U2 sees wealth plummet as recession hits celebs

Friday, 24 April 2009


Ireland's greatest export U2 have seen their wealth drop by 14% as the recession bites — while the wealth of Eddie Irvine and Katie Melua has also seen their fortunes plummet drastically in the past 12 months, according to the latest millionaires rich list.

Former Formula One star Irvine saw his property and business portfolio drop from £119m in 2008 to £80m — a massive £39m — according to the annual Sunday Times Rich List. But the Bangor man remains the richest sportsman in Ireland.

Meanwhile, singer songwriter Melua, who was educated in Belfast, found herself among the music stars hit by the recession when her fortune dropped from £16m to £9m.

U2 saw its career earnings and the residual value of its back catalogue fall by 14% to around £423m from £492m in 2008, mainly because of the global slump in asset values. The band is currently ranked 12th in Ireland on the list.

Van ‘The Man' Morrison has fared the past year a little better, making the UK top 50 list of music millionaires despite his personal wealth falling 9%. The Belfast-born Grammy award winner jumped five places on the Rich List to 39th.

Described as the definitive guide to the fortunes of the 250 richest people in Ireland and the 1,000 richest in Britain, the Sunday Times Rich List, will be published this weekend.

The list charts the dramatic falls and some surprising rises in the value of the assets in both countries' wealthiest individuals, but a sneak preview gives some indication of the rise and fall in some of the fortunes of well-known stars.

Among the big losers of the recent turbulent economic times were ‘super hoofer' Michael Flatley whose wealth plunged by more than a third — down to £125m.

Despite re-igniting his career co-hosting ‘Superstars of Dance' on American TV, Michael Flatley has seen his fortune drop by 34% in a year because of the fall in value of his property and investments. This year, he is ranked 27th in Ireland's richest 250.

There was better news for singer Enya, golfer Padraig Harrington and footballers Damien Duff and Robbie Keane who also feature among the top millionaires. Harrington (37), who in 2007 became the first Irishman to win the British Open in 60 years, joins Ireland's richest 250 this year with a fortune of £30m.

belfasttelegraph