Elton John hit by the credit crunch

While musical royalty such as Paul McCartney and Elton John have lost millions thanks to the credit crunch, the Gallagher brothers, Noel and Liam, are amongst the musicians to increase their wealth over the last twelve months.

The news comes courtesy of the aptly named Sunday Times Music Millionaires Rich List 2009. The Oasis duo saw their wealth increase from £45m to £52m since 2008, but Elton John has seen his fortune drop 26 percent from £235m to £175m and Paul McCartney has also seen his nest egg dwindle to a mere £440m.

So it looks like it'll be beans on toast for Elton and Paul for the next few months while Noel and Liam will be downing buckets of caviare and Dom Pérignon.

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