Rihanna has staked a spot near the top of the UK’s music-rich annual list after moving to Britain last year, beating likes like Mick Jagger, Elton John and Rod Stewart.
The 32-year-old singer from Barbados qualifies for the first time after her surprise move to London and has an estimated fortune of £ 468 million.
His wealth was reinforced by the success of his cosmetic brand Fenty and other partnerships such as his lingerie line, as well as by the record sales of his eight albums.
Paul McCartney and Andrew Lloyd Webber remain the two wealthiest British and British musicians – both valued at £ 800 million.
But Rihanna is a new entry at number three on the list, which is a precursor to the rich annual list that comes out on Sunday.
Much of its wealth comes from a partnership with the French brand of luxury goods LVMH. Their cosmetics brand is valued at $ 3 billion (£ 2.45 billion), with Rihanna holding a 15% stake for £ 351 million.
Robert Watts, the compiler of the Sunday Times Rich List, said that the inclusion of Rihanna characterizes the “seismic change” that has taken place at the top of the list in recent years, as those with inherited wealth are usurped by younger stars.
“If you look at the yellowed pages of the first list in 1989, it looks like a rogue gallery of middle-aged and older white men. They were counts, dukes and personalities from industry and finance, “he said. “Now money is made in different ways and by all kinds of different people – like Rihanna.”
Lord Lloyd-Webber retains first place despite the closure of the West End and Broadway, which had an estimated impact of £ 20 million on the composer’s wealth. He shares first place with McCartney, who has grown his fortune by around £ 50 million after a sold-out tour of 29 dates and a successful children’s book.
Ed Sheeran, 29, remains the wealthiest young musician (under the age of 30) with his extensive sold-out tours allowing him to raise a fortune of £ 200 million.
Watts expects a tough 2020 year for artists who he says will be hit hard by the impact of Covid-19, with live tours – which is the big source of revenue as sales of physical albums dry up and streaming payments bring in paltry amounts – stop.
“The cancellation of tours and the withdrawal of albums mean it will be a slim year,” he said. “We expect most artists’ earnings to stabilize, but not necessarily to lose money, as most of their wealth is already earned and safely in their bank accounts.
The rest of the Sunday Times rich list, which details the wealth of Britain’s 1,000 richest people and is in its 32nd year, is published this Sunday.
1 = Lord Lloyd-Webber (£ 800m, down £ 20m)
1 = Sir Paul McCartney (£ 800m, up from £ 50m)
3 Rihanna (£ 468m, new)
4 Sir Elton John (£ 360m, up from £ 40m)
5 Sir Mick Jagger (£ 285m, up £ 10m)
6 = Olivia and Dhani Harrison (£ 270m, up from £ 20m)
6 = Keith Richards (£ 270m, up £ 10m)
8 Sir Ringo Starr (£ 260m, up from £ 20m)
9 Michael Flatley (£ 206m, up from £ 2m)
10 = Ed Sheeran (£ 200m, up from £ 40m)
10 = Sir Rod Stewart (£ 200m, up £ 10m)
10 = sting (£ 200m, no change)