Sunday Times Rich List suggests UK's wealthiest defy recession

 
Lakshmi Mittal Mr Mittal retains top spot despite his company's share price crashing this year

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The UK's richest people have defied the double-dip recession to become even richer over the past year, according to the annual Sunday Times Rich List.

The newspaper's research found the combined worth of the country's 1,000 wealthiest people is £414bn, up 4.7%.

It means their joint wealth has passed the level last seen in 2008, before the financial crash, to set a new record.

Top spot for the eighth straight year is held by Indian steel magnate Lakshmi Mittal, 61, with £12.7bn.

There are now 77 billionaires on the list, with individuals needing to have at least £72m to make the top 1,000.

The richest billionaire of all, Mr Mittal, retains his position despite seeing 27% of his family fortune wiped out in the last 12 months because of a drop in the share price of their steel producing business.

The Mittal family have held the number one spot in the list since 2005.

Britain's richest top 10

  • Lakshmi Mittal and family - £12.7bn.
  • Alisher Usmanov - £12.3bn.
  • Roman Abramovich - £9.5bn.
  • Sri and Gopi Hinduja - £8.6bn.
  • Leonard Blavatnik - £7.58bn.
  • Ernesto and Kirsty Bertarelli - £7.4bn.
  • The Duke of Westminster - £7.35bn.
  • David and Simon Reuben - £7.08bn.
  • John Fredriksen and family - £6.6bn.
  • Galen and George Weston and family - £5.9bn.

Another person who has made money from the metal industry, Arsenal shareholder Alisher Usmanov, is second with £12.3bn, while Chelsea owner and oil baron Roman Abramovich is third with £9.5bn, despite being £800m down on last year.

The richest woman is former Miss UK Kirsty Bertarelli, who shares a £7.4bn fortune with her husband Ernesto, while the Duke of Westminster's property portfolio makes him worth £7.3bn.

Several leading British entrepreneurs, who are further down the list, have seen their wealth increase this year.

Diamond retailer Laurence Graff's wealth has risen to £3,300m while Sir Anthony Bamford, owner of the JCB earth-moving machinery firm, has seen his fortune go up to £3,150m.

Sir Paul McCartney (right) and new wife Nancy Shevell Sir Paul McCartney's wedding to heiress Nancy Shevell boosts his position in the list

Inventor Sir James Dyson, who created the bagless vacuum cleaner, has also seen his wealth increase, to £2,650m.

Some of Britain's best-known performers and artists have also seen their fortunes improve.

Sir Paul McCartney's recent marriage to his third wife Nancy Shevell, who is the daughter of an American trucking magnate, sees him become the third wealthiest man in British music, as their combined wealth is now rated at £665m.

The two people surpassing him are music executive Clive Calder, who is worth £1,350m, and theatre owner and producer Sir Cameron Mackintosh, whose fortune has gone up to £725m.

Harry Potter creator JK Rowling's worth has risen by £30m in the last year to £560m, putting her 148th on the list, and a new addition to the list is London-based founder of the Spotify music website Daniel Ek, ranked 395th with a fortune of £190m - the same amount as David and Victoria Beckham.

 

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  • rate this
    +3

    Comment number 663.

    Richness isn't a measure of how much money you have it's about how much money the others don't.

  • rate this
    +4

    Comment number 662.

    I've always wondered why they need so much .

  • rate this
    0

    Comment number 661.

    Agree with Howee

  • rate this
    +5

    Comment number 660.

    A number of those posting here have pointed out that many on the rich list have names that don’t sound very ‘British’. Am I alone in finding this fact hard to reconcile with the Government’s claim that it is essential to reduce marginal tax rates for the super-rich in order to prevent them from leaving the UK for foreign parts?

  • rate this
    +5

    Comment number 659.

    633.TonyB - ...."Easy to blame the rich, but that's just envy at play."

    Call it what you like, but at the end of the day the more income inequality in a society the more social unrest......look at the US, where despite the hearshed penal systems in the western world they still have the highest crime rates.....if you want to call it envy fine, but we need to do something about it......

