Paul McCartney has joined the ranks of the world’s billionaires. Forbes has valued the former Beatle’s net worth at $1.4bn (£1.04bn), making him the world’s third richest musician behind Jay-Z at $2.8bn (£2.01bn) and Taylor Swift at $2bn (£1.49bn).

The magazine attributed McCartney’s wealth to his musical catalog, legal maneuvers, tours and art collection. The 84-year-old derives the bulk of his fortune from MPL Communications, the publishing company he founded in 1969 that manages his own catalog and those of other artists.

The company’s acquisition of copyrights from artists such as Buddy Holly, as well as Broadway musical scores and Christmas standards such as It’s Beginning to Look a Lot Like Christmas or The Christmas Song (Chestnuts Roasting On An Open Fire), accounts for nearly a quarter of a billion dollars.…