April 24 (Bloomberg) -- Elton John leads British music millionaires whose fortunes have shrunk in the financial crisis, according to the Sunday Times 2009 Rich List.

John saw his personal worth fall 26 percent, though he still ranked eighth wealthiest, the Sunday Times said in an e- mailed release today before the list’s April 26 publication. The knighted singer-songwriter is now worth 175 million pounds ($256 million), down from 235 million pounds last year, it said.

“John spends quite a bit: He’s given away 42 million pounds to charity, which is a considerable amount, and his Las Vegas tour is coming to an end,” Ian Coxon, editor of the Sunday Times Rich list, said in an interview. Music millionaires’ losses were “broadly in line with the overall pattern,” he said.

Billionaires and multimillionaires on the Sunday Times Rich List have seen their fortune eroded by the worst slump since World War II. The MSCI World Index tumbled more than 40 percent in 2008. The global economy will shrink 1.3 percent this year, according to an International Monetary Fund forecast.

Paul McCartney, the former Beatle who last year paid his estranged wife Heather Mills 24.3 million pounds in a divorce settlement, saw his wealth drop 12 percent from 500 million pounds to 440 million pounds.

Jagger, Clapton

Other decliners included: Mick Jagger of the Rolling Stones, down 16 percent to 190 million pounds; Sting, down 10 percent to 180 million pounds; and Eric Clapton, down 14 percent to 120 million pounds.

The most wealthy person on the list was again Clive Calder, 62, who started Zomba Music Group in 1971 and built it with acts such as Britney Spears and the Backstreet Boys. He sold his remaining stake in the record label to Bertelsmann AG in November 2002 for $2.74 billion. His wealth was unchanged this year at 1.3 billion pounds, said the survey.

David and Victoria Beckham’s wealth was also unchanged at 125 million pounds.

On the other hand, Judy Craymer, producer of the Abba musical “Mamma Mia!”, saw her fortune surge 29 percent to 75 million pounds.

Music millionaires’ wealth is calculated by surveying the accounts of the companies that they and their bands run, and calculating royalties on recordings and ticket sales on tours. The Rich List has been compiled for the last 21 years, and individuals’ advisers are contacted, Coxon said.

To be one of the 1,000 people on the Sunday Times Rich List, you have to have been born in the U.K., to live in the U.K., or draw a major part of your wealth from the U.K., Coxon said. Last year, you had to be worth at least 80 million pounds to land the list. This year, 55 million pounds was enough to make you eligible, Coxon said.

Here is a table showing the ranking and wealth in pounds of the top 15 music millionaires, with the percentage change at the end. Figures in parentheses represent the 2008 rank and wealth.

                                2009        2008          Change
1  Clive Calder (1)           1.3 billion   (1.3 billion) None
2  Andrew Lloyd-Webber (2)      750 million (750 million) None
3  Paul McCartney (3)           440 million (500 million) -12%
4  Cameron Mackintosh (4)       350 million (450 million) -22%
5  Simon Fuller (4)             300 million (450 million) -33%
6  Mick Jagger (9)              190 million (225 million) -16%
7  Sting (11)                   180 million (200 million) -10%
8  Elton John (8)               175 million (235 million) -26%
8  Keith Richards (12)          175 million (190 million) - 8%
10 Olivia & Dhani Harrison (14) 140 million (160 million) -13%

To contact the writer on this story: Farah Nayeri in London at Farahn@bloomberg.net.

Last Updated: April 24, 2009 02:36 EDT