• Bruce Springsteen has denied reports he is a billionaire.
• Forbes estimates Springsteen’s worth at $1.2 billion.
• “I wish I was, but they really got it wrong,” the singer said.

Bruce Springsteen dismissed reports that he is a billionaire in a recent interview, saying he wastes too much money on things he doesn’t need.

Springsteen, one of the most iconic names in music, has sold more than 140 million records worldwide and won 20 Grammy Awards during his career.

His earnings increased significantly in 2021 after selling his music catalog to Sony for around $500 million, while his 2023 world tour generated an additional $380 million in revenue, according to Pollstar.

In July, Forbes said the singer entered the billionaires club for the first time, putting his net worth at $1.1 billion.

Forbes’ real-time net worth tracking suggests that this figure has continued to rise over the past few months, estimating his current net worth at $1.2 billion.

But Springsteen, 75, recently said The telegraph that these figures were very far apart.

“I’m not a billionaire,” Springsteen said. “I wish I was, but they really got it wrong.”

“I spent too much money on unnecessary things,” he added.

The musician, famous for hits such as ‘Born in the USA’ and ‘Thunder Road’, spoke to the Telegraph about his new documentary: “Travel diary: Bruce Springsteen and the E Street Band“.

Following a recent screening of the film in London, attended by Business Insider, Springsteen also shared another way he uses some of his money: paying his band “a huge amount of money.”

The singer said this tactic has been key to his professional success and longevity.

“If you master the art, the music, and the band, you go out and play every night like it’s your last night on Earth. That was the serial philosophy of the band, and we stick to it.” he said.

Springsteen has previously spoken out about some of the financial problems he faced early in his career after reporting that he hadn’t paid some of his taxes.

In an interview with Tom Hanks at the Tribeca Film Festival in 2017, the singer spoke candidly on the subject, saying, “First of all, I never met anyone in New Jersey who paid their taxes,” according to Vanity Fair.

“They came after us. I had to work for someone else for a few years,” he said. “Not only did I have to pay all the taxes I hadn’t paid, but also the bills I hadn’t paid.”

“In 1980, I think I had about $20,000 to my name,” he added.