Elton John, McCartney hit by economic crisis: rich list

04/24/2009 12:00 PM, Reuters
Michael Holden

LONDON (Reuters) – British singers Paul McCartney, Elton John and Mick Jagger have lost large chunks of their personal fortunes during the economic crisis over the last year, according to a rich list published on Friday.

Along with many of the world's richest people, their wealth has been eroded by sharp falls in the value of property, shares and other investments, the annual survey for the Sunday Times newspaper said.

Elton John's personal wealth fell by more than a quarter to 175 million pounds from 235 million pounds ($342.3 million) last year.

The flamboyant 62-year-old, whose hits include "Your Song," and "Rocket Man," saw his wealth tumble due to a combination of the effects of the downturn, the end of a lucrative run of Las Vegas concerts and donations to charity worth 42 million pounds.

Former Beatle McCartney saw 60 million pounds wiped off his fortune, a 12 percent decline on last year.

Jagger, lead singer of the Rolling Stones, fared even worse. His wealth slipped by 16 percent to 190 million pounds.

Top of the list of British music millionaires was a less well-known name: Clive Calder, who founded the Zomba record label, home to artists like Britney Spears. He sold it seven years ago for about $3 billion.

The rich list said his current wealth is unchanged from last year at 1.3 billion pounds.

The biggest climber was Judy Craymer, the producer of hit musical "Mamma Mia!." Her finances grew by 29 percent to 75 million pounds on the back of the successful Hollywood adaptation of the show.

It was a bad year for troubled British soul singer Amy Winehouse whose fortune was cut in half to 5 million pounds after releasing no new records last year.

The list of the richest 1,000 in Britain is out on Sunday.