  • rate this
    +5

    Comment number 658.

    What a good job we are ALL in it together. Where would we be if the people on this list weren't in it with us. Looking around I'm just not sure where they are though.

  • rate this
    -5

    Comment number 657.

    618. The Ace Face
    What is nasty about rich people is they delight in rubbing it in the faces of those less fortunate, a bit like the Harry Enfield character, "I am considerably more richer than you!" Disgusting and vulgar behaviour."
    -

    Do they? Must've missed it.

    Unless... unless you just made it up?

    Like claiming that those on income support spend all day "rubbing it in people's faces".

  • rate this
    0

    Comment number 656.

    Notice how only 3 of the people on Britain's rich list are actually British.

  • rate this
    +16

    Comment number 655.

    It is not the presence of wealth which should be of concern but the growth in inequality. It is not the fault of the rich for becoming rich or the poor for becoming poor, but a tax system which is supposed to be redistributive and progressive is not so in practice and the burden of indirect taxation such as VAT and import duties counters any marginal progression in direct taxes.

  • rate this
    +7

    Comment number 654.

    648.Tsunami of Yogic

    Tax is the price you pay for living in a civilised society - without you would not make any money because there'd be no monetary system were anarchy the system.

    And if these buisness people paid decent wages to their workers we wouldn't have today's scenario where nearly 90% of housing benefit claims are by people in work who get paid so little they can't afford the rent

  • rate this
    +2

    Comment number 653.

    635. greencircle
    The Queen is at number 262 with 310 million. However, Buckingham Palace is worth about a billion but does not count because it is held in trust."
    -

    But the Queen doesn't own the Palace. It is owned by the Crown Estates, not her.

    Personally held in trust and owned by a trust are two totally different things and therefore measured differently.

  • rate this
    +5

    Comment number 652.

    I don't know much about politics or goings on in the whole financial world but being due to start university later this year and finishing in 2015 with over 35,000 pounds worth of debt before i've even got out of education, i can't help but think our leaders are determined to never see youth of today anywhere near that rich list.

  • rate this
    +8

    Comment number 651.

    "633.TonyB

    Easy to blame the rich, but that's just envy at play."

    Oh dear, that sad old line. It used to work when the rich were justifying themselves to their fellow rich, but it's just the same 1930s nonsense as the 'lazy poor' - you, know, the lazy poor that shoveled 20 tons of coal a day in a lazy manner.

  • rate this
    +1

    Comment number 650.

    Tax these obscenely wealthy people and dont let them get away with paying as little as they possibly can most are not British why do they want to live here,because were a safe and truly democratic nation unlike the countries they come from the rich wont run if they are made to pay up they will accept it and smirk knowing they got away with it for so long.

  • rate this
    -4

    Comment number 649.

    Must be another slow news day

  • rate this
    -15

    Comment number 648.

    Why should these people be forced to pay tax?? Surely the employment their business empires create should be considered enough?

  • rate this
    +3

    Comment number 647.

    Cant help but notice that you have to go all the way down to 7th to find someone in the UK Rich List who is actually British and even then it's only because they are part of the Royal Family. Says everything about Britain really. Sold out to rich overseas businessmen.

  • rate this
    +2

    Comment number 646.

    I like HELEN_of_TROY response. You don't need to be rich to be happy. Been contempt with life is rich enough

  • rate this
    -5

    Comment number 645.

    Some people will always be rich relative to the rest of us. Maybe they've been lucky, maybe they just worked hard. Envious sniping at them won't actually help the poor, so accept the facts of life and get over it.

  • rate this
    -5

    Comment number 644.

    Some people have described HYS as a nest-bed of socialists, but that would be incorrect.

    Socialism, is a workable form of society, revolving around the idea that everyone contributes and benefits.

    Most of the posters on HYS, seem to be of a new breed that believes that it is their right to live at other people's expense without actually contributing a damn thing themselves.

 

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