Air 360

U2 Arrives

It may be four years since they last had a number one hit but U2 remain
among the world’s richest musicians according to an influential rich
list. Bimpe Archer reports THE eagerly awaited Sunday Times Rich List has ranked Dublin rock band U2 as the third richest music millionaires in the UK and Ireland.

It
calculates that the band’s wealth has increased since 2012 with Bono,
the Edge, Larry Mullen and Adam Clayton sitting comfortable in the top
three of the annual rock and roll-call of riches.

The list continues to be led by Sir Paul McCartney, whose £680 million fortune is shared with third wife Nancy Shevell.

McCartney has topped all the charts since the Sunday Times Rich List began in 1989, when the former Beatle was worth £80m.

By 1993, the McCartney fortune had grown to £400m.

In
addition to starring roles at Queen Elizabeth’s diamond jubilee and
closing the opening ceremony for the London Olympics, his ‘On the Run’
tour grossed $57m from just 18 dates in 2012.

The
tour added £15m to his fortune but the total includes £150m for
Shevell’s stake in her father’s New England Motor Freight trucking
operation.

Also ahead of the Dublin rock band is composer and theatre owner Andrew Lloyd-Webber.

Profits from his hugely successful stage shows, such as Phantom of the Opera, Evita and Cats, have helped to boost Lord Lloyd-Webber’s fortune by £30m to keep him in sec ond place in the Music Rich List at £620m.

Lord Of The Dance creator Michael Flatley, who brought Irish dancing to global audiences, comes in at number seven.

The show, which made him millions, evolved from his work on Riverdance and became a phenomenon in the 1990s.

Also making an appearance on the list is Donegal singer Enya who is ranked at number 27.

The Sunday Times only started to measure wealth in Ireland as part of its annual Rich List in 1997.

Last
year Bono’s personal wealth received a boost after the flotation of
Facebook. Immediately established a value of $1.9 billion for the
Elevation partnership.

The equity investment group was co-founded by Bono, who is also its managing director.

It paid around $90m for just over 2.3 per cent of Facebook.

Before
this, with U2 profits split between the band and manager Paul
McGuinness, Bono’s estimated personal wealth was around £100m.

News
that the band’s wealth has also increased is likely to increase
criticism from taxpayers in the Republic who have been angered at their
sophisticated tax arrangements.

A $65m investment by U2 on Broadway’s Spider-Man musical also seems to be paying off.

Initially
panned by critics and plagued by a series of accidents, things are now
looking up and it is proving popular with audiences.

The band also own Vertigo3, an Airbus A320, to fly them around in style.