The credit crunch has bit down hard on some of the UK's wealthiest musicians such as Sir Elton John and Sir Paul McCartney losing millions in the last 12 months.

According to the Sunday Times' annual rich list, which categorises the UK's wealthiest people, many of the country's most prominent musical talents have lost huge chunks of their fortunes in the ongoing global economic crisis.

The list reveals John has lost a huge 26 per cent of his massive wealth - dropping from $329 million (£235 million) in 2008 to $245 million (£175 million) in 2009.

Meanwhile, McCartney has allegedly had $84 million (£60 million) wiped off his $700 million (£500 million) fortune.

But things aren't all gloomy for the former Beatle, he sits in third position of the richest men in the UK music industry behind record label mogul Clive Calder and musical impressario Lord Andrew Lloyd-Webber.

Although Sir Elton John may be upset to find he is in the number eight position - which he has to share with Rolling Stones' hellraiser Keith Richards.

The top ten musical millionaires in 2009 according to the Sunday Times is:

1. Clive Calder ($1.8 billion/£1.3 billion)
2. Lord Lloyd-Webber ($1.05 billion/£750 million)
3. Sir Paul McCartney ($700 million/£440 million)
4. Sir Cameron Mackintosh ($490 million/£350 million)
5. Simon Fuller ($420 million/£300 million)
6. Sir Mick Jagger ($266 million/£190 million)
7. Sting ($252 million/180 million)
8= Sir Elton John ($245 million/£175 million)
8= Keith Richards ($245 million/£175 million)
10= Olivia and Dhani Harrison (George Harrison's widow and son) ($196 million/£140 million)
10= Sir Tim Rice ($196 million/£140 million)