Now rich get poorer!

Times are hard for some of Oldham’s richest people as their overall wealth slumps, according to the Sunday Times Rich List.

The annual survey of the nation’s wealthiest people has revealed that stars such as Elton John and Paul McCartney are down to their last few hundred million.

But local moguls are also feeling the pinch.

Harry Hyams, who laid the foundations of his property portfolio 50 years ago when he bought a stake in Oldham Estates for £50,000, went on to build the ill-fated St Peter’s shopping centre, which was demolished to make way for Spindles.

He is still active in business at the age of 81, involved in the £200 million revamp of Newcastle city centre, six small property companies worth about £17 million, and art and property. But his £300 million fortune is down £22 million on last year.

Chadderton supermodel Karen Elson suffered a massive drop in her personal wealth, down £17 million to £8 million.

She is now the star of John Lewis’ £1.5 million advertising campaign.

The 30-year-old lives in Nashville with her husband, the American musician Jack White, who has substantial wealth of his own.

Frank Gillespie, of Oldham-based Heyrod Construction, is down £15 million to £35 million. His company has worked on high-profile contracts including the Commonwealth Games stadium, a Rocco Forte hotel and many others in Manchester, Leeds and Wales.

It is run and owned by Mr Gillespie (67), who holds 90 per cent of the shares.

New entry Bill Venter and family are worth £31 million after the engineer retired as a non-executive director of Diodes, formerly Zetex, the Chadderton-based electronics company, in 2004.

Diodes designs and manufactures integrated circuits and semiconductors and provides components to the telecoms industry.

In 2008, the company was sold to an American chipmaker for £91.6 million. Mr Venter (74) and family picked up £31 million for their stake.

Regular entrants Iqbal Ahmed and family maintained their £120 million wealth by running two main firms: Ibco, a wholesale and catering supplier, and frozen food processor Seamark.

They should make more than £8 million profit on £80 million sales in 2009. Mr Ahmed (52) is chairman. The family’s business and property assets total about £120 million.