U2 frontman Bono has become the richest musician in the world [May 19], overtaking Paul McCartney, thanks to the floatation on the stock market of social media site, Facebook. The U2 singer owns 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners. Bono's share is worth over $1.5 billion (£940 million) and puts him well above Paul McCartney, who was the world's richest rock star with a fortune of £665 million.

U2 frontman Bono has become the richest musician in the world [May 19], overtaking Paul McCartney, thanks to the floatation on the stock market of social media site, Facebook.

The U2 singer owns 2.3 per cent of the shares in Facebook through his private equity firm, Elevation Partners.

Bono’s share is worth over $1.5 billion (£940 million) and puts him well above Paul McCartney, who was the world’s richest rock star with a fortune of £665 million.

U2 are rumoured to be working on new material with One Direction’s songwriters, according to reports, with Swedish pop svengali Carl Falk, who penned the boyband’s ‘What Makes You Beautiful’ reportedly on board.

A source said of this: “The band are back in the studio getting a feel for new material after the last album ‘No Line On The Horizon‘. Will.i.am had a credit on that and they are looking to explore that direction further. They have been working with Danger Mouse and RedOne. They are excited about getting to work with Carl Falk.”