Oasis Defy Recession, Paul McCartney Reports Huge Losses

    What’s a millionaire supposed to do when the recession hits? It’s hard to feel sorry for Elton John, whose fortune has decreased from £235million ($344million) in 2008 to £175million ($256million) in 2009, but it’s a sign of the times when even huge stars are incurring substantial losses.

    Paul McCartney and Simon Cowell are other Brits who are feeling the pinch according to the Sunday Times Music Millionaires Rich List 2009. McCartney’s 2008 earnings of £500million ($730million) have dropped to a meager £440million ($643million) in 2009, although his bank balance was presumably boosted by an injection of cash from Coachella.

    There’s better news for the Gallagher brothers. Oasis actually increased their wealth compared to last year, although they’re still a long way off the lucre amassed by Sir Elton and McCartney. The Gallaghers’ earnings shot from £45million ($66million) to £52million ($76million), allowing Liam to set up a business the world has been waiting for: his own clothing line.