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Music

The Richest People in UK Music Are (Mostly) Exactly Who You'd Expect

Looks like you pretty much have to be either an old man or Adele to make any money from music in Britain.
Lauren O'Neill
London, GB

Ah yes, the month of May. Finally, it's time for summer to edge its way around the clouds, for the optimism naturally brought on by good weather to set in, and, of course, for the release of another Sunday Times Rich List to make you feel less significant than a flea living on another, slightly larger flea and sweep away all those good spirits in the turn of a page marked "Ten Wealthiest Musicians Under 30".

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This year's iteration of the full list – "the definitive guide to wealth in the UK," what fun! – will be released this Sunday 7 May, but to whet our appetites the Times have generously teased us with a ranking of the richest people in UK music, as of 2017. The top five? That'll be Paul McCartney and his wife Nancy Shevell; Lord Andrew Lloyd-Webber; U2; Sir Elton John; and Sir Mick Jagger. We are so lucky, and they are so thoughtful.

Probably the main takeaway from this particular list is the fact that Adele has muscled her way into the top 20 biggest earners, which until now has tended to be a bit of a boys' club – she's now the only female artist (and the only artist under 30 years old) in the upper echelons of the British recording industry earners, with a worth of £125 million. This is both a sorry state of affairs and, you have to admit it, completely expected.

Elsewhere, she's followed by Fellow Woman Enya (whose riches THUMP have explored in the depth they deserve), and Fellow Young(-ish) Person Calvin Harris, who, at 33 years old, is the 21st richest person with a net worth of £120 million. But perhaps the largest underrepresentation of all is that amongst BME people – especially considering their enormous contribution to UK music right now, and literally always. No BME artists are featured on the list, though model, business owner and David Bowie's widow Iman Abdulmajid does appear, for the contributions to her wealth made by the assets Bowie left her after his death as well as money that'll come in from his estate and her own businesses.

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Topping the list, to the surprise of absolutely nobody, is Paul McCartney who is worth a cool £780 million, and whose worth increased by £20 million in the last year alone. And yes, Beatles, Liverpool, very good. But, I mean. I don't know, alright, but I just think that we should probably feel a bit of collective shame at letting the man who did the Meat Free Monday 'rap' reign over the UK music industry and allowing him to play "Hey Jude" at literally any major event of his choosing, is all.

Obviously, very little of this is unexpected – my overwhelming tone here has been one of resignation and boredom, I know (though, granted, I am pleased to see THE FUCKING LADS Robbie Williams and Noel and Liam Gallagher getting their dues for being ABSOLUTE LEGENDS and catching the flush-with-cash industry right before the internet disrupted things). And that's because these names are the same names we always see. They're the names we expect, and their omnipresence is evidence of a tired music industry where people who made their names decades ago still rule the roost.

U2, for example, in third place with a collective worth of £548 million, are now barely a recording act, raking in cash through touring after they spammed our iTunes accounts with Songs of Innocence in 2014. But because they emerged at exactly the right time to become not only famous musicians, but actual celebrities too, due to the rise of MTV and the growing visual commodification of musicians at the time, they continue to earn and earn almost regardless of how they're critically received (and regardless of Bono's deeply earnest insufferableness, which seems to grow alongside his wealth).

It's also interesting that the very richest on the list are artists or members of musical acts that appeal to older audiences – though this may well simply point to their being more established than younger stars (meaning they've simply had more time to make their money), it's true that Pink Floyd, The Rolling Stones, Phil Collins, The Beatles, The Who and even Adele are all marketed, at least in part, to a demographic that can afford to part with its money to buy merchandise and physical albums over streaming. And this, sadly, just feels like the next chapter in a story we've been telling for a while now.

And though wealth is wealth, and balances rarely shift overnight, this Rich List tidbit is just a reminder of where the power really lies in the recording industry, and unfortunately, it's largely not with those who are creating and innovating. One day, with any luck, Skepta will usurp McCartney and middle-of-the-road's stranglehold on the music industry might – heaven forbid – loosen.

Follow Lauren on Twitter.

(Image via Wikimedia Commons)