Paul McCartney And Elton John's Net Worths Crashed Over A Decade Ago, Losing $87 Million Each In Inv

Highlights

• Despite their large net worths, Paul McCartney and Elton John lost millions during the economic downturn, with McCartney's fortune declining by 12%.
• Elton John had bad spending habits, admitting to spending £40 million in two years on flowers and property.
• Paul McCartney lost $48 million in a divorce settlement, but still had lucrative deals in place, including a digital release of The Beatles catalog and successful investments.

Thanks to his time with The Beatles, and an extraordinary post-run, Paul McCarntey has set himself up for success, especially with a net worth in the billions. Although Elton John isn't a billionaire, he also has a great net worth of $550 million.

As we'll reveal in the following, despite their large net worths, both McCartney and John ran into trouble along the way. In the following, we're going to take a closer look at how the two artists lost a chunk of their fortune during the economic downturn.

In addition, we'll take a closer look at other moments that saw the two artists lose more of their fortune. John had bad spending habits, while McCarntey ran into trouble during his divorce settlement. Despite the losses, both artists definitely had more wins on their resumes.

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Paul McCartney And Elton John Lost $87 Million Each During The Economic Downfall In 2009

Nowadays, Elton John and Paul McCartney are worth a combined $1.5 billion. It would appear as though that number will only increase given the various royalty deals in place for the artists, along with their various investments along the way.

However, according to Business Insider back in 2009, Paul McCartney and Elton John lost millions in the economic downturn. McCartney in particular saw a 12% decline. Business Insider writes, "$87 million (on a constant currency basis), a 12 percent decline to his personal fortune, reducing it from $994.6 million (500 million pounds) to $640 million (440 million pounds)."

As for Elton John, the economic downturn hurt, but his Las Vegas stint coming to an end also stopped a huge chunk of cash from coming in.

"$87 million, reducing his fortune from $342.3 million (235 million pounds) last year to $254.5 million (175 million pounds) this year, due to the economic downturn, the end of his series of lucrative Las Vegas concerts and a $61 million charity donation," Business Insider wrote.

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Mick Jagger was among the other artists to lose $44 million in the same year. In truth, there likely wasn't much panic from the artists as it wasn't the first time they lost a big chunk of cash. Both Elton John and Paul McCarntey are all too familiar with this for different reasons.

Elton John Never Went Bankrupt But Had Awful Spending Habits

The Sun reported on whether Elton John went bankrupt, and whether or not he spent £40 million in two years, which is $43 million USD. Although he didn't go bankrupt, the artist had outrageous spending habits.

"Elton John admitted spending £40million in under 20 months as part of a hearing in 2000. The singer blew £293,000 on flowers alone, and splurged £9.6million on property," The Sun reported.

Elton John defended his purchase, mentioning his love for flowers. In addition, the artist backed up his spending habits by making mention that he had nobody to leave the money to.

"I have no-one to leave the money to. I'm a single man. I like spending my money."

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Elton John is still looking to the future, investing in Audoo's new round for accurate music royalty payments. John invested $5 million during the new round.

Paul McCartney Was Down $48 Million After His Second Divorce Settlement

As for Paul McCartney, the artist lost a huge chunk of his net worth following his divorce from Heather Mills. According to Rolling Stone, the divorce settlement was worth $48.7 million.

Despite the huge settlement, Mills was asking for more. "Mills originally sought $250 million of Macca’s supposed $1.6 billion fortune, but the judge in the case ruled the McCartney’s total assets were only worth $800 million. In addition to today’s ruling, McCartney will also have to pay $70,000 a year in alimony for the couple’s four-year-old daughter, as well as school and nanny fees."

Mills said of the outcome, “I’m so glad it’s over,” said Mills. “It was an incredible result in the end to secure mine and my daughter’s future and that of all the charities that I obviously plan on helping and making a difference with — because you know it has been my life for twenty years.”

As for McCartney, although it was a blow, the artist had a deal in place at the time worth $400 million alongside Apple and iTunes to release a digital version of The Beatles catalog. Not a bad trade-off...

As for recent times, McCartney made $1.6 million thanks to an investment in a plant-based chicken company. He also benefited from a music tech company, with his MPL Ventures. Worth over $1 billion, that number is only set to increase.

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