Wales

Sunday Times Welsh Rich List: Wealth 'comes from internet'

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Media captionThe five richest people from Wales

Up to half the people on The Sunday Times' Welsh rich list made their fortunes through the internet or other forms of technology.

Cardiff-born Sir Michael Moritz - who has invested in Google and WhatsApp - is the wealthiest, worth £2.963bn

The Perkins family, owners of Specsavers, are second with £1.7bn, while Simon Nixon, Moneysupermarket.com co-founder, is third and has £1.25bn.

Robert Watts, who compiled the rich list, said many on it were self-made.

Image copyright Specsavers Optical Group
Image caption Douglas and Dame Mary Perkins set up Specsavers in 1984

"Gone are the days when the rich list was dominated by the landed gentry and inherited wealth," he said.

"We're seeing a lot more self-made wealth created by entrepreneurs - often from modest backgrounds.

"Fortunes are still being made from traditional businesses like housebuilding, insurance and publishing, but it's striking how nearly half the names of our Wales list made their money through the internet or other forms of technology - often quickly amassing fortunes from businesses that were scarcely imaginable when we compiled our first rich list back in 1989."

Image copyright Moneysupermarket.com
Image caption Simon Nixon founded Flintshire-based Moneysupermarket.com

The list - in its 30th year and published in The Sunday Times Magazine on Sunday - shows Wales has five billionaires.

Private equity billionaire Sir Michael, 63, who is a partner in the Silicon Valley firm Sequoia Capital, saw his fortune grow by £334m in the last year to again top the Welsh rich list.

The Perkins family - headed by Llanelli-born Douglas Perkins - increased their wealth by £100m this year to £1.7bn.

Image copyright Getty Images
Image caption David Sullivan is a co-owner of West Ham United

In third position was Simon Nixon, from Flintshire, who dropped out of university before later forming the internet giant Moneysupermarket.com.

His wealth increased by £74m this year, reaching £1.25bn, while Cardiff-born West Ham United co-owner David Sullivan's fortune remained unchanged at £1.1bn.

Celtic Manor owner Sir Terry Matthews, who is originally from Newport, was the only Welsh billionaire to lose money in the last year - his wealth fell by £95m to £1.075bn.

Image caption Sir Terry Matthews brought the Ryder Cup to Wales when it was held at his Celtic Manor Resort

The Sunday Times Rich List for Wales

1. Sir Michael Moritz - £2.963bn

2. Douglas Perkins and family - £1.7bn

3. Simon Nixon - £1.25bn

4. David Sullivan - £1.1bn

5. Sir Terry Matthews - £1.075bn

6. Steve Morgan - £942m

7. Henry Engelhardt and Diane Briere de L'Isle - £773m

8. John Deer - £634m

9. Mark Watkin Jones and family - £350m

10= Lord Heseltine and family - £315m

10= Lawrence Jones and family - £315m

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