Cowell's paychecks increase as fame rises

LONDON, Dec. 31 (UPI) -- Thanks in part to his growing popularity and two new contracts, British TV personality Simon Cowell is set to earn more than $60 million.

The New York Post reported that between his new $24 million contract to produce "American Idol" and the $38 million he'll earn annually to produce British TV series, Cowell is gaining on iconic TV host Oprah Winfrey both financially and in popularity.

Cowell confessed that his success has been built upon the draw of embarrassment he brings to series like "Idol" and "X Factor," the report says.

"We illustrate how 95 percent of the public simply don't have any talent and are completely useless," Cowell said regarding his TV endeavors. "Telling them they are hopeless is a good thing. But do I care either way? No."

The Post said the success the 47-year-old is enjoying only comes after the financial hardship he faced only 15 years ago as a bankrupt record company salesman, a situation he credits for being a true education.