The former Beatle shares an £680 million fortune with his wife Nancy Shevell, according to researchers who put the list together.
He has topped the list of wealthy musicians every time it has been put together since 1989 when his fortune was estimated at £80 million.
At least some of his fortune comes from his wife - the heiress to a US transport firm - who is said to be worth £150 million alone.
Sir Paul is not the only entry to get a boost in their fortune from their partner - a combined fortune of £200 million puts Victoria and David Beckham in the top 10, while Sharon and Ozzy Osbourne and Chris Martin and Gwyneth Paltrow also feature.
Andrew Lloyd Webber was second in the chart with a fortune of £620 million, followed by Irish rockers U2 with £520 million.
The top 10 richest music millionaires in Britain and Ireland according to the Sunday Times Rich List are:
1 - Sir Paul McCartney and Nancy Shevell - £680 million
2 - Andrew Lloyd Webber - £620 million
3 - U2 -£520 million
4 - Sir Elton John - £240 million
5 - David and Victoria Beckham - £200 million
5- Mick Jagger - £200 million
7 - Michael Flatley - £191 million
8 - Keith Richards - £185 million
9 - Olivia and Dhani Harrison - £180 million
9 -Sting £180 million
Adele tops the Sunday Times Young Music Rich List with a fortune of £30 million.
According to researchers, the singer made £10 million in the last year despite taking much of it off to recover from a throat operation and have a baby.
Cheryl Cole is second in the list of music millionaires aged 30 and under with a fortune estimated at £14 million, while Leona Lewis and Katie Melua are just behind with £12 million.
According to the list, the five members of One Direction have racked up a £5 million fortune each in the last year.
The boy band, who were put together on the X Factor, have achieved international success and stormed the United States in 2012 with their debut album Up All Night.
New entries to the Young Music Rich List include Emeli Sande and Ed Sheeran who are each worth £5 million.