Sunday Times rich list: Pop star Ed Sheeran could become first British billionaire musician

Ed Sheeran could become Britain's first billionaire musician, according to the Sunday Times Music Rich List.

The Suffolk singer-songwriter, who has just become a dad for the second time, reportedly saw his wealth increase by £40 million.

It places him 10th on the annual list of UK and Irish artists - at the age of just 31, with an estimated total wealth of £260 million.

Sir Paul McCartney claims number one in the rankings with a fortune of £865m but the list's compiler believes Ed Sheeran may beat him to £1bn if he continues his current trajectory.

Composer and impresario Andrew Lloyd Webber, 74, has seen his wealth drop by £30m to £495m because of the impact of Covid-19 on the theatre world, but is still at number three.

He recently announced the closure of his new West End musical, Cinderella, after it was repeatedly delayed due to the pandemic.

As he releases his third solo album, former One Direction star Harry Styles, 28, adds £25m to his fortune, making him the wealthiest musician under the age of 30 with £100m.

Robert Watts, of the Sunday Times Rich List, said: "We expect the post-Covid return to touring will see many of these singers and bands earn well this year and next. It seems old musicians never retire, they just get richer.

"Another golden year for Ed Sheeran leads us to believe he may in time pip Paul McCartney to become the first British billionaire musician."

Who is on The Sunday Times Music Rich List?

• 1. Sir Paul McCartney - £865m

• 2. U2 - £625m

• 3. Lord Lloyd-Webber - £495m

• 4. Sir Elton John - £395m

• 5. Sting - £320m

• 6. Sir Mick Jagger - £318m

• 7. Keith Richards - £303m

• 8. Olivia and Dhani Harrison - £295m

• 9. Sir Ringo Starr - £285mm

• 10. Ed Sheeran - £260m