.

UK rich list sees first music billionaire

Photo: Getty Images

The annual countdown of the UK's wealthiest musicians has been revealed ahead of the full list being released at the weekend.

With a calculated wealth of £800m, Andrew Lloyd Webber still comes joint top alongside Sir Paul McCartney, despite the composer apparently standing to lose millions due to the closure of his theatres in the West End and on Broadway.

And now that she is based in London, singer Rihanna has jumped straight into third place after amassing a fortune of £468m, thanks in part to the success of her cosmetics and fashion brand Fenty.

It puts the 32-year-old ahead of the likes of Sir Elton John and Sir Mick Jagger, in fourth and fifth place respectively.

Robert Watts, who compiles the list, says if she stays in the UK she could well rise to the top.

"Rihanna typifies the seismic change we've seen in the rich list in recent years," he said.

"Once dominated by inherited wealth, the bulk of our 1,000 entries are now self-made people with modest and even troubled starts in life who are driven to work exceptionally hard.

"Still only 32, if Rihanna remains based in the UK she could well pip Sir Paul McCartney and Lord Lloyd Webber to be the Sunday Times Rich List's first billionaire musician.

"Touring remains the big earner for many of the stadium-filling acts on our musicians' list. But the COVID outbreak has wrecked concert plans and so we expect the wealth of many of these musicians will flatline over the coming year."

However, Mr Watts said that "for this year at least", the wealth of the musicians has "held up better than many other ultra-high net worth individuals - especially those with wealth determined by the stock market".

Lord Lloyd Weber, 72, had to delay the London opening of his musical Cinderella, scripted by Killing Eve's Emerald Fennell, as a result of the coronavirus crisis.

His LW Theatres showed assets of £63m in 2018-19, with the separate Really Useful Group Investments making profits of £7m on turnover of £61.4m.

After topping the list alone in 2019, his fortune has come down from £820m to £800m for the 2020 list.

McCartney's wealth, however, has increased to £800m from £750m last year, thanks to 29 concerts, the chart-topping album Egypt Station, and his first children's book, Hey Grandude!, which topped the New York Times bestsellers chart in 2019.

Olivia and Dhani Harrison, the widow and son of Beatle George Harrison, share the sixth spot with Sir Mick's Rolling Stones bandmate Keith Richards, while Ed Sheeran is also in the top 10.

Adele, who has not released an album since 2015, is just outside the top 20 at number 22, jointly with Ozzy and Sharon Osbourne.

At 29, Sheeran is the youngest person on the list and also tops a separate list of the richest young musicians, which also includes One Direction stars Harry Styles, Niall Horan, Louis Tomlinson, Liam Payne and Zayn Malik, as well as Little Mix and Sam Smith, in the top 10.

 

Rich List 2020

 
1= Lord Andrew Lloyd Webber £800m Down £20m
1= Sir Paul McCartney £800m Up £50m
3 Rihanna £468m New
4 Sir Elton John £360m Up £40m
5 Sir Mick Jagger £285m Up £10m
6= Olivia and Dhani Harrison £270m Up £20m
6= Keith Richards £270m Up £10m
8 Sir Ringo Starr £260m Up £20m
9 Michael Flatley £206m Up £2m
10= Ed Sheeran £200m Up £40m
10= Sir Rod Stewart £200m Up £10m
10= Sting £200m No change
13= Brian May £190m Up £30m
13= Roger Waters £190m No change
15 Robbie Williams £185m Up £10m
16 Calvin Harris £180m Up £15m
17 Eric Clapton £175m No change
18= Sir Tom Jones £170m Up £5m
18= Roger Taylor £170m Up £15m
20 Charlie Watts £165m Up £10m

More from Showbiz News

Cover art for Move Your Feet

On Air

Max Mallen playing Junior Senior - Move Your Feet