Even musicians see lighter wallets…
You would figure the tale of woe that is our global economy would only hurt the Joe Six-Packs of the world. Surely, celebrities and other cultural figures can’t be unaffected, right? They live in a bubble, Plus, we basically give them all of our disposable income.
Not so fast. Even some of music’s most notable stars are feeling the pinch. According The Times of London’s annual Rich List, Sirs Elton John and Paul McCartney, as well as Mick Jagger have all taken a substantial hit thanks to the financial crisis. Both John and McCartney lost nearly £60 million pounds ($88 Million Dollars), while Jagger saw nearly his wealth slip 16% to £190 million ($278.8 million).
Of course, all this pales in comparison to the £17 billion pounds that Indian industrialist Lakshmi Mittal lost in 2008.
Overall, the recession has wiped £155 billion from the fortunes of Britain’s richest 1,000 people, equivalent to more than a third of their wealth, The Times reports.
Needless to say, expect the bling to be even more scaled back this year…
May 7th, 2009 at 9:21 am
[...] hard to be confident about any investment these days. Paul McCartney, Elton John, and Mick Jagger all can probably tell you that. But it looks like more than a few folks had enough confidence to invest in the return of the one [...]