Richard Young is a celebrity and society photographer dubbed 'King of the Paparazzi', writes York Membery. 

The 79-year-old son of a market trader left school at 14 but went on to photograph everyone from Elizabeth Taylor to David Bowie, and Mick Jagger to Freddie Mercury, during his 50-plus year career as one of the UK's top celebrity photographers. 

The married father-of-three lives in west London with his second wife, Susan.

What did your parents teach you about money? 

I came from a humble background and my parents didn't teach me too much about money. My dad had a stall in Soho's Berwick Street market, selling stockings among other things – and only dealt in cash.

He never declared his income, so my parents were never able to buy a property as he had no official income – we rented instead.

But when I was a boy, they could just about afford to give me ten shillings a week, enough for me to buy a Red Rover pass (equivalent to a travel card now). That allowed me to go trainspotting all over London, with smoked salmon bagels tucked under my arm.

Have you ever struggled to make ends meet?

Yes, in my early days as a salesman at the West End menswear boutique Sportique in the 1960s, I earned around £9 a week. I lived at home until I found an Earls Court bedsit I could afford for £4 a week.

Food cost another £2 a week – I didn't eat much in those days. The rest of my earnings went on bus fares, coffee and a bag of sweets. I couldn't afford to go on a date unless a girl took me out!

What was the best year of your financial life? 

I've had some very good years over the decades. But in 2000 the photographic world went digital. I stopped using film and had to learn a whole new way of shooting, and how to use a computer and modem. But I navigated this world successfully and my sales went through the roof.

Thankfully, I have always owned the copyright of my entire photographic archive. 

The most expensive thing you bought for fun?

I became a regular customer at N.Peal, the luxury clothes wear store, in Burlington Arcade in the 1970s and still love their cashmere sweaters.

At the height of my N.Peal addiction, I was buying a couple every week, costing me a small fortune. I now own around 120 cashmere sweaters in every colour imaginable, which I still colour co-ordinate to this day.

I'd also dreamt of buying a Harley-Davidson motorbike ever since watching Dennis Hopper and Peter Fonda in the Hollywood classic Easy Rider. Eventually I realised my dream and over the years I've owned 11 Harleys, each costing £5,000 to £10,000.

They've given me so much pleasure and I've taken them on road trips all around the US – some of the happiest days of my life.

Have you ever been paid silly money?   

Yes, when I got my exclusive photographs of Elizabeth Taylor and Richard Burton at his star-studded 50th birthday party at the Dorchester Hotel in 1975. The pictures went around the world.  

So when I visited the Fleet Street syndication department, handling the photo sales in 1976 I was hopeful of getting a £500 loan to put down as a deposit down on my first house.

But someone in the accounts department asked: 'How much is the house?'

And when I told them they replied: 'Well, with the money you're making on the sales of these images you can have the whole £27,000!'

I couldn't believe my pictures could be worth so much money. The returns have been ongoing – these shots are now sold as limited edition prints in my gallery.

What's been your biggest money mistake?

Buying and selling too many Harleys. I've made money on some bikes and lost money on others. I took my biggest financial hit on a Harley-Davidson Electra Glide Dresser which I bought for £12,000 and sold for £5,000.

Unfortunately this particular model devalued pretty quickly.

Best money decision you have made?

Handing over the running of my photo gallery business to my wife Susan, who's a very smart lady. She is much better at managing money than me.

Before meeting her, I used to get cheques from the newspapers and put them in my jacket pocket for weeks before depositing them.

I was also sold some insurance policies by a broker who hung out in Claridge's. I had so many policies I couldn't pay my mortgage at one point. I'm a creative, not a businessman.

Do you have a pension?

My wife and I decided not to put too much into pensions; we invested in property instead.

Do you own any property?

We have a beautiful flat in Holland Park in west London that we bought for a considerable sum in 2024. It's a world away from my two-bedroom childhood flat home in Stoke Newington, north London, although I'm proud of my roots. It's just a shame that we're not allowed animals in our new flat – we lost our beautiful poodle, Gnasher, some years ago and we still miss him.

I also own my photographic gallery in Kensington.

If you were Chancellor what would you do?

Change the VAT rules. If you're a tourist and buy something in this country you cannot claim back the VAT on departure any more, which has had a devastating effect on British business.

I'm also saddened by the closure of so many pubs and nightclubs, and I'd do more to protect them. Once they've gone, they've gone for good.

What is your favourite photograph you've taken?

One of my favourite limited edition prints of Jack Nicholson, taken outside Langan's Brasserie, Mayfair, in 1981.

He asked me to join him for a drink later but I replied: 'Sorry Jack I can't, I'm working tonight.'

I have always regretted not saying yes…

What is your number one financial priority?

To make sure that I can share my wealth with my family -–namely, my three children.

• Richard Young Gallery, London. @richardyounggallery.co.uk: Richard's autobiography, Bad Behaviour: The Life And Times Of Richard Young is published later this year.