Tuesday 19 November 2019

Paul McGuinness

Place: 79 Change: - 4

Paul McGuinness

Paul McGuinness

Worth 2019 €195 m (-7.14%)

Worth 2018 €210 m

  • Industry Entertainment

McGuinness (67), who lives on a sprawling country estate in Co Wicklow, got U2 one of the highest royalty deals ever signed - for 25pc of all records sold - during their heyday when they were with Island Records, and was central to the band's financial success.

Over the years, he also signed landmark deals for touring, with Live Nation - to which he sold his firm Principle Management for €21m - and more controversially a $100m one with Apple, before which there was one with Blackberry, back when people still used the brand's phones.

Born in a military hospital in Germany, where his father was in the RAF having married his Kerry native mother, McGuinness initially earned 20pc of the band's income as a fee, but this was renegotiated. Later, when Island Records was struggling to stay in business, McGuinness got a 10pc stake in the company instead, earning him a €40m windfall that he shared with the band when the label sold to Polygram in 1989.

He is believed to spend part of the year in the south of France, where a big budget TV drama he has co-written for Sky, Riviera, is set. Its second series is due to air this month.

In the past he has backed startups including Run Angel and Wholeworldband.

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