But the old boys – a Beatle Sir Paul is 77 and composer Sir Andrew 72 – have youth snapping at their heels. Raunchy Barbadian singer Rihanna has joined the Sunday Times Rich List as a new entry in third place. Now based in London, the 32-year-old has amassed a fortune of £468million – and is tipped to become the list’s first billionaire musician.

According to the figures, Sir Andrew is expected to take a £20million hit to his fortune as a result of the coronavirus crisis.

That comes after the closure of his theatres in the West End and on Broadway, compilers reckon.

He topped the list alone in 2019, with a fortune of £820million.

Sir Paul’s wealth has increased year on year, up from £750million last year, aided by 29 concerts which scooped more than £92million.

He also released a chart-topping album, Egypt Station. Singer Rihanna has amassed her fortune thanks to the success of her cosmetics and fashion brand Fenty, for which she has partnered with luxury goods powerhouse LWMH, and other commercial interests.

The brand, launched in 2017, is valued at £2.8billion, making Rihanna’s reported 15 per cent stake worth £351.6million. She has parachuted into the list ahead of 73-year-old Sir Elton John, whose farewell tour saw his wealth boosted by £40million in a year to £360million, putting him fourth on the list.

List compiler Robert Watts said: “Once dominated by inherited wealth, the bulk of our 1,000 entries are now self-made people with modest, and even troubled, starts in life who work exceptionally hard.

“Still only 32, if Rihanna remains based in the UK she could well pip Sir Paul and Lord Lloyd-Webber to be the Rich List’s first billionaire musician.”

However, he said the Covid-19 outbreak has wrecked concert plans and he expects the wealth of many musicians to flatline over the coming year.

Rolling Stone Sir Mick Jagger is in fifth place, with £285million, while with fortunes of £270million Olivia and Dhani Harrison – the widow and son of Beatle George Harrison – share sixth spot with Sir Mick’s bandmate Keith Richards.

A gruelling touring schedule boosted Ed Sheeran’s fortune to £200million. He shares 10th spot with Sir Rod Stewart and Sting.

The Sunday Times Rich List is published on Sunday.

Sheeran is young star with most notes for second year as Lipa and Ezra debut

Ed Sheeran has been crowned the richest young musician for the second year running after boosting his wealth by £40million.

The 29-year-old singer-songwriter topped the Rich List’s 30-and-under class with a fortune of £200million.

It comes after Sheeran, from Suffolk, said he is taking a break after playing more than 250 shows since March 2017 on his Divide tour.

It ended in August last year, having become the most-attended and highest-grossing tour of all time, breaking U2’s record.

Singer-songwriters Dua Lipa, 24, and George Ezra, 26, both debut, sharing 11th place with £16million. And rapper Stormzy’s wealth has risen from £16million last year to £20million – placing the 26-year-old in joint-ninth with Rita Ora, 29.

Adele, knocked off the top spot by Sheeran last year, no longer features as she turned 32 last week.

But One Direction stars remain a dominant force.

Harry Styles, 26, is in second place, Niall Horan, 26, is third, Louis Tomlinson, 28, is fifth, Liam Payne, 26, sixth and Zayn Malik, 27, seventh.

Girl band Little Mix, which is made up of Jesy Nelson, 28, Leigh-Anne Pinnock, 28, Jade Thirlwall, 27, and Perrie Edwards, 26, sit in fourth.

And singer Sam Smith, 27, is in eighth place.

THE WEALTH MAKERS 

1 Andrew Lloyd Webber £800m 

1 Sir Paul McCartney £800m 

3 Rihanna £468m 

4 Sir Elton John £360m 

5 Sir Mick Jagger £285m 

6 Olivia and Dhani Harrison £270m 

6 Keith Richards £270m 

8 Sir Ringo Starr £260m 

9 Michael Flatley £206m 

10 Ed Sheeran £200m 

10 Sir Rod Stewart £200m 

10 Sting £200m