"One Direction" has been declared the richest U.K. boyband in the history of the music industry, with a collective net worth of $118 million.
"One Direction" is not just the most popular boyband to walk the face of Earth, but also the richest U.K. boyband in the history of the music industry, according to MTV.
In one year alone, the band earned $76 million, according to the Sunday Times' list of richest musicians aged 30 and under. The five-piece group, made up of Harry Styles, Louis Tomlinson, Liam Payne, Niall Horan and Zayn Malik, each have an individual wealth of $26 million which combines to a total net worth of $118 million.
"There hasn't been another boyband who have made so much money so quickly," said the rich list's editor Ian Coxon. "Whether they will carry on at the same rate is anybody's guess."
The huge success of their recent world tour, DVD and record sales, a series of lucrative advertising endorsements and their ever-growing American fan base are some factors that have contributed largely to this increase in earnings, according to Daily Mail.
"The group performed 136 shows in 78 cities in 2013, which generated box office revenues of $114 million. They played to a total audience of just under 1.5 million," Coxon said.
Band member Styles is said to be the quintet's biggest spender, owning three cars, two houses and a flat.
Payne and Tomlinson are the highest earning members of the band, according to a Global Newsline report. The two have penned most of the songs sung by the band and nearly all the songs from their latest album "Midnight Memories." Hence, it was decided that these two members will be paid higher royalties.
While the other band members including Zayn Malik and Niall Horan have concentrated on singing, Payne and Tomlinson have always been interested in writing their own songs.