Andrew Lloyd Webber to lose £20m as a result of coronavirus theatre closures
ANDREW Lloyd Webber is expected to take a £20m hit to his fortune as a result of the coronavirus crisis, according to the Sunday Times Rich List.
The 72-year-old composer stands to lose millions of pounds due to the closure of his theatres in the West End and on Broadway, the compilers of the list have calculated.
He has also had to delay the London opening of his musical Cinderella, scripted by Killing Eve’s Emerald
Fennell, as a result of the pandemic.
However, he still tops the list of wealthiest musicians along with Sir Paul McCartney, 77, with a calculated wealth of £800m.
Lord Lloyd-Webber’s LW Theatres showed assets of £63m in 2018-19, with the separate Really Useful Group Investments making profits of £7m on turnover of £61.4m. He topped the list alone in 2019, with a fortune of £820m. The Beatle’s wealth has increased year on year, up from £750m last year, aided by 29 concerts, which took more than $100m (£92.4m) at the box office.
Sir Paul also released a chart-topping album, Egypt Station, and his first children’s book, Hey Grandude! which topped the New York Times bestseller chart in 2019.
Barbadian singer Rihanna has joined the ranks of Britain’s superrich, as a new entry on the list in third place. Now based in London, the 32-year-old has amassed a fortune of £468m thanks to the success of her cosmetics and fashion brand.
Ed Sheeran’s gruelling touring schedule has boosted his fortune by £40m to £200m, and he shares the 10th spot with Sir Rod Stewart and Sting. At 29, Sheeran is the youngest person on the list.
Dua Lipa and George Ezra make their debuts in the young musicians list, sharing 11th place with £16m each.