Mick Jagger plans to give Rolling Stones catalog to charity, says his ‘kids don’t need $500 million’
Rock legend Mick Jagger hinted at giving away $500 million of his fortune saying his kids don't need it. In an interview with The Wall Street Journal, one of the founding members of the "Rolling Stones" said leaving a part of the inheritance might "do some good in the world," instead. The band has made millions over their long career and their post-1971 catalog could be worth $500 million, as per Jagger.
"Do some good in the world"
In an interview last year, the rockstar discussed the business side of the Rolling Stones with the Wall Street Journal as the band released their first album with original songs in 18 years.
Jagger shared that he doesn't enjoy dealing with the business side, but it is necessary. When asked about their post-1971 catalog and if he would be willing to sell it, Jagger answered with a resounding no. He added that his "children don't need $500 million to live well" and suggested that he may even donate his fortune to charity someday.
Jagger has eight kids, Karis, Jade, Elizabeth, James, Georgia May, Lucas, Gabriel, and Deveraux, between the ages of seven and 53. While he claimed that he would give away his fortune, he believes his kids could still make money off his name.
“You can have a posthumous business now, can’t you?” Jagger said, adding that they can even have a posthumous tour of the band.
Talked to Mick Jagger about the future of Stones Inc.; “Hackney Diamonds”; keeping the band together for 60+ years; and how he’s sorta like an electron (to Keith’s nucleus of protons and neutrons) https://t.co/VxPqc3cTVw
— Neil Shah (@NeilShahWSJ) September 26, 2023
Rolling Stones' share of struggles
It is understandable why Jagger may want his children to fend for themselves as the Stones had to do the same. In 1960, they hired accountant Allen Klein to stabilize and manage their finances. Klein had previously worked with renowned bands like The Beatles and the Kinks.
He negotiated a lucrative deal with the Stones but when their partnership ended he retained ownership of their catalog for the years he managed them. Thus, the music catalog of The Stones from 1965 to 1970, which includes hit singles like Satisfaction, Paint it Black is owned by ABKCO Music & Records, founded by Klien, as per RollingStone.
In the interview, Jagger expressed that at the time the industry "was so nascent" that it didn't have the support and the people to provide them with the right advice.
"But, you know, it still happens... look what happened to Taylor Swift. I don't really know the ins and outs of it, but she obviously wasn't happy," he added.
The band has been in a legal battle with the label to retain its ownership. Despite not having ownership, The Stones has reportedly made millions in royalties from the songs.
Furthermore, their post-1971 music catalog could go for millions as well. Similar music stars have sold the rights to their work in recent years, including Bruce Springsteen for $550 million, and Paul Simon for $250 million. However, as Jagger said, The Stones have made no decision on selling their music catalog.
Like Jagger, Simon also indicated in a SiriusXM interview, that his children are not interested in running his publishing business, and he doesn't blame them, digitalmusicnews reported. Several other celebrities, like Daniel Craig, Ashton Kutcher, Jeff Goldblum and more have also opted to give away their fortune instead of leaving inheritance, as per US Weekly.
