LONDON, May 18 — Music icon Paul McCartney has become the UK’s first billionaire musician, according to the Sunday Times Rich List published Friday, despite the country...
LONDON, May 18 — Music icon Paul McCartney has become the UK’s first billionaire musician, according to thepublished Friday, despite the country recording its largest fall in the billionaire count in the guide’s 36-year history.
The 81-year-old’s fortune was boosted by “strong touring, a valuable back catalogue and even a little help from Beyoncé”, who covered the Beatles songMcCartney, whose net worth was estimated at £1.0 billion , has bucked the trend, with the amount of billionaires in the UK falling from a peak of 177 in 2022 to 165 this year.
This is partly due to plans by the government to scrap the “non-dom tax status” from next year, the system whereby people do not pay UK tax on their overseas earnings.“Non-dom” has been a political issue for many years, with Prime Minister Rishi Sunak’s Indian wife Akshata Murty claiming the status, meaning she was not required to pay tax on her shareholding in Infosys, the Bangalore-based IT company co-founded by her father.
Those faring less well include chemicals tycoon Jim Ratcliffe, who bought a stake in Manchester United earlier this year, inventor James Dyson and Virgin entrepreneur Richard Branson, who all saw their multi-billion pound fortunes decrease.The head of the Indian conglomerate Hinduja Group has an estimated fortune of £37 billion. — AFP
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