Paul McCartney becomes the first UK billionaire musician

On this day, The Sunday Times announced its Rich List 2024. Sir Paul McCartney became the first UK musician to achieve billionaire status, boosting his wealth by £50 million. He was listed jointly with his wife Nancy, whose estimated worth is £50 million, according to the newspaper.

He is the billionaire Beatle. Tireless touring, a peerless back catalogue and even a little boost from Beyoncé has helped Sir Paul McCartney to become Britain’s first billionaire musician.

Now in his ninth decade, Macca’s cross-generational appeal, energy for performing and talent for making sure old records don’t gather dust appears undimmed. Now and Then, a track billed as the “last Beatles song”, was released last November and topped charts in the UK, Germany, Austria and the US. Written and recorded by John Lennon in 1977, McCartney and Ringo Starr melded themselves into the track and incorporated recordings of George Harrison on guitar. […]

McCartney, who turns 82 in June, has prudently worked hard to keep his music in front of young audiences. He headlined Glastonbury two years ago and drew what was the largest crowd ever to the Pyramid stage (until Elton John’s set the year afterwards). And this year Beyoncé covered the Beatles number Blackbird on her new country album, Cowboy Carter, and FaceTimed the rocker to thank him personally.

Half a century after they split, the Beatles remain the bestselling musical act in history. Apple Corps, the company set up to receive their earnings, pays out millions of pounds each year to the Fab Four’s members or heirs. McCartney received more than £4 million from it last year.

Music rights have soared in value over the past ten years and McCartney has an extensive catalogue spread across the Beatles, Wings and as a solo artist. These rights form a significant chunk of his estimated wealth, along with his lucrative tours — 18 shows in Australia and South America late last year took almost £70 million at the box office.

McCartney spends much of his time with his wife, Nancy, 64, at his 160-acre farm near the ancient Sussex town of Rye, where he grows hemp, wheat and peas. Nancy is the daughter of the American trucking tycoon Myron “Mike” Shevell and she worked alongside him at the family’s New England Motor Freight company for many years. The business collapsed five years ago, but we attribute £50 million of the couple’s wealth to her.

From Sir Paul and Nancy McCartney net worth — Sunday Times Rich List 2024 (thetimes.com)

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