ELTON JOHN - RECESSION HITS THE RICHEST NAMES IN ROCK

RECESSION HITS THE RICHEST NAMES IN ROCK

British music millionaires have seen at least a ten per cent fall in their wealth in the last year, according to the Sunday Times rich list.

Sir Elton John's fortune has dwindled by 26 per cent - from £235m in 2008 to £175m in 2009 -while former Beatle Sir Paul McCartney has lost £60 million in the last 12 months.

Even younger musicians such as Amy Winehouse and Katie Melua have seen their fortunes decline in the last year, by 50 and 44 per cent respectively.

The falling value of property and shares amid the global economic breakdown is at root of the musicians' substantial losses.

With a fortune of £1.3 billion, former record label chief Clive Calder tops the Sunday Times' annual survey of music millionaires, with West End impresario Lord Andrew Lloyd-Webber in second on £750 million.

Ian Coxon, who compiled the music list for the Sunday newspaper, said the portfolio-based investments of former Take That member Robbie Williams were the reasons for the singer's £25 million lost in the last year.

"Robbie Williams is run as a business, and there has been a profit fall in 2007, so that's had a knock-on effect," he explained.

"He's never quite fulfilled the promise that he had a few years ago."

Britain's Got Talent judge Simon Cowell continued to prosper, with a seven per cent increase in his wealth, while Mamma Mia! producer Judy Craymer's estimated fortune grew by 29 per cent, to £79 million.

The top ten richest musicians in the UK are:

1 Clive Calder - £1.3 billion
2 Lord Lloyd-Webber - £750 million
3 Sir Paul McCartney - £440 million
4 Sir Cameron Mackintosh - £350 million
5 Simon Fuller -£300 million
6 Sir Mick Jagger - £190 million
7 Sting - £180 million
8= Sir Elton John - £175 million
8= Keith Richards - £175 million
10= Olivia and Dhani Harrison - £140 million
10= Sir Tim Rice - £140 million