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The Richest Songwriters in Music History

Updated: Dec 20, 2023By Audrey KyanovaEntertainment
This article originally appeared on Investing.com. It has been republished here with permission.
Mick Jagger @Featureflash Photo Agency / Shutterstock.com Mick Jagger @Featureflash Photo Agency / Shutterstock.com

We often assume that singers write their owns songs. But, as evidenced by plenty of public feuds and lawsuits, this is more often not the case. Even the most talented musicians hire a songwriter, if not a team of songwriters, to come up with their next hit.

It’s unclear who makes more money in the long run—songwriters or singers. People at Pop Song University argue that, over the years, songwriters typically make more than singers, unless those singers are massive global stars. This is because, in addition to royalties, they get paid per song. And, the better the songwriter’s reputation for crafting a hit, the more per song she or he gets paid.

That’s not to say that singers can’t also be famous songwriters! From Joni Mitchell with her iconic hit “Woodstock'”, to songwriter Carole King, who has had hundreds of songs reach the Billboard Hot 100, the names you’ll see on this list are all pop culture favorites who have made themselves famous for their art, both pen-to-paper and vocally. Needless to say, they also collect a pretty penny from all those royalties.

1. Carole King

Net Worth: $70 million* 
Greatest Hits: It’s Too Late, Nightingale, Jazzman 

From 1950 until 2000, Carole King was one of the most successful and lucrative female songwriters of all time. She has written or been a co-writer of 118 hits on the Billboard Hot 100. And that’s just in America. She has written sixty-one hits that have hit the UK charts, which makes her the most successful female songwriter over there, too.

Carole King @ primaradiosby_ / Twitter.com Carole King @ primaradiosby_ / Twitter.com

She debuted several albums, including Writer and Tapestry, the latter of which was her breakthrough. Tapestry stayed on the charts for almost four months in America, and stayed on the charts for six years after. She got a Hollywood Star in 2012.

Fans looking for more Carole King music will be happy to know that she released a new song in October of 2019. It was a new version of her song “One,” which originally appeared on the album Simple Things (1977). The 2018 reboot was supposed to reflect what King envisioned for America.

2. Jerry Garcia

Net Worth: $40 million* 
Greatest Hits: Truckin’, Sugaree 

Lead singer of the band the Grateful Dead, Jerry Garcia was born in San Francisco, and he was part of the famous band for its entire thirty-year career. He also had several other bands, including the Jerry Garcia Band, Legion of Mary, New Riders of the Purple Sage, and several solo albums. He was thirteenth on Rolling Stone’s “100 Greatest Guitarists” list.

Jerry Garcia @ Gratefuldeadsub / Twitter.com Jerry Garcia @ Gratefuldeadsub / Twitter.com

He was the principal songwriter for the Grateful Dead, which was best known for its psychedelic rock style. One of his major hits under Warner Records was “Truckin'”, which made its first appearance in 1970 on the Dead album, American Beauty. He was known for his improvisation and guitar solos, a style that fitted him well because, he stated in an interview, it relieved stress.

Jerry Garcia is still one of the greatest musicians of all time. He died in 1995 in California, where he was staying in a rehabilitation facility. Like Johnny Cash, he struggled with addiction and diabetes. In 1986, he slipped into a diabetic coma and majorly slowed down his performances after that.

3. Paul McCartney

Net Worth: $1.2 billion*
Greatest Hits: Yesterday 

Paul McCartney is the only name on here that can rival John Lennon in terms of fame, and it makes sense considering he was also a Beatles co-founder. He has had songs covered by over 2,200 artists, particularly for the song “Yesterday.” He has been inducted into the Rock & Roll Hall of Fame twice, once for his Beatles career and once for his solo career.

Paul McCartney @ PaulMcCartney / Twitter.com Paul McCartney @ PaulMcCartney / Twitter.com

He has won eighteen Grammys and he and his fellow Beatles members were all appointed as MOB in 1965. He was also knighted in 1997 for his services to music. It almost goes without saying that today, these successes have made McCartney into a billionaire.

