It’s been a great year in financial terms for young British artists, with Ed Sheeran, Rita Ora and Calvin Harris all shooting up the Sunday Times’ Rich List after enjoying significant chart success over the last 12 months.

27 year old Sheeran, who released his third album Divide to such huge success in early 2017 that all 16 tracks made the top twenty of the UK Singles Chart, has seen his wealth grow by £28 million over the last year alone, meaning he’s now worth an estimated £80 million, according to the list published on Thursday (May 10th).

However, that still puts him a way behind the traditional big earners in British pop music, with Sir Paul McCartney heading the list with an estimated worth of £820 million.

Scottish DJ and producer Calvin Harris is the only new entry in the list’s top twenty, on £140 million, up by £20 million, while pop star Rita Ora has joined the list of the wealthiest young musicians, with £16 million.

Ed SheeranEd Sheeran earned £28 million last year

Looked at as a list of young musicians (under 30 years old), Adele is still the wealthiest with £140 million, up by £15 million in a year in which she didn’t even tour or release an album.

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Sheeran is second, and the four remaining members of One Direction – Harry Styles, Niall Horan, Liam Payne and Louis Tomlinson – all following immediately behind.

AdeleAdele is still top of the young musicians' list

Robert Watts, who compiles the list, said: “For years our music millionaires list has been dominated by older acts, such as the Rolling Stones and Sir Elton John, who have an older audiences able to pay a premium to see their favourite acts.”

“But some of the biggest risers over the past year have been amongst younger acts such as Ed Sheeran, Adele and Calvin Harris. Streaming services, the internet and income from endorsements are helping today's young musicians build an international following - and with it their fortunes - far quicker than the older rockers.”

More: British record labels see fastest rate of growth since Britpop years