The richest musicians of 2024, ranked
Sold out shows, countless awards and dizzying net worths; these are the wealthiest musicians in the world right now
By Cayle Reid
WE’VE ALL SEEN a movie or read a book where a down-on-their-luck musician harbours dreams of someday making it big – and often, they do (we wouldn’t be reading a book about it if they didn’t). You might dismiss this as typical Hollywood drivel, perpetuating an unrealistic trope that could never actually happen in the real world. But while not all have some touching rags to riches story behind them, plenty of musicians do in fact make it big.
The music industry is a lucrative game. Sell some records, have a song rocket up the charts and embark on a global stadium tour and you’re well on your way to being set for life. It tracks, then, that the artists who sell a lot of records, have a lot of charting songs and go on a lot of tours will not only avoid relying on the pension once they retire, but are actually among the world’s richest people.
It does track, but the musicians who make up this list aren’t just rich due to their musical careers. Many of them have added to their wealth in areas outside of music entirely, with smart investments and business ventures shoring up their bank accounts. So, which musician is the richest of them all? Read on to find out.
All figures are estimates only, have been converted to AUD and are accurate as of August 20th, 2024.
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Who are the richest musicians in 2024?
10. Bono
Net worth: $1.04 billion
Bono made plenty of cash in the ‘80s as the frontman for U2, and he’s kept that success rolling into areas unrelated to music. Most of Bono’s ten-digit net worth comes from a series of shrewd business investments. In the ‘90s, he financed the refurbishment of Dublin’s Clarence hotel, turning it into a successful boutique resort. Through an investment fund, Bono also holds stakes in major companies like Facebook and Forbes Media Group. Lastly, Bono also sits on the board of a drone delivery company called Zipline. Clearly, he’s been busy.
9. Beyoncé
Net worth: $1.13 billion
Beyoncé is one of the most successful people in the music industry, in multiple ways. With 32 Grammys, she’s won the award more times than any other artist in history and is still churning out chart toppers – most recently with Cowboy Carter. In addition to her musical success, Beyoncé has enhanced her wealth with ventures like her Ivy Park clothing line and Cécred hair brand (you’ll notice that celeb-endorsed brands are a recurring theme on this list).
8. Selena Gomez
Net worth: $1.19 billion
Selena Gomez’s road to riches has been more winding than most. She first entered the public eye as a Disney star, but diversified her revenue streams (excuse the business-y parlance) by launching her music career. Five studio albums later, Gomez has returned to acting with Only Murders in the Building, but it’s her role as founder of Rare Beauty that earned her a significant chunk of her millions.
7. Herb Alpert
Net worth: $1.25 billion
Who? Is the response the above name likely elicited, and we can’t fault you for it. So, just who is this Herb Alpert who is sandwiched between some of the most recognisable names on the planet as an ultra-rich musician? Alpert is a trumpeter and is often regarded as one of the best jazz musicians of all time. He’s had five number one albums, won nine Grammys and is the only musician to reach number one on the Billboard hot 100 as both a vocalist and instrumentalist. Most of Alpert’s net worth isn’t derived from his trumpet skills though. He co-founded A&M Records in 1962 and the label grew to become one of the largest in North America. Alpert sold the company in 1989 for close to $750 million AUD, which is no small sum.
6. Madonna
Net worth: $1.26 billion
Madonna’s rise helped revolutionise the music industry in the ‘80s, earning her the title ‘Queen of Pop’. The singer has managed to retain a sizeable fanbase since. After her debut album in 1983, Madonna has pulled off 12 concert tours, resulting in her racking up some considerable coin. Elsewhere, she founded Maverick Records in 1992, which has grown into a highly successful label.
5. Bruce Springsteen
Net worth: $1.60 billion
Bruce Springsteen recently became a billionaire courtesy of some exceptionally savvy financial decisions. The Boss sold his entire musical catalogue – including more than 300 songs and 20 albums – to Sony in 2021 for a figure close to $750 million. That’s the largest amount ever paid for a musical catalogue, and it comprises most of Springsteen’s net worth, with the rest coming from his extensive career earnings.
4. Taylor Swift
Net worth: $1.63 billion
Remember that fairytale rags-to-riches trope we mentioned earlier? Well, Taylor Swift is proof that it’s not always fictional. Hailing from a small town in Pennsylvania, Swift moved to Tennessee as a teenager with dreams of becoming a country music star. It feels safe to say that she’s well and truly achieved those dreams. As the world’s biggest pop star, Swift’s Eras tour still selling out in minutes, wherever she goes, and she’s generated almost $900 million from royalties and touring. Her music catalogue is valued as the most expensive in the world. All of this made Swift the first musician to reach billionaire status solely from her music, as the singer’s forays into business have been rare to this point.
3. Paul McCartney
Net worth: $1.93 billion
Paul McCartney doesn’t need the money, but he’s still touring at 82 years of age and adding to his fortune. McCartney also earns a mountain of money in royalties to go with his touring profits. Plus, he’s been active in the business realm, securing a multitude of publishing rights to the works of other celebrated artists.
2. Rihanna
Net worth: $2.08 billion
A beneficiary of a number of lucrative business ventures, Rihanna owes much of her wealth to her work as the face of cosmetics line Fenty Beauty. The company was created in partnership with LVMH and has been wildly successful, spawning an equally successful lingerie range under the name of Savage x Fenty. Both brands are now valued at over $1 billion, and Rihanna holds sizeable stakes in both.
1. Jay-Z
Net worth: $3.71 billion
At what point do we stop calling Jay-Z a rapper and start calling him a business mogul? The 54-year-old has had a stellar musical career, winning 24 Grammys and routinely topping the charts, but his earnings from his music are just the tip of his net worth’s iceberg. Jay-Z launched Roc-A-Fella Records when he released his first album in 1996, with the label steadily growing in value since. He went on to found Roc Nation Entertainment, the Rocawear fashion line and alcohol brands D’usse Cognac and Ace of Spades. Jay-Z’s investment portfolio is similarly impressive, with stakes in companies like Uber and SpaceX. Ultimately, no other artists comes close to Jay-Z’s net worth, making him by far the world’s richest musician.
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