Oasis defy credit crunch, Paul McCartney feels pinch

...Noel and Liam Gallagher defy the economic crisis

Musicians including Paul McCartney, Elton John and music guru Simon Cowell have lost millions thanks to the economy’s downturn, according to the annual Sunday Times Music Millionaires Rich List 2009.

However, Noel and Liam Gallagher of Oasis (jointly) are one of only three in the list to post increases in wealth in the past year. The Oasis brothers upped their wealth by 16 per cent from £45million to £52million.

The list, which is published in full this Sunday (April 26), states Elton John has seen his fortune drop by 26 percent from £235million in 2008 to £175 million this year. Paul McCartney is down by £60million this year, from £500million to £440million.

As well as the economic crisis, poor investments and a fall in property prices are being blamed for the slump.

The Music Millionaires Rich List 2009 Top Ten is as follows:

1. Clive Calder (£1.3billion)
2. Lord Lloyd-Webber (£750million)
3. Paul McCartney (£440million)
4. Cameron Mackintosh (£350million)
5. Simon Fuller (£300million)
6. Mick Jagger (£190million)
7. Sting (£180million)
8. Elton John (£175million)
9. Keith Richards (£175million)
Joint 10. Olivia and Dhani Harrison (£140million)
Joint 10. Sir Tim Rice (£140million)