Who is the richest musician in the world?

Virgin Radio

7 Sep 2023, 15:35

Ever wondered who is making the most out of the music industry? More specifically, who is THE richest musician in the world? Here is a breakdown of our top ten.

In addition to their musical talents and dedicated fan base, the wealth of the world's richest musicians is often determined by their involvement in various side businesses.

In this article, we've compiled a list of the top 10 richest musicians in the world.

It's important to note that this data is subject to change, so be sure to stay updated by checking our page regularly, we've also tried to cross reference where we can with Forbes and The Sunday Times to keep track. (Updated July 2024)

With that said, let's explore the list!

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10. Beyoncé $800 Million (£626 Million)

Who runs the world? Beyoncé! This global superstar isn’t just one of the highest-paid and most beloved celebrities on the planet—she’s a force of nature!

In a given touring year, Queen Bey rakes in a jaw-dropping $80 million from her various endeavours.

Bow down, because this Texan dynamo isn’t just about the glitz and glam; she’s got serious business chops to match her musical prowess.

In February 2023, Beyoncé made history by snagging her 32nd Grammy, officially making her the winningest Grammy artist ever.

Move over, Georg Solti; there’s a new record-holder in town, and she’s here to stay!

But Bey’s brilliance isn’t confined to the stage. This diva’s business acumen has made her a brand to be reckoned with.

Her first endorsement deal was with Pepsi back in 2002, and she’s been on a roll ever since, teaming up with L’Oreal, American Express, Samsung, Ford, and DirectTV.

Beyoncé’s fragrance game is just as strong, with a $20 million, three-year deal with Coty to develop a signature scent.

Her House of Deréon fashion line, created with her mom Tina, has only added to her empire.

Launched in 2010, Beyoncé’s solo fragrance brand has been a smash hit.

With six fragrances to her name, her scents have generated more than $500 million in revenue, making her the reigning queen of celebrity fragrances. Smells like success!

Netflix knows a good thing when they see it, which is why they inked a $60 million deal with Beyoncé in 2018 for three exclusive pieces of content.

The first, Homecoming, a documentary about her epic 2018 Coachella performance, dropped in April 2019.

And let’s set the record straight: contrary to popular belief, Beyoncé did NOT take a 50% pay cut to secure filming rights. She simply told Coachella she was filming for Netflix, and when Beyoncé speaks, people listen!

Speaking of iconic partnerships, Beyoncé’s best business deal to date might just be her marriage to Shawn Carter—better known as Jay-Z.

This hip-hop mogul and multi-millionaire entrepreneur has been by her side, making them a power couple to rival all others.

The Carters welcomed their first child, Blue Ivy, in 2012, and on June 13, 2017, Beyoncé gave birth to twins, a daughter named Rumi and a son named Sir.

From ruling the Grammy stage to conquering the business world, Beyoncé is a true Renaissance woman.

Trivia Fact: In 2020, Beyoncé Knowles-Carter became the only solo artist besides Mariah Carey to have hit No. 1 in four different decades.

9. Madonna $850 Million (£676 Million)

Madonna, this lady has been a formidable force in the entertainment industry since the 1980s, churning out pop hits and experiencing the industry's ebbs and flows. But her talents don't stop at music. She's also a Golden Globe-winning actress, a published author of several children's books, a fashion designer, the owner of Maverick Records, and the proprietor of a chain of health clubs.

Her real fortune, however, comes from her relentless touring. In fact, she's performed more live shows than any other female musician in history, solidifying her status as the highest-grossing solo touring artist of all time. It's safe to say she's one of the hardest-working women in show business.

Trivia Fact: The Guinness Book of World Records lists Madonna as the best-selling female recording artist of all time. The Recording Industry Association of America (RIAA) lists her as the second highest-certified female artist in the United States, behind Barbara Streisand.

8. Herb Alpert $850 Million (£676 Million)

You might not know him but Herb Alpert, along with the Tijuana Brass band, boasts an impressive track record with five #1 albums and a total of 28 albums that have charted on the Billboard charts.

His list of accolades includes 9 Grammy Awards, 14 certified Platinum albums, and another 15 Gold albums.

In terms of sales, Herb Alpert has achieved remarkable success with over 72 million records sold worldwide.

Notably, he is the "A" in A&M Records, a significant factor contributing to his incredible wealth. In 1987, he sold A&M Records for a reported $500 million alongside his partner Jerry Moss.

They later sued for a breach of contract and received an additional $200 million.

Herb Alpert's business ventures extend beyond the music industry.

He's also involved in professional sculpting and has even ventured into the world of perfumes, drawing a parallel between fragrance and music with its "high notes and low notes."

Trivia Fact: Herb Alpert is the only musician to hit #1 on the Billboard Hot 100 as both a vocalist in 1968 and an instrumentalist (trumpet) in 1979.

