Andrew Lloyd Webber has seen his fortunes rise by more than £50m in a year, sending him to second place in the Sunday Times music rich list.
The 59-year-old composer's wealth has been valued at £750m, boosted by the success of The Sound of Music musical.
Former record label boss Clive Calder came top with an estimated £1.3bn.
Sir Paul McCartney ranked third with a fortune of £725m, down £100m due to the estimated cost of his upcoming divorce from Heather Mills.
THE MUSIC MILLIONAIRES RICH LIST 2007
Philip Beresford, who compiled the list, believes Lord Lloyd-Webber's participation in the BBC show How Do You Solve a Problem Like Maria? has helped boost his fortune.
The show saw viewers vote for the contestant they wanted to play Maria in the Sound of Music stage musical, which has been a sell-out since it opened last November.
"The Sound of Music is on at Andrew Lloyd Webber's theatre and it is his production so it's a double hit," said Mr Beresford.
Record producer Simon Fuller, the man behind The Spice Girls' success, has seen his wealth rise from £300m last year to £450m.
He tied at fourth place with British theatre producer Sir Cameron Mackintosh.
Madonna and Guy Ritchie remain at sixth place, even though their wealth has increased from £248m last year to £275m this year.
Knighted performers Sir Elton John, Sir Mick Jagger and Sir Tom Jones all made the top 10.
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