Paul McCartney Named U.K.’s First Billionaire Musician

Sir Paul McCartney has become Britain’s first billionaire musician, according to the Sunday Times Rich List.

McCartney is ranked 165th on the London-based newspaper’s annual list of the 350 richest people in the United Kingdom.

The banking, media and entertainment conglomerate Hinduja Group’s head Gopi Hinduja and his family tops the list with a net worth of 37.2 billion pounds.

Apple Corps, the company set up to receive the Beatles‘ earnings, pays out millions of pounds each year to the Fab Four’s members or heirs. McCartney received more than 4 million pounds from the company last year.

Music rights have soared in value over the past decade 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. Eighteen shows in Australia and South America late last year took in almost 70 million pounds at the box office.

The Sunday Times attributes 50 million pounds of the couple’s wealth to McCartney’s wife Nancy, 64.

Another British musician Sir Elton John is also among the names listed.