Elton John, Paul McCartney take financial hits

Survey: Personal fortunes falling due to economic crisis

British singers Paul McCartney, Elton John and Mick Jagger have lost large chunks of their personal fortunes during the economic crisis over the past year, according to a rich list published Friday.

Along with many of the world's richest people, their wealth has been eroded by sharp falls in the value of property, shares and other investments, the annual survey for the U.K. Sunday Times newspaper said.

John's personal wealth fell by more than a quarter to £175 million ($256.8 million) from £235 million ($344.8 million) last year.

The flamboyant 62-year-old, whose hits include "Your Song," and "Rocket Man," saw his wealth tumble due to a combination of the effects of the downturn, the end of a lucrative run of Las Vegas concerts and donations to charity worth £42 million ($61.6 million).

Former Beatle McCartney saw £60 million ($88 million) wiped off his fortune, a 12% decline on last year. It now stands at £440 million ($646.4 million), according to the ST rich list.

Jagger, lead singer of the Rolling Stones, fared even worse. His wealth slipped by 16% to £190 million ($278.8 million).

Top of the list of British music millionaires was Clive Calder, who founded the Zomba record label, home to artists like Britney Spears. He sold it seven years ago for about $3 billion. The rich list said his current wealth is unchanged from last year at £1.3 billion ($1.9 billion).

The biggest climber was Judy Craymer, producer of the hit musical "Mamma Mia!" Her finances grew by 29% to £75 million ($110.1 million) on the back of the successful Hollywood adaptation of the show.

It was a bad year for troubled British soul singer Amy Winehouse whose fortune was cut in half to £5 million ($7.3 million) after releasing no new records last year.

The list of the richest 1,000 in Britain is out Sunday.
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