Britain's music moguls affected by recession

AP, Apr 24, 2009 9:00 am PDT
The music industry isn't recession proof, with many industry stars seeing their fortunes fade during the past year, according to a study by a British newspaper.

Singers such as Elton John, Robbie Williams and Tom Jones have lost around a quarter of their personal wealth over the past 12 months, according to The Sunday Times.

The newspaper released a list Friday of the richest musicians and industry executives in Britain and showed how their fortunes changed from a year ago. It was released in advance of the paper's Sunday edition, which is to include an overall list of Britain's richest people.

Even amid the downturn, it's hard to imagine too many music celebrities singing the blues.

John, for example, still has 175 million pounds ($255 million), down from 235 million pounds.

In addition to feeling the effects of the recession, John gave away more to charity this year than last, according to the newspaper.

There were a few exceptions to the downward trend. Industry executive and famously grumpy television judge Simon Cowell of "The X-Factor" and "American Idol," saw his wealth rise 7 percent from 112 million pounds to 120 million pounds.

The wealthiest Brits in the business are producer Clive Calder, composer Andrew Lloyd-Webber and Paul McCartney, according to the newspaper. All were at the top of the list last year as well.

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