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The legendary musician was a part of the world-famous music band - The Beatles. Paul has also built an impressive career as an independent artist and is one of the thirteen richest musicians from the UK. He is also the founder of the rock band Wings, and the Yesterday composer is known to be a wise spender. The star owns $100 million worth of real estate properties, an expensive car collection, several business investments, and spends on luxurious vacations. Let us look at how he earns and spends his colossal income.
Paul earns most of his wealth from the Beatles' merchandise sales, album sales, and royalties. His estimated annual earnings are worth $100 million through these side income sources.
Earns: Music Career
According to Parade, his solo music tour is estimated at $100 million in ticket sales. During an active touring year, he makes around $50 million annually. On average, Paul makes $136,986 daily through his music ventures and royalties. In fact, Wonderful Christmastime adds $400,000 to $600,000 annually to his net worth. By 2021 the earnings have been estimated to be $16.8 million from this song alone. Paul charges around $6 million per concert and has sold over $45 million worth of albums worldwide. His association with the iconic Beatles band has sold over 183 million units worldwide.
Spends: Purchased The Beatles Catalog
According to American Songwriter, Paul had to purchase back the original Beatles song catalog, which consisted of 251 songs created by the band. He had to fight a legal battle to acquire the rights of the same. The story goes back to 1985 when the King of Pop, Michael Jackson, purchased the legal rights of the catalog for an estimated $47 million outbidding his friend McCartney. The two legendary musicians never shared amicable terms after the epic deal. Michael later sold 50% of the stake to Sony Music for a whopping $95 million. After the pop artist's tragic death, Sony Music acquired the remaining 50% rights for $750 million. By that time, the Beatles catalog was worth $1 billion. In 2017 Paul filed a lawsuit against Sony Music, and after a lengthy court battle, he bought the rights to the catalog with an undisclosed settlement.
Earns: Beatles Royalties
Sir Paul McCartney earns an estimated $70 million annually through royalties from various sources, including Beatles song rights, merchandise, and album sales. He owns the most expensive Beatles catalog of 251 songs worth $1 billion and artists Buddy Holly and Carl Perkins's music rights.
Spends: Real Estate
He owns an estimated $100 million worth of properties worldwide. He has invested in a luxurious $4 million Beverly Hills 190-acre estate in the United Kingdom Paul owns six exclusive properties, including a 1,500-acre mega mansion in East Sussex. Besides this, the star also owns a country estate in Scotland, a villa in East Hampton, Long Island, a stylish Manhattan penthouse, and a modest townhouse in New York overlooking the Museum of Modern Art.
Earns: Music Production Company
MPL Communications was established in 1969, it handles all of the Beatles' music publications and is also known as the world’s largest privately owned music publishing company. It first acquired the rights to the 1970 movie Rupert Bear, and since then, it has been instrumental in controlling the music rights of famous artists. The MPL also controls 25 subsidiary companies.
Spends: Expensive Cars And Music Instruments
The Hey Jude singer has dropped an insane amount of money over collecting rare and classic cars. He owns a $2 million 1964 Aston Martin DB5 and a customized Cadillac CTS. It is known that the Aston Martin DB5 he holds was customized such that the classic car featured a reel-to-reel tape recorder rather than a record player to allow the iconic musician to record song ideas while on the move. According to Hotcars, his first ride in 1962 was a Ford Consul Classic 315, and he also owns a 1966 Austin Healey 3000 and a Lamborghini 400GT. His current favorites are the Lexus LS 600h and a 2003 convertible Chevrolet C5 Corvette. He also has an impressive musical instruments collection, including a Framus Zenith Model 17, several Gibsons guitars, the Epiphone Casino, and an Epiphone Texan FT-70 Acoustic.
Earns: Business Investments
Paul has invested in a software developing firm named Jaunt, and the deal is worth $27 million. He continually funds technologically backed firms for futuristic developments of society.
Spends: Family And Expensive Vacations
Paul was married to animal activist Linda Eastman in 1969, and they had four children. He remarried Heather Mills in 2002 after the death of his first wife, and they had one more child. His divorce with Heather cost approximately $48.7 million, and the star paid roughly $34,000 per day for their four-year marriage tenure as a settlement.
Paul supported his children throughout their growth and is responsible for their successful careers, including fashion designer Stella McCartney’s massive empire. He is often seen vacationing with family and friends at exotic destinations, including the elite St Barts. He has traveled to all parts of the globe, including Jamaica, Anguilla, and Athens.
Paul McCartney earns more than he spends, his legacy is unfathomable, and his $1.2 billion net worth is just a dip in the ocean.
Sources: Parade, American Songwriter, The Richest, Hotcars