Paul McCartney becomes world's third-richest musician with $1.4B fortune

British music legend Paul McCartney has become the world's third-richest musician, with an estimated net worth of $1.4 billion, according to a new Forbes analysis published Monday.

The 84-year-old former member of the Beatles, one of the most influential bands in music history, ranks behind American rapper and entrepreneur Jay-Z, whose fortune is estimated at $2.8 billion, and pop superstar Taylor Swift, worth an estimated $2 billion.

McCartney's wealth stems largely from decades of music royalties, songwriting copyrights, concert tours and investments, including real estate and art holdings.

His music publishing company, MPL Communications, founded in 1969, has an estimated value of at least $250 million, while his Beatles songwriting copyrights generate an estimated $10 million or more annually, according to Forbes.

McCartney, who rose to global fame with the Beatles in the 1960s before launching a successful solo career, declined to comment on the magazine's valuation.