Sir Paul McCartney hit by recession

Sir Paul McCartney and Sir Elton John have both lost £60 million in the last year.

The two musical legends have felt the effects of the current economic crisis and seen millions wiped off the value of their investments, new information has revealed.

Paul has been hit hard by a fall in the value of property and shares. His divorce from Heather Mills also cost him £24.3 million. However, he is still worth around £440 million.

Elton saw his fortune decline from £238 million to £175 million after losing out to the recession and giving an estimated £42 million to charity.

Sunday Times Rich List Editor Ian Coxon, who compiled the list, said: "Wealthy stars have taken a similar hit to the rest of the population."

According to the list, Rolling Stones star Sir Mick Jagger experienced a 16 per cent loss, seeing his assets fall to £190 million, while Angels singer Robbie Williams is worth £80 million, down from £105 million after failing to release any new material.

Coxon said: "Robbie Williams is run as a business and there has been a profit fall in 2007, so that has had a knock-on effect. He has never quite fulfilled the promise he had a few years ago.

The man behind the Spice Girls, Simon Fuller, lost a staggering £150 million but is still worth £300 million.

Not all celebrities have been hit by the economic downturn.

Music mogul Simon Cowell made an impressive £35 million profit, while Girls Aloud beauty Cheryl Cole, who was a judge on his hit British TV talent show The X Factor, saw her wealth rise by £2 million.

Previous winner of the UK programme Leona Lewis also made £2 million, and Oasis rockers Liam and Noel Gallagher saw their earnings boosted by £7 million collectively.

Topping the list of the richest people in music with £1.3 billion was Clive Calder, founder of the Zomba Music Group, which was sold to Bertelsman AG in 2002.

The full 2009 Times Rich List will be released on Sunday (26.04.09).

Sunday Times Rich List top 10 music millionaires:

1. Clive Calder, £1.3 billion
2. Andrew Lloyd-Webber, £750 million
3. Sir Paul McCartney, £440 million
4. 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
9. Keith Richards, £175 million
10. Olivia and Dhani Harrison, £140 million