In 2017, McCartney battled with Sony to get back his published works from the Lennon-McCartney songwriting partnership for works that the two had penned before 1978. The case settled, and McCartney released two new songs, “Come on to Me” and “I Don’t Know” one year later from his Egypt Station album.

4. Stevie Wonder

Net Worth: $110 million* 
Greatest Hits: Superstition

Singer-songwriter Stevie Wonder (whose first name is Stevland, not Steven) is one of the most famous artists of all time. In addition to his singing and writing prowess, he also played the harmonica, drums, keyboards, harpejji, and several other instruments. He has sold more than one hundred million records and won twenty-five Grammys and an Oscar (among many other accolades).

Stevie Wonder ©A.PAES / Shutterstock.com Stevie Wonder ©A.PAES / Shutterstock.com

He also was inducted into not just the Rock & Roll Hall of Fame, but the Songwriters Hall of Fame too. Wonder has had several major successes on Billboard Hot 100 hits. He signed with Tamia, a Motown label, when he was just eleven. He was (and still is) considered a prodigy.

Stevie Wonder revealed to thrilled fans in 2013 that he had been recording all-new material for not one, but two albums. The albums, titled Ten Billion Hearts and When the World Began, were recorded with super-producer David Foster. Though slated for release in 2014, they were delayed for quite a while.

5. Joni Mitchell

Net Worth: $50 million* 
Greatest Hits: Woodstock, Big Yellow Taxi

Joni Mitchell’s Blue album is considered one of the greatest records of all time. The singer and painter is also a guitarist, pianist, and author. She combined folk, pop, jazz, and rock influences in her music, and she started out singing in the streets and at small bars. She was heavily into the post-Baby Boom counterculture, engaging in frequent activism and protests.

Joni Mitchel @ comehithercreek / Twitter.com Joni Mitchel @ comehithercreek / Twitter.com

Her songs “Big Yellow Taxi”,“Woodstock,” and “Both Sides, Now”, all produced by Reprise Records, were some of her biggest hits. She was also known for her adaptability. She changed her style and voice several times, turning to a pop and electronica influence.

Mitchell, who Rolling Stone named to its list of the “Greatest Guitarists of All Time,” has slowed down recently. She had a brain aneurysm in 2015, which required her to stop everything for a year. Mitchell reappeared onstage in 2016, though her performances have been few and far between since then.

6. Johnny Cash

Net Worth: $60 million* 
Greatest Hits: I Walk the Line, Folsom Prison Blues 

Singer Johnny Cash is one of country’s most famous artists, and he has sold more than ninety million records across the globe. He was inducted into not only the Country Music Hall of Fame, but also the Rock & Roll Hall of Fame and the Gospel Music Hall of Fame. He was known for his hard-edged music.

Johnny Cash @DoYouRemember / Twitter.com Johnny Cash @DoYouRemember / Twitter.com

“Hello, I’m Johnny Cash” was his trademark opening line. He would make that simple introduction before every concert, shirking the showboating that was common in the rock genre (but less so in country music). Cash’s legacy was memorialized in the movie Walk the Line, distributed by 20th Century Fox.

Cash reportedly signed off on Joaquin Phoenix playing him in Walk the Line because he liked Phoenix in the movie Gladiator. Phoenix, an amazing actor, portrayed Cash’s classic demeanor, all the way down to his all-black wardrobe, which Cash said he wore to honor the downtrodden and oppressed in the world.

7. Tom Petty

Net Worth: $95 million*
Greatest Hits: Here Comes My Girl, Refugee, Don’t Do Me Like That

Musician Tom Petty was one of the best-selling artists of all time. He became interested in rock and roll when he met Elvis Presley at the age of ten. He was also inspired by The Rolling Stones, which he described as his own version of punk music. He founded the band Mudcrutch, which was not successful.

