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One Direction members each made £5m last year

One Direction make it on to Sunday Times' Young Music Rich List for the first time
One Direction make it on to Sunday Times' Young Music Rich List for the first time

The five members of One Direction have racked up a £5m sterling fortune each in the last year.

The group, who were put together on the X Factor, stormed the US in 2012 with their debut album Up All Night. One of their members, Niall Horan, is from Mullingar in Co Westmeath.

But they still have a way to go before they catch Adele who tops the Young Music Rich List with a fortune of £30m.

The singer made £10m in the last year despite taking much of it off to recover from a throat operation and have a baby, according to researchers from the Sunday Times Rich List.

Cheryl Cole's fortune is estimated at £14m, while Leona Lewis and Katie Melua are both worth £12m.

New entries to the list of music millionaires aged 30 and under include Emeli Sande and Ed Sheeran who are each worth £5m.

Other Irish musicians on the list include Enya at 26th position and Van Morrisson at 39th place.

The top 10 richest music millionaires in Britain and Ireland according to the Sunday Times Rich List are:

1 - Paul McCartney and Nancy Shevell - £680m

2 - Andrew Lloyd Webber - £620m

3 - U2 - £520m

4 - Elton John - £240m

5= Victoria and David Beckham - £200m

5= Mick Jagger - £200m

7 - Michael Flatley - £191m

8 - Keith Richards - £185m

9= Olivia and Dhani Harrison - £180m

9= Sting - £180m

The top five richest young music millionaires in Britain and Ireland according to the Sunday Times Rich List:

1 - Adele - £30m

2 - Cheryl Cole - £14m

3 = Leona Lewis - £12m

3 = Katie Melua - £12m

5 - Florence Welch - £9m

17 - One Direction members - £5m each