Paul McCartney Loses Millions

The wealthiest members of the music industry have been hit hard by the credit crunch, with a new Sunday Times study finding that artists such as Sir Paul McCartney have lost millions in recent months.

How the credit crunch has happened is beyond our meagre minds. Apparently some of the most powerful bankers on the planet took massive amounts of various currencies and invested in something which has turned out to be entirely worthless.

What happened to just spending it on magic beans? Ah well, with all hell breaking loose in the economy at least we have music to keep us sane. Or at least, we will for a short until some of the bigger acts loose every penny they have.

The current financial crisis has affected every aspect of the entertainment industry, and a new study by the Sunday Times has found that some of the biggest acts in the world has watched their net worth plummet in recent months.

The list reveals that Sir Elton John has lost an astonishing 26% of his wealth, losing a total of £60 million. Joining him at the dole queue shortly will be former Beatle Sir Paul McCartney who has apparently lost £60 million in a short space of time.

It's not all bad news for McCartney, though, with the former Wings man remaining the third richest figure in the British music industry. The songwriter's wealth may soon bounce back up, however, with a massive Beatles re-issue program set to launch later this year.

Other acts in the Sunday Times list are Sir Mick Jagger, Keith Richard and George Harrison's widow Olivia.

The top ten musical millionaires in 2009 according to the Sunday Times are as follows:

1. Clive Calder ($1.8 billion/£1.3 billion)
2. Lord Lloyd-Webber ($1.05 billion/£750 million)
3. Sir Paul McCartney ($700 million/£440 million)
4. Sir Cameron Mackintosh ($490 million/£350 million)
5. Simon Fuller ($420 million/£300 million)
6. Sir Mick Jagger ($266 million/£190 million)
7. Sting ($252 million/180 million)
8= Sir Elton John ($245 million/£175 million)
8= Keith Richards ($245 million/£175 million)
10= Olivia and Dhani Harrison (George Harrison's widow and son) ($196 million/£140 million)
10= Sir Tim Rice ($196 million/£140 million)