According to the Sunday Times Rich List published on Friday, music legend Paul McCartney has achieved a significant milestone by becoming the UK’s first billionaire musician. Despite the UK experiencing its largest decline in billionaire count in the Rich List’s 36-year history, McCartney’s wealth has soared.
The 81-year-old’s fortune received a boost from factors such as robust touring, a valuable back catalogue, and even a nod from Beyoncé, who covered the Beatles’ classic “Blackbird”. McCartney’s net worth was estimated at £1.0 billion ($1.26 billion), underscoring his enduring financial success.
While the overall number of billionaires in the UK fell from 177 in 2022 to 165 this year, McCartney’s wealth trajectory has defied the trend. One contributing factor to this decline in billionaire count is the government’s decision to eliminate the “non-dom tax status” from next year. This system allowed individuals to avoid UK tax on overseas earnings.
The controversy surrounding the “non-dom” status was highlighted by Prime Minister Rishi Sunak’s wife, Akshata Murty, who previously benefited from the arrangement. However, she announced her intention to pay UK tax on her shareholding in Infosys, her father’s company, amid public scrutiny.
Despite these changes, some fortunes have remained resilient. For instance, King Charles III’s personal wealth saw an increase thanks to a rise in the value of his properties. However, other prominent figures, such as chemicals tycoon Jim Ratcliffe, inventor James Dyson, and Virgin entrepreneur Richard Branson, experienced declines in their multi-billion pound fortunes.
At the top of the Rich List for the third consecutive year is Indian-born investor Gopi Hinduja and his family, with an estimated fortune of £37 billion, highlighting the global nature of wealth distribution among the UK’s wealthiest individuals.
