Andrew Lloyd Webber is expected to bring a £ 20 million hit to his fortune as a result of the corona virus crisis.
The 72-year-old composer risks losing millions of pounds due to the closure of his West End and Broadway theaters, the compilers of the Sunday Times Rich List have calculated.
Due to the pandemic, he also had to postpone the opening of his musical Cinderella in London, written by Killing Eve’s Emerald Fennell.
However, he still tops the list of richest musicians along with Sir Paul McCartney, 77, with a calculated wealth of £ 800 million.
Lord Lloyd-Webber’s LW Theaters showed assets of £ 63 million in 2018-19, with the individual Really Useful Group Investments making a profit of £ 7 million on sales of £ 61.4 million.
He topped the list in 2019, with a fortune of £ 820 million.
The Beatle’s wealth has increased year on year, from £ 750 million last year, aided by 29 concerts, costing over £ 92.4 million at the box office.
Sir Paul also released a top album, Egypt Station, and his first children’s book Hey Grandude !, which topped the New York Times bestseller chart in 2019.
Barbadian singer Rihanna has joined the ranks of Britain’s super-rich as a new entry on the list in third place.
Now based in London, the 32-year-old has made a fortune of £ 468 million thanks to the success of her cosmetics and fashion brand Fenty, for which she has collaborated with the luxury goods company LWMH and other commercial interests.
Launched in 2017, the cosmetics brand has generated £ 526.5 million in the first 15 months and is estimated at £ 2.8 billion, making Rihanna’s reported 15 percent stake worth £ 351.6 million.
She has been parachuted into the list for Sir Elton John, whose farewell tour has increased his wealth by £ 40 million to £ 360 million in a year, making him fourth on the list.
Robert Watts, who compiles the list, said, “Rihanna typifies the seismic change we’ve seen in the Rich List in recent years.
“Once dominated by inherited wealth, the majority of our 1,000 entries are now self-made people with modest and even difficult living conditions who are driven to work exceptionally hard.
Only 32, if Rihanna continues to live in the UK, she could well become Sir Paul McCartney and Lord Lloyd-Webber the first billionaire musician on the Sunday Times Rich List.
“Touring remains the big earner of many of the stadium-filling acts on our musician list. But the Covid outbreak has ruined concert plans, so we expect the wealth of many of these musicians to go flat in the coming year.
“There is no doubt that, at least this year, the wealth of the musicians has held up better than many other very wealthy individuals – especially those with wealth determined by the stock market.”
Rolling Stone Sir Mick Jagger is in fifth place on the list with £ 285 million, while Olivia and Dhani Harrison, the widow and son of Beatle George Harrison, share sixth with Sir Mick’s bandmate Keith Richards with a fortune of £ 270 million .
The Sunday Times Rich List will be published May 17.