The Whitburn singer placed at number 10 on the list, which was topped by former One Direction singer Harry Styles, who has amassed an incredible £100 million himself.
Last year, Capaldi placed at No.16 on Heat Magazine’s annual rich list – with a £17m fortune.
The 25-year-old released Divinely Uninspired To A Hellish Extent in May 2019, spending 10 weeks in the album top spot.
The record spawned a string of hits including Someone You Loved, Before You Go and Hold Me While You Wait, cementing him as one of the biggest newcomers in pop history.
It’s been a remarkable few years for the young Scot, who said in 2020 he was making good use of lockdown by writing new songs every day – because he “needs money”.
Joint second on the 2022 Sunday Times Young Music Rich List (30 years old or under) is Dua Lipa and Little Mix – both with £60 million fortunes.
Ed Sheeran, meanwhile, could become the first British billionaire musician after another “golden year” saw his wealth reportedly increase by £40 million.
The Suffolk singer-songwriter, 31, places 10th on the Sunday Times Music Rich List with an estimated total wealth of £260 million.
Sir Paul McCartney, 79, claims number one in the rankings with a fortune of £865 million, which he shares with his American wife Nancy Shevell, but the list’s compiler believes Sheeran may beat him to £1 billion if he continues his current trajectory.
Composer and impresario Andrew Lloyd Webber, 74, has seen his wealth drop by £30 million to £495 million amid the impact of Covid-19 on the theatre world, but is still at number three.
Robert Watts, compiler of the Sunday Times Rich List, said: “Selling their music rights has proved extremely lucrative for many of the older acts on the Music Rich List – especially those who had quiet pandemics.
“We expect the post-Covid return to touring will see many of these singers and bands earn well this year and next. It seems old musicians never retire, they just get richer.
“Another golden year for Ed Sheeran leads us to believe he may in time pip Paul McCartney to become the first British billionaire musician.”
– The Sunday Times Music Rich List
1. Sir Paul McCartney – £865 million
2. U2 – £625 million
3. Lord Lloyd-Webber – £495 million
4. Sir Elton John – £395 million
5. Sting – £320 million
6. Sir Mick Jagger – £318 million
7. Keith Richards – £303 million
8. Olivia and Dhani Harrison – £295 million
9. Sir Ringo Starr – £285 million
10. Ed Sheeran – £260 million
– The Young Music Rich List (30 years old or under)
1. Harry Styles – £100 million
2. Dua Lipa – £60 million (joint)
2. Little Mix – £60 million (joint)
4. Niall Horan – £52 million
5. Louis Tomlinson – £48 million
6. Liam Payne – £44 million
7. Zayn Malik – £36 million
8. Sam Smith – £34 million
9. Stormzy – £26 million
10. Lewis Capaldi – £19 million