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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.

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with respect, the last article i read suggested they paid around 2.4% tax on their gross earnings. whilst that might amount to millions of dollars/pounds/euros whatever, it is still a shockingly and shamefully low figure. i pay around 24% and do not earn over £100mil a year.

Posted by andy | 27.04.09, 11:48 GMT

Aww (sniff) poor Edge. I got a couch you can use if you can't pay your rent. I wouldn't want U2 to be forced to live like the rest of us!

Posted by Blunt | 26.04.09, 13:08 GMT

I have to agree, I have folllowed U2 from their early days. They did make their allegiance known, they have become devoted to the almighty dollar and have not kept faith with their fans. I refuse to feel sorry for them.

Posted by Blunt | 26.04.09, 13:00 GMT

Hey Bono, I"ll give 20% of my personal wealth to solve third world debt if you give 20% of yours... What do you say big boy or are you too busy discussing the issue with Tony Blair on your yaught in the Med'.....

Posted by mike | 26.04.09, 11:16 GMT

These celebrities are greedy and they will have to answer on judgement day. I am glad they are losing money.

They are very greedy people.

Posted by sue | 25.04.09, 18:05 GMT

These celebrities are greedy and they will have to answer on judgement day. I am glad they are losing money.
HA HA
They are very greedy people.

Posted by sue | 25.04.09, 18:04 GMT

With respect, U2 pay millions of dollars in taxes around the world, you can hardly blame them for trying to lessen the load slightly. Would we not all do the same if we could? It doesn't make them any less Irish, it merely means that they have shrewd accountants. And in fairness, a percentage of the tickets for each venue on the new tour were heavily discounted to take account of the recession

Posted by Paul | 25.04.09, 16:09 GMT

Can we please stop referring to U2 as Irish. They made their allegiances clear when they moved their headquarters out of Ireland to avoid paying taxes. Taxes which would have helped fund community projects and feed the disadvantaged members of the Irish community.

Posted by Steve | 24.04.09, 23:12 GMT

only £423m left - please give generously !!!

Posted by the edge | 24.04.09, 20:00 GMT

Maybe this is the reason theyve been spending so much time bashing file sharers. God forbid that each of their personal fortunes (including their leech manager Paul McGuinness) should fall below $100 million or anything ... "I might have to go back to selling shoes!" (lol)

Ive just paid over $100 for a ticket to see U2 in Vegas this October, which I couldnt really afford as my own "nest egg" is considerably smaller than the members of U2 or even the people who work for them, but Ive been wanting to see them for decades. So Ive done my part to help them struggle through their financial woes, and in return, Id appreciate if they could grab a slice of cheese to go with their WHINE, and then quit whining.

Posted by saintsubversive | 24.04.09, 16:45 GMT