He sang about fields of gold and now singer Sting could have his own after raking in more than £100 million last year.
Earnings of his company amounted to £2m per week or £291,000 per day.
Musician Sting’s success is reported in new accounts for Steerpike Limited, set-up in 1979.
Its financial statements report turnover at the business for 2020 at £106,255,856.
On this Sting returned a £99,533,800 gross profit and banked £24,676,027 in pre-tax profits.
No dividends were paid but accounts report £70,579,446 in pay to the highest paid director, meaning it is likely Sting took a Salary of over £70m. Accounts report Sting to be the ‘majority shareholder’ and he is presumed to have landed the £70.6m in directors’ pay.
There are three directors reported in accounts, Sting wife Trudie and the company’s finance director Veronica Pradines.
Accounts report Sting to be the ‘majority shareholder’ and he is presumed to have landed the £70.6m in directors pay.
Turnover for the business is split into two categories of earnings.
A note to the accounts reporting it generated £105,166,933 in turnover form ‘royalties and management of artist activities,’ and £1,088,923 from ‘wine, food production and distribution.’
2020’s results are a massive increase on those reported for 2019 when the business made a £3,600,527 pre-tax profit on turnover at £15,060,029.
In all 48 staff are reported as being employed – comprising 4 artistic, 20 office and management and 24 agricultural and factory staff.
Total pay, including the £70.6m for Sting, amounted to £73,250,352.
Sting’s Every Breath You Take from 1983 is said to be one of the top 10 most profitable songs of all time in terms of royalties.
He has also amassed his riches by selling over 100 million records worldwide, a number reached by combining his tallies from his solo career and from his time in influential new wave/rock band The Police.
Back in 2014, Sting insisted despite having a huge wealth, now thought to be over £200m, he would not be leaving lots of money to his children, three sons and three daughters.
He said: “I told them there won’t be much money left.
“We have a lot of commitments. What comes in we spend, and there isn’t much left. I certainly don’t want to leave them trust funds that are albatrosses round their necks. They have to work. All my kids know that and they rarely ask me for anything, which I really respect and appreciate.”
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