Music millionaires show vulnerability during the credit crunch

The 2009 Sunday Times Rich List – released on Sunday 26 April – shows that music millionaires have also been victims of the economic downturn.

The latest rich list, compiled by valuing the assets in the UK’s wealthiest individuals, shows a 10% drop in the wealth of many of Briton’s rich.

Simon Cowell, Andrew Lloyd Webber and the Gallagher Brothers – of Oasis fame – are some of only a handful of music millionaires to have weathered the financial storm and protected their wealth this year. Simon Cowell has seen his fortune increase from around £112 million to £120m, in part due to the huge success of artists on his music label Syco, including Leona Lewis, who have dominated the charts in recent times.

While the likes of Elton John, Sir Tom Jones and music mogul Simon Fuller have seen their wealth plummet by 26%, 24% and 33% respectively.

Sunday Times Rich List compiler, Philip Beresford commented: “We’ve all got to be very sober this year. It’s the first time I’ve ever had to do a rich list in a severe recession, some say near-depression. The biggest surprise looking at the whole music sectors the absence of any seriously rich young rock artists.”

Girls Aloud starlet Cheryl Cole and husband, Chelsea footballer Ashley Cole are new entries on the young rich list – defined as those under 30 – with an estimated combined wealth of £13m, while singer/songwriter Duffy joins the couple, with an estimated wealth of £4m.

The Top 10 Sunday Times Rich List Music Millionaires

1. Clive Calder £1,300m
2. Lord Lloyd Webber £750m
3. Sir Paul McCartney £440m
4. Sir Cameron Mackintosh £350m
5. Simon Fuller £300m
6. Sir Mick Jagger £190
7. Sting £180m
8. Sir Elton John £175m
=    Keith Richards £175m
10. Olivia & Dhani Harrison £140m
=     Sir Tim Rice £140m

Source: The Sunday Times