7. Jimmy Buffet $1 Billion (£795 Million)

Jimmy Buffett was far more than just a musician; he was a mogul who constructed an empire over the years, until his recent death.

His empire is the result of producing more than 30 albums filled with timeless hits, selling over 20 million records globally, and establishing Margaritaville, a lifestyle brand that encompasses resorts, merchandise, and radio.

One of Buffett's last leaps in net worth came when he successfully launched the Margaritaville retirement communities in 2017.

With his billionaire status, Jimmy Buffett secured a unique position in the entertainment industry during his impressive five-decade career.

His astute transition from being a country artist to embodying the laid-back beach-bum persona has been a lucrative move, turning him into a cult figure.

Buffett's journey is a testament to the idea that mistakes can indeed serve as stepping stones to success, especially considering his initial blunder with "Big Rig," which didn't fare well.

Trivia: Jimmy Buffett was once ejected from a Miami Heat basketball game for cursing. He is also a licensed pilot and a bestselling author, having penned three #1 bestsellers as listed in the New York Times.

6. P Diddy aka Sean Coombes $1 Billion (£795 Million)

P. Diddy, known by various aliases such as Puff Daddy, Puffy, Diddy, Sean Combs, and Sean John, just to name a few (the list is likely longer), is a marketing genius who has consistently stayed relevant in the industry.

This knack for reinvention has earned him the sixth spot on the list of the world's richest musicians.

But his influence goes far beyond his own recordings; he's also the mastermind behind his own label, Bad Boy Entertainment.

Bad Boy Entertainment played a pivotal role in launching the careers of legendary artists like The Notorious B.I.G. and Mase. Beyond music, P. Diddy has found success in various other ventures, including his Sean John clothing line, a perfume line, and the hit television show "Making the Band" on MTV.

His ability to diversify and adapt has undoubtedly contributed to his enduring status as a music and business icon.

Trivia Fact: Like many of the richest people in the world (Steve Jobs, Bill Gates, Kanye West, etc.), Puff Daddy is also a college dropout, leaving a business major program. Ironically, Forbes listed Diddy as a top 40 entrepreneur under the age of 40 in 2002.

5. Paul McCartney $1.28 Billion (£1 Billion)

It's no surprise that a member of The Beatles, the most iconic band in music history, would find a place on this list, and that member is none other than Paul McCartney.

His songwriting partnership with John Lennon is legendary, resulting in a catalog of timeless hits that continue to generate substantial income.

These credits ensure a perpetual stream of royalties for both McCartney and Lennon.

But Paul McCartney's success doesn't stop with The Beatles.

His solo career, the band Wings, and collaborations with artists like Michael Jackson and, more recently, Kanye West have solidified his status as a pop icon spanning generations.

This multi-talented musician has left an indelible mark on the music industry, boasting an astonishing 32 songs that have reached #1 on the Billboard Hot 100.

His classic "Yesterday" holds the record as the most covered song of all time, with over 2,200 artists and bands creating their renditions. The result? A continuous flow of royalties that keeps on giving.

McCartney's contributions to music have been celebrated worldwide, including being knighted for his exceptional achievements.

He's not only a musical legend but also a prolific songwriter, holding over 25,000 copyrights. McCartney's enduring influence and creativity ensure his place as one of the richest musicians globally.

Trivia Fact: The Guinness Book of World Records recognizes Paul McCartney twice, as the most honoured composer and performer in music as well as the most successful songwriter ever.

4. Taylor Swift $1.3 Billion (£1.02 Billion)

When it comes to global fame and sheer star power, Taylor Swift stands head and shoulders above the rest.

She’s sold over 200 million albums worldwide, making her arguably the most famous person on the planet and without a doubt the most powerful celebrity in the world.

Swift’s Eras tour is on track to rake in a whopping $2 billion globally, setting the stage to become the most successful musical tour of all time.

And, as if her concerts weren't already the stuff of legends, in October 2023, Taylor took it up a notch by releasing a film version of the tour in AMC theatres.

That cinematic gem grossed a staggering $260 million. With a sweet 50% cut of the first-dollar gross, Taylor pocketed a cool $130 million from ticket sales alone.

Not one to stop there, she then secured an additional $75 million by selling the streaming rights exclusively to Disney, bringing her total payday to a jaw-dropping $205 million.

Between concert tickets, merch, and movie theatre sales, Taylor is set to net between $500 and $600 million from the Eras tour.

If she hits that mark, her net worth will catapult her into the billionaire stratosphere. Before the tour, Taylor's net worth was a tidy $600 million.

But with the Disney deal and the revenue from the first leg of her North American tour in February 2024, her net worth shot up to $900 million.

This 34-year-old powerhouse has been cranking out hits since she was 16, building a discography that’s the envy of the music world.

And let’s not forget those re-recordings of her catalog that Forbes reports have added a dazzling $92 million to her fortune. Talk about a Swift move!

