Sir Paul McCartney has reached a monumental financial success, becoming the UK’s first musician to amass a billion-pound fortune, as revealed by the Sunday Times Rich List.
At the age of 81, the iconic former Beatle has increased his net worth by £50m over the past year. His increase in wealth is attributed to extensive touring, the ongoing revenue from his music catalog, and a boost from Beyoncé’s recent rendition of “Blackbird,” a song McCartney penned in 1968.
The prestigious title of the UK’s wealthiest individual was once again claimed by Gopi Hinduja and his family, with a staggering net worth of £37.2bn—marking it the largest sum ever reported by the publication.
Other high-profile figures listed included Sir Elton John, Lord Lloyd-Webber, and David and Victoria Beckham, all surpassing the entry threshold of £350m in wealth.
This year’s list featured 350 individuals and families who collectively possess wealth amounting to £795.3bn—an aggregate surpassing the economy of Poland, according to the Sunday Times.
Robert Watts, the compiler for the Sunday Times Rich List, suggested that the UK’s billionaire expansion era might be decelerating. He observed declining fortunes among UK entrepreneurs and noted a trend of global magnates relocating from Britain.
Watts emphasized the significant economic impact the ultra-wealthy have, with thousands of British jobs being indirectly supported by their activities. The future economic implications of potentially reaching “peak billionaire” remains uncertain.
Challenges were evident as several affluent listees experienced notable fiscal downturns this year. Among them, Sir Richard Branson saw his wealth revert to levels similar to those of 2000, primarily due to struggles faced by Virgin Money and the space tourism venture, Galactic.
Another major decline was noted for Sir Jim Ratcliffe after acquiring a major stake in Manchester United. His fortune took a hit from substantial profit decreases at his company, Ineos Group.
Despite these setbacks, both Sir Jim and inventor Sir James Dyson, along with Andy Currie, a long-term Ineos executive, maintained positions among the UK’s wealthiest five.
Fresh faces on the Rich List include Graham King, who built a £750 million fortune through holiday parks, inherited wealth, and contracts housing asylum seekers for the government. Educational publishers Jon and Susie Seaton, and Euan Blair, who founded a billion-pound tech firm specializing in apprenticeships, were also notable newcomers.
In sports, Formula 1 driver Sir Lewis Hamilton made headlines with his upcoming switch from Mercedes to Ferrari set for the 2025 season, also earning him a spot on the list.
Robert Watts remarked on the resilience of wealth creation during challenging times, highlighting that the Rich List continues to recognize entrepreneurs thriving across varied and innovative sectors, from high-tech to traditional industries.