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Elton John, Paul McCartney and Mick Jagger lose millions in recession


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Rock's rich list gets credit crunched as biggest-selling musicians see their personal fortunes shrink

[smaller]Rosie Swash | guardian.co.uk | Friday 24 April 2009 | Link[/smaller]

Elton John, Paul McCartney and Mick Jagger are among those suffering the effects of the global economic downturn. According to the Sunday Times Rich List, the millions-selling musicians suffered an average 10% drop in their earnings last year. Elton John's wealth decreased by more than a quarter – a loss of about £175m. However, the Rocket Man still has a personal fortune of £235m so he shouldn't have to cut back too much.

It's a similar story for Paul McCartney, with the former Beatle losing about £60m from his £500m fortune, while Jagger is said to have suffered a loss of around 16%, leaving him with a personal stash of £190m. The drop in earnings were put down to a general decrease in property value and losses through shares and other investments.

It's not all bad news, however, as Mamma Mia! producer Judy Craymer saw the runaway success of the Abba musical see a rise in stocks of 29% to £79m. Sir Clive Calder, founder of record label Zomba, who were responsible for Backstreet Boys and Britney Spears, remains at the top of the list. With an estimated £1.3bn in the bank, Calder could probably lend Jagger, McCartney and Elton John some cash should their helicopters and private simming pools be repossessed.

The Sunday Times Rich List 2009: The music millionaires

1. Clive Calder (£1.3bn)

2. Lord Andrew Lloyd Webber (£750m)

3. Sir Paul McCartney (£440m)

4. Sir Cameron Mackintosh (£350m)

5. Simon Fuller (£300m)

6. Sir Mick Jagger (£190m)

7. Sting (£180m)

8 = Sir Elton John (£175m)

8 = Keith Richards (£175m)

10 = Olivia and Dhani Harrison (£140m)

10 = Sir Tim Rice (£140m)

Source: The Sunday Times

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