But it’s not all about the music. Like any savvy business mogul, Taylor has invested her money wisely.

Her real estate portfolio is worth around $150 million and includes luxurious properties in Tennessee, Rhode Island, California, New York, and even London.

Despite what you might have read, Taylor Swift was NOT a billionaire when several publications made that claim in late 2023.

According to our original projections, Taylor officially hit billionaire status in late May 2024, roughly halfway through the European leg of her Eras tour.

Trivia Fact: Taylor's staggering wealth somehow manages to make her boyfriend Travis Kelce's $40 million net worth look like a small sum. Taylor Swift has also broken an amazing 58 Guinness World Records. Some of her amazing records include: most viewed music video online (female artist) for Shake It Off, fastest selling single in digital history for We Are Never Getting Back Together, most streamed track on Spotify in the first 24 hours for Look What You Made Me Do.

3. Andrew Lloyd Webber $1.32 Billion (£1.03 Billion)

Sir Andrew Lloyd Webber, often referred to as the King of Broadway, is a musical genius whose compositions have become iconic.

Sir Andrew Lloyd Webber has left an indelible mark on Broadway and the West End, the whole world of musical theatre.

His impressive portfolio boasts 20 of Broadway's greatest hits, including The Phantom of the Opera, Jesus Christ Superstar, Cats, Evita, Joseph and the Amazing Technicolor Dreamcoat, and School of Rock, among others.

What sets Sir Andrew Lloyd Webber apart is the enduring popularity of his shows.

Many of his productions continue to run nightly in theaters worldwide, with some enjoying uninterrupted runs of over a decade.

This longevity translates into substantial profits from various revenue streams, including soundtracks, merchandise, film adaptations, and ticket sales.

In an interesting twist, Sir Andrew Lloyd Webber also collects royalties for two songs he composed for none other than the true King himself, Elvis Presley.

His influence on the world of music and entertainment is nothing short of legendary, earning him a spot among the wealthiest musicians globally.

Trivia Fact: Andrew Lloyd Webber has been granted knighthood and a title of nobility for his contributions to music, in addition to his 6 Tony’s, 3 Grammy’s, an Academy Award, and far too many more to list here. The proper way to address him today is The Right Honorable The Lord Lloyd-Webber, Kt.

2. Rihanna $1.77 Billion (£1.38 Billion)

Rihanna is a true powerhouse, and her rapid ascent in our rankings over the past couple of years speaks volumes. At one point, she even claimed the top spot.

Much of her staggering wealth, which stands at $1.4 billion, comes from her incredibly successful business ventures.

In 2017, Rihanna joined forces with the prestigious French luxury group LVMH to launch Fenty Beauty, a beauty line that has taken the industry by storm.

Her innovative approach to beauty products has resonated with consumers worldwide. Additionally, she owns the thriving lingerie company Savage x Fenty, further solidifying her status as a business mogul.

Rihanna's immense social media presence plays a pivotal role in promoting her brands, leveraging her massive following to drive her business ventures to new heights.

However, it's crucial to remember that Rihanna's success isn't limited to her entrepreneurial endeavors. She's been a dominating force in the pop music scene since her breakthrough in 2005. Remarkably, she continues to be one of the most-streamed artists globally, even without releasing a new album in recent years.

Rihanna's multifaceted talents and entrepreneurial acumen have undoubtedly secured her place as one of the wealthiest musicians in the world.

Trivia Fact: Born and raised in Barbados, Rihanna is still celebrated in her country of origin. In 2008, the Prime Minister of Barbados declared 22 February “Rihanna Day”. While it is not an official bank holiday, locals celebrate it every year, listening to her music.

1. Jay-Z $2.5 Billion (£1.98 Billion)

Jay-Z isn't just a businessman; he's a business phenomenon and the number one spot.

When you've amassed 19 Grammy Awards, sold over 100 million records, and successfully launched ventures like Rocawear and Roc-A-Fella Records, you become a financial powerhouse.

Jay-Z's net worth received a substantial boost from the sale of a portion of his D'USSÉ cognac brand to Bacardi, which amounted to a staggering $750 million. This move catapulted him into billionaire territory in 2019, and in just four years, he nearly tripled his net worth.

Jay-Z's knack for strategically "retiring" and then staging comebacks has been a lucrative cycle, and it's likely to keep him climbing the billionaire ranks. Perhaps a few more encore performances will help offset any missteps, such as his involvement with Tidal and Aspiro.

Amid all his achievements, Jay-Z has openly discussed a darker chapter of his life, revealing that he shot his own brother at the age of twelve over a jewellery theft. This revelation adds a complex layer to his life story, reflecting both street credibility and the impulsive actions of youth.

Trivia Fact: Jay-Z was once the president of Def Jam Recordings. He’s also a licensed sports agent, working with his company Roc Nation Sports.