Economy Hits Music Icons
The economic crisis is even eating away at established musical acts – namely, Elton John, Mick Jagger, and Paul McCartney – who have lost large amounts from their personal holdings over the past year, according to a ‘Rich List’ published Friday.
These three epic musical names aren’t the only ones, either, as many of the world’s richest people have been experiencing sharp drops in their wealth as property values drop along with shares and similar investments (according to the annual survey for the Sunday Times).
Elton John’s finances were reduced by about 25%, as his £235 million ($344.8 million) was reduced to £175 million ($256.8 million).
His budgetary reductions were the result of economic downturn, the end of his shows in Vegas, as well as giving up approximately £42 million ($61.6 million) to charity.
McCartney is £60 million ($88 million) in the hole thanks to the economy, though this is only a 12% drop from what the ex-Beatle was worth last year.
He is now only worth a mere £440 million ($646.4 million).
And finally, Mick Jagger’s fortune has suffered a 16% drop, reducing the Rolling Stones frontman to £190 million ($278.8 million).
This is news – certainly – but I question how I am supposed to feel about it.
I am supposed to be glad that I’m not the only one who has to worry about money?
Am I supposed to feel sorry for a dude who thinks his concert performance is worth $150 a head and is living in the lap of luxury, despite millions in economic losses? Because I don’t.
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