09-08-2025
Madonna looked after me financially, says DJ PAUL OAKENFOLD
Paul Oakenfold is a DJ and record producer. The 61-year-old Londoner has remixed songs for U2, Madonna and the Rolling Stones among other artists, and was voted No 1 DJ in the world in 1998 and 1999 by DJ Magazine, writes York Membery.
At a time when top DJs could make a five-figure fee from one gig, he was the first to play the main stage at Glastonbury.
He also supported Madonna on her Confessions tour and was the opening act for the Pet Shop Boys and New Order on their Unity Tour in 2022.
The father-of-two – and lifelong Chelsea FC fan – lives in Los Angeles.
What did your parents teach you about money?
I was one of three children and grew up in Highbury, north London, and then south London.
My dad Peter delivered the London Evening News for most of his working life and my mum Sheila, now in her mid-80s, worked for British Telecom. We were a normal, hard-working London family. My parents taught me the importance of working hard and saving for a rainy day.
And that rainy day finally came 40 years later, when Covid prevented me from working – doing live events – for 18 months. I didn't get any help from the government in America, where I lived. As a result, I had to live off my savings during those dark days.
Have you ever struggled to make ends meet?
Yes, I left school at 16, trained to be a chef and then got a job at London's Army and Navy Club, which paid £24 a week. That wouldn't get you a round at the pub now, and didn't go far back then either.
But then I got into the music business and things began to look up.
Have you ever been paid silly money?
Not compared to what some of the world's top DJs can earn now. Sure, I got well paid in the 1990s and 2000s – but today's superstar DJs can get paid a six-figure sum for one show.
Sadly, I missed that money boat! It's a bit like the difference between what top footballers got paid then and now. But I'll never stop, because music is my passion.
What was the best year of your financial life?
Probably in the late 90s or early noughties, though I never got into music just for the money.
In music, the money just comes when you become the best at what you do. Touring with the likes of U2 and Madonna was financially rewarding, and artists look after you, although Madonna would fly on her own plane and I'd be on the staff plane!
Some of the remixes I've done have paid well, but you just get a fee, not a percentage of sales.
The most expensive thing you bought for fun?
I'm a huge James Bond fan, and several years ago bought a used Aston Martin DB9 for around £60,000-£70,000. I'd never really had a nice car, so I thought I'd treat myself.
Driving it around LA was fun, but I spend so much time on the road touring – I'm gigging pretty much every weekend – that I sold it in the end.
Nowadays I just use Uber to get around town.
What has been your biggest money mistake?
I've spent a fortune on records – I've got about 35,000 – and on seeing my beloved Chelsea, and some people might regard that as a money mistake!
But both have given me plenty of pleasure so I can't complain.
I've also bought some stage outfits that only saw the light of day once or twice, so they weren't a good buy.
Best money decision you have made?
My record collection, which spans the decades. I've got all sorts of records, though no 78 RPMs – I'm not that old!
My favourite record in my collection? It's got to be Chelsea's Blue Is The Colour – a top-five hit for the team in 1972. I'm a huge Chelsea fan, always buy their latest strip and see them whenever I'm in the UK. I'm hoping for a top-four finish this season.
Will you pass money down or spend it all?
I've got a son who is 18 and a daughter who is 14, so if I've got any money left when I meet my maker, I'll give it to them. But I'm not going to tell them that.
I come from a hard-grafting family, was given nothing and had a paper round at 14 paying a fiver a week.
I want them to grow up with the same values as me, and an understanding that you have to work for the good things in life.
Do you have a pension?
Yes, I've paid into a private pension for donkey's years so I hopefully won't be short of a quid or two. Mind you, I plan to keep working until I drop. If Mick Jagger can do it, so can I.
Do you own any property?
No, I rent a three-bedroom house in LA. I was in LA last year when the wildfires broke out and got evacuated. Luckily my house was fine. But I'd like to move back to the UK because I miss family and friends, not to mention beans on toast, British beer and the sense of humour.
What would you do if you were Chancellor?
In a perfect world, I'd like to lower taxes so people had more money to spend. To be honest, I'd rather leave that sort of thing to the experts.
What is your number one financial priority?
To build my rainy day fund back up. It got hammered during the pandemic, so I'll be a lot happier when it's looking a bit healthier.