Tom Petty ©JStone / Shutterstock.com Tom Petty ©JStone / Shutterstock.com

His formation of Tom Petty and the Heartbreakers, however, turned out to be a game-changer. Petty formed the band in the 1970s, and their second album made the Top 40. Their third album was even more successful, selling two million copies and having a slew of singles.

Sadly, Tom Petty died in 2017 of a cardiac arrest. Though he was briefly resuscitated and taken to UCLA Medical Center, he did not make it. His wife said that Petty was in a good mood before he died, as he was excited and “proud” of having three shows in Los Angeles.

8. Paul Simon

Net Worth: $75 million*
Greatest Hits: Bridge Over Troubled Water 

Paul Simon was half of the Simon & Garfunkel duo before he left for his own solo career. He wrote almost all of the songs, including “Mrs. Robinson,” “Sound of Silence,” and perhaps their most famous track, “Bridge Over Troubled Water”, owned by Columbia Records. The duo broke up in 1970, and Simon released Graceland, which was famously inspired by South Africa, where he lived for a while. 

Paul Simon @paulsimon / Facebook.com Paul Simon @paulsimon / Facebook.com

Graceland sold fourteen million copies on its release, and it is his most popular solo work to date. He also had a Broadway career, writing musicals. He wrote The Capeman alongside Derek Walcott, a poet. He also was a screenwriter.

Paul Simon is still playing. He announced in 2018 that he wasn’t going to rule out live performances, and, just months after saying that, he dropped his fourteenth album, titled In the Blue Light. This album consisted of remakes of his lesser-known songs. Simon returned to the stage in 2019.

9. James Taylor

Net Worth: $60 million* 
Greatest Hits: Paint It Black, Night Owl

Singer-songwriter James Taylor has won five Grammys, and the Rock and Roll Hall of Fame inducted him in 2000. He is one of the best-selling musicians of all time, reaching 100 million records sold worldwide. He had his breakthrough with the song “Fire and Rain”, followed by his cover of “You’ve Got a Friend”, which was written by Carole King.

James Taylor © Andrea Raffin / Shutterstock.com James Taylor © Andrea Raffin / Shutterstock.com

He has also covered many famous songs, including “How Sweet It Is”, “Handy Man”, and “Sweet Baby James”. His first number-one album in the United States didn’t come until later with the release in 2015 of Before This World.

American Standard, James Taylor’s latest album, was released in late February of 2020. It hit #4 on the Billboard charts, which made him the first act to win a top-ten spot on the charts in every single one of the last six decades. Taylor was slated to perform in May of 2020, but he canceled due to Covid-19.

10. Loretta Lynn

Net Worth: $65 million* 
Greatest Hits: You Ain’t Woman Enough, Coal Miner’s Daughter 

Singer-songwriter and country icon Loretta Lynn was born in Kentucky, and she was one of the most successful and influential country stars in country music history. She was famous for hits like “You Ain’t Woman Enough”, “Don’t Come Home A’Drinkin”, “Fist City”, “One’s on the Way” and more. Her biographical film, Coal Miner’s Daughter, was named after one of her greatest hits.

Loretta Lynn ©Les Leverett/Wikimedia Loretta Lynn ©Les Leverett/Wikimedia

Loretta sold over forty-five million albums and had two dozen number-one singles and eleven number-one albums. She toured up to the age of 87, appearing at the Grand Ole Opry.

Lynn had been struggling with health issues, which was the reason that her third album with Legacy, titled Wouldn’t It Be Great, was delayed back in 2018. Those same issues canceled Lynn’s tour dates in 2017. In 2019, the movie Patsy & Loretta aired to much fan excitement. It detailed the friendship between Patsy Cline and Lynn. Sadly, Loretta Lynn passed away at the age of 90 in October of 2022.

