Paul McCartney, the renowned musician, has achieved a historic milestone by becoming the UK’s first billionaire musician, as reported.
Despite a notable decline in the number of billionaires in the UK, McCartney’s wealth soared, propelled by successful tours, a lucrative music catalog, and even a rendition of the Beatles’ “Blackbird” by Beyoncé, according to the Rich List, recognized as the definitive resource on the UK’s affluent individuals.
McCartney’s net worth, estimated at £1.0 billion ($1.26 billion), stands out amidst the backdrop of a reduction in the UK’s billionaire count from 177 in 2022 to 165 this year. This decline is attributed in part to the government’s decision to abolish the “non-dom tax status” next year, a system allowing individuals to avoid UK tax on their overseas earnings.
The “non-dom” status has been a longstanding political issue, notably exemplified by Prime Minister Rishi Sunak’s wife, Akshata Murty, who claimed this status. This allowed her to avoid paying tax on her shareholding in Infosys, the Bangalore-based IT company co-founded by her father. However, amidst political pressure, she announced her decision to pay UK tax on that income.
Despite this decision, the family’s wealth remains robust, with their shares appreciating by £108.8 million to nearly £590 million over the past year, resulting in a net worth of £615 million, as per the list of 350 individuals and families.
Additionally, King Charles III’s personal wealth witnessed a £10 million increase to £610 million, attributed to a rise in the net worth of his properties.
Conversely, some notable figures experienced a decline in their fortunes, including chemicals tycoon Jim Ratcliffe, who purchased a stake in Manchester United earlier this year, as well as inventor James Dyson and Virgin entrepreneur Richard Branson, all witnessing decreases in their multi-billion pound fortunes.
At the top of the list for a third consecutive year is Indian-born investor Gopi Hinduja and his family, with an estimated fortune of £37 billion, heading the Indian conglomerate Hinduja Group.
