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Elton tells the I Paper that he has always been fascinated by charts.

“I could run a record company very, very well, except that I’m terrible at business, but I’m fascinated by what I do,” the 70-year-old remarks.

Despite his lack of confidence in his business acumen, Elton did become chairman and director of Watford Football Club in 1976. He continues to be a fan of the club.

For much of his life, Elton has also been interested in new releases.

He says: “I go on [the music Web site] Pause&Play, which says which albums are coming out in the next two months, I write down the ones I want, I order them in America. I write done the ones I want in England, and I order them in England. I do it with books and DVDs, because I want to be at the front of the cultural movement that’s going on all the time. I’m not going to look back; I want to be there now.”

And his top tip for aspiring musicians is to get out there and play.

He said: “If you’re an artist, or if you want to be an artist, you go and play – you get a band together or you go and play live. Ed Sheeran, who is signed to our management company, started out playing in people’s living rooms and busking. Go out if you’ve got a guitar or piano; play in a bar, in a hotel. If I’m in a hotel, I always go up to the piano player and say, ‘How are you doing?’ Because there, but for the grace of God, go I.”