Music Rich Slip Down The List

The wealth of most of the U.K.’s richest music millionaires has fallen by at least 10 percent in the last year, according to a survey in the Sunday Times.

The paper’s annual rich list suggests the biggest sufferers are Elton John, who has seen his fortune drop 26 percent from £235 million to £175 million; Paul McCartney, whose fortune has gone from £550 million to £440 million and pop mogul Simon Fuller, who had £400 million last year but is now down to £300 million.

Former Zomba record label boss Clive Calder is still top of the Sunday Times music list with £1.3 billion, comfortably ahead of Andrew Lloyd Webber and his £750 million.

McCartney came third, ahead of theatre entrepreneur Cameron Mackintosh with £350 million (£450 million last year). Despite losing two-thirds of his cash in 12 months, Fuller came fifth.

The recession, particularly the plummeting values of property and share portfolios, is the main culprit.

Ian Coxon, who edited the list, said stars like former Take That member Robbie Williams, who relied on investments for their wealth, had been hardest hit.

“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 told BBC News, after Williams was estimated to have lost £25 million in the last year. He’s now 27th in the music list, with £80 million. He shares that position with former Island Records chief Chris Blackwell.

Bucking the trend are pop guru and TV talent show judge Simon Cowell, whose £129 million fortune has risen 7 percent.

The huge success of “Mamma Mia!” has increased show producer Judy Craymer’s bank balance by 29 percent, to £79 million.