Brother, Can You Spare A Mil?
Posted on
Friday April 24, 2009
at
09:01 AM
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Has the current economic crisis hurt your pocketbook? You’re in good company. Just ask Paul McCartney, Elton John or Tom Jones.
July 21, 2003
(Chuck Saus)
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London’s Sunday Times publishes its annual “Rich List” this weekend, and the new rankings show more than a few stars’ bank accounts hit by the worldwide financial downturn many are calling the worst since the Great Depression.
How bad? Elton John might have to cut back on the tiaras. The music legend’s wealth dropped 26 percent and Tom Jones saw his fortune shrink by 24 percent. Even Simon Fuller, creator of the “Idol” talent show franchise and mastermind behind the Spice Girls’ rise to fame, has a thinner piggy bank than last year, with his wealth shrinking 33 percent.
Final "Red Piano" performance, Colosseum At Caesars Palace, Las Vegas, Nev.
April 22, 2009
(AP Photo)
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McCartney also experienced an economic decrease, losing an estimated £60 million ($88.4 million U.S.).
It should also come as no surprise that Amy Winehouse’s bank account is 50 percent smaller than it was last year.
When it comes to decreasing wealth, John, Jones and Macca are not exactly hurting. Separately, their remaining fortunes still amount to more than what many individual countries accrued over the past year. Nevertheless, nobody enjoys losing money.
Coachella Valley Music & Arts Festival, Indio, Calif.
April 17, 2009
(AP Photo)
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Of the top 50 music millionaires, the Sunday Times says only three saw their fortunes rise. Simon Cowell realized big bucks due to his acerbic wit and eye for talent. The “American Idol” judge, who also fills a similar role across the pond in “Britain’s Got Talent,” experienced a seven percent increase.
Oasis’ Gallagher brothers saw a 17 percent rise in worth while “Mamma Mia” producer Judy Craymer boosted her financial status by 29 percent.
Nobody’s about to trade in their mansion for a condo. At least, not yet. However, if some fortunes continue to decline, a few music tycoons might have to get by with one less Rolls in the garage.
Staples Center, Los Angeles, Calif.
December 4, 2008
(AP Photo)
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What does “Rich List” compiler Philip Beresford have to say about all this?
“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.”
To read the complete Sunday Times article plus the Rich List’s top ten music millionaires, please click here.
--Jay Smith