Elton John Falls Victim to the Financial Crisis

Elton John lost more than 50 million pounds last year—but don’t expect to see him spilling his diet secrets on the talk-show circuit anytime soon. The legendary singer dropped most of that weight from his wallet.

The Associated Foreign Press reports that the “Candle in the Wind” warbler’s personal wealth dropped 26 percent in the last year, from 238 million British pounds in 2008 to 175 million (roughly $350 million to $257 million) in 2009.

No wonder he held his last birthday party at a hamburger joint.

Former Beatle Sir Paul McCartney has been similarly hit by the dire economy. The singer’s wealth shrank by 60 million pounds ($88 million) in the last 12 months, dropping down to a piddling 440 million pounds ($646 million).

McCartney’s loss of fortune is due primarily to falling property and stock values. Of course, the humungous divorce payout that he made to ex wife Heather Mills couldn’t have helped any either.

Hopefully, a fundraiser is in the works.

Have your say in the comments section: Do you think Elton and Paul will be able to weather the current economic storm? And what kind of adjustments have you had to make due to the financial crisis?

Tags: Elton John, Loss