Paul McCartney Becomes First UK Musician To Become A Billionaire

Paul McCartney has become the first UK musician to become a billionaire, according to the Sunday Times' Rich List.

McCartney was officially named a billionaire by the Sunday Times Rich List, having added to his wealth by £50 million over the past year with touring. His billionaire status can be put down to the lucrative value of his back catalogue, as well as Beyoncé’s of his 1968 classic hit, 'Blackbird'. 

The rich list consists of 350 people, with their overall wealth holding a combine total of £795.3bn.

According to the Sunday Times Rich List, Gopi Hinduja and his family were named the richest people in the UK. Their wealth has surpassed £37.2bn, their largest fortune ever recorded by the publication.

The compiler of The Sunday Times Rich List Robert Watts, this list suggests that “Britain’s billionaire boom has come to an end”.

“Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away”, he said, adding that: “thousands of British livelihoods rely on the super-rich to some extent”.

“We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy”. 

“considerable losses”

The list also reported that several household names reported “considerable losses” this year.

In a difficult year for Virgin Money and space tourism company Galactic, Sir Richard Branson’s wealth has fallen to £2.4bn. This the level of wealth he had in 2000.

Other names to report financial losses is Sir Jim Radcliffe who purchased a 27.7% stake in Manchester United this year, of a reported decline £6.16bn which were put down to a decrease in profits at Ineos Groups.

Ineos director Andy Currie, and Sir James Dyson also reported a decrease in wealth.

Despite these losses, Sir Jim Radcliffe and Dyson still remain in the UK’s Top Five Rich List.

Other newcomers to the list also include F1 driver Lewis Hamilton and Graham King who earned his wealth from holiday parks, inheritance and housing asylum seekers for the government.

“These may be harder times to create wealth, but The Sunday Times Rich List continues to unearth entrepreneurs building fortunes in diverse and often surprising ways”, Mr Watts said. “This year’s new entries include people who have made money from artificial intelligence and virtual worlds as well as plumbing supplies and teaching aids”. 

The list also includes couple Jon and Susie Seaton, who founded education publisher Twinkl from their kitchen table, as well as Euan Blair, founder of online game Multiverse. Euan is also the eldest son of former British Prime Minister Tony Blair.