11. Billy Joel

Net Worth: $180 million*
Greatest Hits: Piano Man, Movin’ Out (Anthony’s Song)

Singer and composer Billy Joel is nicknamed “Piano Man” because of the fame of his first single, which was titled the same. He has been in the industry since the 1970s as a solo artist. He has sold more than 150 million records across the world, and his Greatest Hits compilation remains as one of the best-selling albums of all time in America.

Billy Joel © Miro Vrlik Photography / Shutterstock.com Billy Joel © Miro Vrlik Photography / Shutterstock.com

He was born in The Bronx, and he dropped out of high school to pursue music. He caught Columbia Records’ attention in 1972 and signed a deal. He has won five Grammys out of 23 nominations.

Billy Joel has focused primarily on touring in his later career, both covering songs and playing his original music. He announced in 2019 that he would be undergoing a career first (a challenge for a musician as experienced as Joel). He announced that his next concert venue would be Camden Yards, marking his first-ever concert there. 

12. Van Morrison

Net Worth: $90 million* 
Greatest Hits: Gloria, Brown Eyed Girl 

Van Morrison is a music legend who started his professional music career when he was just a teenager. He played for various showbands in Ireland, and he became famous when he was part of the band Them, a Northern Irish R&B group. He was the lead singer, and with Them, he recorded the song “Gloria,” which would define the genre.

Van Morrison @ VegasNews / Twitter.com Van Morrison @ VegasNews / Twitter.com

He released the famous single “Brown-Eyed Girl” in the late 1960s. His first album was Astral Weeks, but record sales were initially weak. His second album however, Moondance, turned out to be a sensation. Van Morrison still tours to this day and makes music.

The latest Van Morrison projects include one from Faber and Faber. On March 5, 2020, they published the second volume of selected lyrics from Morrison, titled Keep ‘Er Lit. Paul Muldoon, a poet, wrote the forward for the compilation. The compilation consists of 120 songs from Morrison’s career as a singer/songwriter.

13. Neil Diamond

Net Worth: $175 million* 
Greatest Hits: Song Sung Blue, Cracklin’ Rosie 

Neil Diamond is an artist who has sold more than one hundred records across the world and has had thirty-eight songs reach the Top 10 Billboard charts. He is one of the best-selling musicians in history. He has had ten top-spot singles, and he received his induction into the Rock and Roll Hall of Fame and Songwriters Hall of Fame in 2011 and 1984, respectively.

Neil Diamond ©Tinseltown / Shutterstock.com Neil Diamond ©Tinseltown / Shutterstock.com

Diamond is also known for his sense of humor. He was parodied by Will Ferrell on SNL, and he loved the parody so much that he appeared alongside Ferrell in the comedian’s final May 2002 show.

Though Diamond has slowed down in recent years, he is still getting honored for his work. In 2019, the Library of Congress selected “Sweet Caroline” for preservation in the NRR (National Recording Registry). Only songs that are “culturally, historically, or aesthetically significant” receive this high honor from the Library of Congress.

14. Burt Bacharach

Net Worth: $160 million* 
Greatest Hits: Arthur’s Theme, Close to You 

Songwriter Burt Bacharach is a composer who has been labeled as one of the most influential composers of the twentieth century. He was born in Missouri in 1928, and he began composing in the 1950s through the 80s. He collaborated with writer Hal David to produce songs recorded by over one thousand singers.

Burt Bacharach ©Frank Hoensch/Getty Images Burt Bacharach ©Frank Hoensch/Getty Images

He is known for his work with singer Dionne Warwick, as well as for his chord progressions and jazz harmony. He often worked with smaller orchestras and assigned their members unusual instruments. His genres are contemporary, easy listening, and pop. He plays the piano and sings, too.

Bacharach made headlines in 2019 when he was revealed to be one of hundreds of artists whose material was destroyed in the Universal fire in 2008. One year later, he made headlines again, thankfully for a much happier reason, when he released Blue Umbrella, an EP on which he collaborated with artist Daniel Tashian.