Ed Sheeran will have no problem buying Christmas presents this year, as the 24-year-old singer is now said to be worth £35m. Sheeran’s lucrative year comes a after a best-selling album and a world tour, which have helped him become one of the richest young British artists.

Ed SheeranEd Sheeran is now said to be worth £35m.

According to The Mirror Sheeran is now worth £35m after earning £7.7m throughout 2014. Record sales account for £5.6m of the singer’s fortune this year, while he’s also earned £2.1m from touring and performances.

But despite his wealth, Sheeran is careful to limit his spending. The singer reportedly gives himself an allowance of just £1,000 a month, which is paid into the current account he has had since he was a child.

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“If I had all my money in one account, I would spend all of it. I get an allowance, maybe a grand. I spend most of it on taxis,” Sheeran said. It’s certainly been an amazing year for Sheeran, who was named Spotify’s most streamed artist of all time and most streamed artist of 2015 in the UK.

Sheeran released his second studio album x in July 2014 and the album has been riding the US and UK charts ever since. It has so far sold over 2.4 million copies in the UK, making it one of the best selling albums in British music history.

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But after his busy year, Sheeran will be taking some well-deserved time off around Christmas. Speaking to The Sun in October, Sheeran said: "I think a break for me is coming off my phone, social media and emails. I am constantly on my phone, texting, replying to emails, on Twitter, on Snapchat, on Facebook.”

“I just want to get off it and live and drive to places and listen to music and have normal conversations with people and get back to normality. I've got a packed schedule, then, when 12 December comes, it's done."