UK and the Hamptons, and an art collection featuring works by Pablo Picasso and René Magritte.