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Thursday, April 23, 2009
Oasis' Gallagher Brothers Weather Economic Storm - Worth £52 million
Music millionaires suffer huge losses in Sunday Times Rich List
Simon Cowell, Andrew Lloyd Webber and the producer of the Mamma Mia musical are some of only a handful of music millionaires to have weathered the economic storm and protected their wealth this year.
While most performers and producers have seen their fortunes nosedive by more than ten per cent, a select handful have escaped the worst of the recession, figures from the 2009 Sunday Times Rich List show.
Poorly performing investments and the slump in property prices have led to huge estimated losses, with Sir Elton John’s value down 26 per cent, Sir Tom Jones down 24 per cent, and Simon Fuller, the music mogul behind Pop Idol down 33 per cent.
Of the top 50 music millionaires only seven have avoided losing a chunk of their wealth, with only three - Cowell, the Gallagher brothers, and Judy Craymer, the Mamma Mia producer - posting an increase.
Craymer, whose Abba stage show and film have grossed more than $2.5 billion worldwide, increased her fortune by 29 per cent to £75 million, according to the Rich List.
Mamma Mia, starring Meryl Streep, is the biggest grossing film of all time in the United Kingdom, ahead of Titanic and the Harry Potter series. The DVD was also the fastest selling this country has ever seen, with an estimated one in four households owning a copy.
Philip Beresford, the Rich List compiler, said: “Some people think she might be worth more than £100 million, but we’re a bit more conservative because she doesn’t own all of her production company. There is huge value in the Mamma Mia brand.”
The continuing success of Simon Cowell’s talent shows, X Factor and Britain’s Got Talent, have earned him a seven per cent wealth increase.
As artists signed to his Syco record label, including Leona Lewis, have also dominated the charts, Cowell’s fortune is vlaued at £120 million, up from £112 million, ranking him equal 15th in the list of wealthiest music millionaires.
Noel and Liam Gallagher, whose band Oasis released their seventh studio album, Dig Out Your Soul, last year, are reckoned to have increased their worth 16 per cent from £45 million to £52 million.
The top three are unchanged from last year. Clive Calder, the founder of Zomba Records, once a home to Britney Spears, is rated the most wealthy music millionaire, with an unchanged wealth of £1.3 billion. In 2002 he sold his company for £1.24 billion.
Second is Lord Lloyd-Webber, with an unchanged fortune of £750 million. Sir Paul McCartney clings on to third place, despite losing an estimated £60 million, bringing his wealth to £440 million.
Among the young music millionaires, defined as those under 30, Amy Winehouse’s fortune is estimated to have dropped 50 per cent to £5 million after speculation about her personal life.
Cheryl Cole, the Girls Aloud singer and X Factor judge, and her footballer husband Ashley, are new entries on the young list, with an estimated wealth of £13 million.
Joining the couple as another new entry on the list is Duffy, the Brit Award winning singer, with an estimated wealth of £4 million.
Dhani Harrison, son of George, the former Beatle, and his family, is rated the wealthiest young music millionaire, with a total wealth of £140 million.
Mr Beresford said: “We’ve all got to be very sober this year. It’s the first time I’ve ever had to do a rich list in a severe recession, some say near-depression. The biggest surprise looking at the whole music sector is the absence of any seriously rich young rock artists.
“It’s just the same old wrinkly rockers, but their income has changed to coming from touring. I presume it’s because record companies have become wiser and sharper in recent years and don’t give the same deals they used to.”
The full 2009 Sunday Times Rich List will be released on Sunday. The 112-page magazine charts the value of the assets in the country’s wealthiest individuals.
THE TOP 10 SUNDAY TIMES RICH LIST MUSIC MILLIONAIRES
1 Clive Calder £1,300m
2 Lord Lloyd-Webber £750m
3 Sir Paul McCartney £440m
4 Sir Cameron Mackintosh £350m
5 Simon Fuller £300m
6 Sir Mick Jagger £190m
7 Sting £180m
8 Sir Elton John £175m
8 Keith Richards £175m
10 Olivia and Dhani Harrison £140m
10 Sir Tim Rice £140m
via L4e / timesonline.co.uk
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