Are surrounded by much money in the tower (7)

I believe the answer is:

minaret

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'tower' is the definition.
(I know that Minaret is a type of tower)

'are surrounded by much money in the' is the wordplay.
'surrounded by' indicates putting letters inside.
'much money' becomes 'm' (abbreviation in economics. I am not sure about the 'much' bit.).
'the' becomes 't' (the is pronounced as a 't' sound in some dialects).
'm'+'in'+'t'='mint'
'are' put inside 'mint' is 'MINARET'.

Can you help me to learn more?

(Other definitions for minaret that I've seen before include "Slender mosque tower" , "Slender tower with balconies" , "Raiment worn on mosque tower" , "Mosque turret" , "Tower attached to mosque" .)

I've seen this clue in the Evening Standard.

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