Mick Jagger Chooses Charity Over Children for $500M Fortune
The 80-year-old legendary rocker Mick Jagger has said he intends to donate his portion of the Rolling Stones’ back catalog to charity rather than to his eight children. Jagger looked for other methods to use his wealth because he did not think his children needed more than $500 million (£400 million) to support themselves.
Jagger stated in an interview with The Wall Street Journal that he thought donating the money to humanitarian causes might have a positive effect on the world. This choice resulted from the band’s own struggles with property ownership and money-related issues.
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Surprisingly, the Stones are still having trouble with the lack of ownership rights to the majority of their greatest singles from before 1971, including “Satisfaction,” “Paint it Black,” and “Jumpin’ Jack Flash.”
In order to settle their financial status, the band hired accountant Allen Klein in the 1960s. Klein successfully negotiated a lucrative deal for the Stones with Decca after working with legendary artists like The Beatles and the Kinks in the past. But after their partnership ended, he was able to hold onto ownership of their catalog throughout his management position, which he held from 1965 until 1970.
The Stones got sizable royalties at this time, but they were less than the money they might have made if they had complete ownership of their songs.
Bruce Springsteen, Paul Simon, and Sting are just a few of the famous musicians who have decided to sell the rights to their body of work in recent years. There are currently no firm decisions regarding what will happen to the Stones’ discography.
Mick Jagger Chooses Charity Over Children for $500M Fortune
