Mccartney And Cowell See Fortunes Soar
SIR PAUL MCCARTNEY and SIMON COWELL will be smiling through the economic slump - they've made millions in the last 12 months as the U.K. music industry shows the green shoots of recovery.
Last year (09), the global financial crisis hit record labels hard, with rockers including MCCartney and Sir Elton John losing huge chunks of their fortune.
But the industry appears to be moving out of the slump - according to Britain's Sunday Times annual rich list, some top earners have seen their income soar in the last 12 months.
Beatles legend MCCartney's wealth rose to $712 million (£475 million) from $660 million (£440 million), while the Rocket Man's fortune is at $277 million (£185 million), an increase of $15 million (£10 million). Music mogul Cowell is now worth $247 million (£165 million) compared to $180 million (£120 million) last year.
But it was a miserable 12 months for impresario Lord Andrew Lloyd-Webber - he lost $75 million (£50 million) from his $1.1 billion (£750 million) fortune.
The list is topped by Warner Music Group chief executive Edgar Bronfman, who became eligible by moving from New York to London last year (09) - pushing record label boss Clive Calder down to second place.
In the rich list of British music stars aged under 30, Girls Aloud singer Cheryl Cole enjoyed a bumper 12 months - her blossoming solo career and soaring exposure from her role as a judge on TV talent show The X Factor caused her fortune to increase by a massive 150 per cent, to $15 million (£10 million). Charlotte Church tops the young rich list, with $16.5 million (£11 million).
The top ten musical millionaires in 2010, according to the Sunday Times, is:
1. Edgar Bronfman and family ($2.4 billion/£1.6 billion)
2. Clive Calder ($1.9 billion/£1.3 billion)
3. Lord Andrew Lloyd-Webber ($1.05 billion/£700 million)
4. Sir Cameron MACkintosh ($950 million/£635 million)
5. Sir Paul MCCartney ($712 million/£475 million)
6. Simon Fuller ($525 million/£350 million)
7. Sir Mick Jagger ($285 million/£190 million)
8. Sir Elton John ($277 million/£185 million)
9. Sting ($270 million/£180 million)
10. Keith Richards ($262 million/£175 million)