Ten years after he was a reality TV runner-up, singer Olly Murs is a very rich man – and one simple trick helped him amass his fortune.
Ten years after he was a reality TV runner-up, singer Olly Murs is a very rich man – and one simple trick helped him amass his fortune.

How star amassed huge secret fortune

Former UK X Factor runner-up Olly Murs is sitting on a $23 million fortune - because he pays himself $1900 a week.

He's banked a monster amount since rising to fame as a finalist on The X Factor a decade ago, and his huge bank balance is down to his money-savvy ways.

The star, who has scored several hit singles in Australia, pays himself a weekly "plumber's wage" and is rolling in cash after a string of number one albums, top-selling singles and money-spinning tours back in the UK.

 

Murs first shot to fame as runner-up on the UK version of The X Factor.
Murs first shot to fame as runner-up on the UK version of The X Factor.

Hugely popular Murs set up a firm called Icydk Ltd to handle cash from his singing career, and accounts for 2013 showed he had a bottom line close to $1.2 million.

But financial statements recently filed to Companies House covering last year show the firm now has funds of $14 million including cash at $3.2 million and investments at $6 million.

And two previous companies owned by Murs were closed down - with the cash in their coffers paid to the star.

Paperwork for Stanley Entertainments Ltd revealed Murs enjoyed a bonanza in four ­separate instalments of $3 million, $479,000, $220,000 and $191,000 over two years before it was dissolved in 2015.

And Ongoing Entertainments Ltd was dissolved in the same year with $4.2 million being paid to Murs.

 

Murs became an internationally popular singer, touring Australia several times. Picture: Chris Pavlich
Murs became an internationally popular singer, touring Australia several times. Picture: Chris Pavlich

That all adds up to $23.76 million when you chuck in his earnings from Icydk Ltd.

Not bad for someone who was the runner-up on a singing reality show in 2009.

The star began paying himself the $1900-a-week salary several years ago to prevent him blowing his cash.

Murs said: "I have given myself a salary recently because I think it's important. For the first two years I was like, 'Yeah, I'll buy that and this. Mum, what do you want? I'll get it for you.

"But then you watch shows like the Big Reunion and it opens your eyes to realise that this can all go so quickly, and you've got to be wise with your money. Even Ed Sheeran talks about paying himself a salary."

 

Murs is financially savvy because ‘it can all go so quickly’. Picture: Sarah Matray
Murs is financially savvy because ‘it can all go so quickly’. Picture: Sarah Matray

 

He added: "I look forward to being able to pay my bills each month and having a little bit left over to spend. But I'm not really into extravagant buying, I'm not that kind of person.

"I've got mates in different jobs to me, and they're not on the same amount of money as me. So I don't want to be like a big time Charlie. I've never been that kind of person, I always like us all to be on an equal playing field. I like us all to be mates together.

"I'm a singer, you're a builder, you're a plumber, you work in a bank. We all earn different salaries, but we're all the same. So I always give myself a little salary each month to keep me ticking over. Some artists you see out there buying all these flash cars and big houses."

 

 

 

This article originally appeared on The Sun and was reproduced with permission


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