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Asia Today ISSN 1861-4604 Thursday, July 27, 2017

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Who is the richest of them all? Britain has more billionaires than ever before

There are 134 billionaires in the U.K

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LONDON, U.K. - In this year’s Rich List, Britain is seen to have recorded an increase in the number of billionaires in the country. > BNN

According to Rich List 2017, there are 134 billionaires in the U.K., 14 more than were recorded in the 2016 edition.

Despite fears over Brexit, the Sunday Times Rich List revealed that Britain’s billionaires increased, with the year’s list featuring the wealthiest 1,000 individuals and families that have a record total wealth of 658 billion pounds, a 14 percent increase on last year's figure of 575 billion pounds.

Meanwhile, to make it to the millionaires list, the paper reveal that one needs to hold a fortune of 110 million pounds - to make it into the top 1,000.

The richest people in the U.K., with a fortune of 16.2 billion pounds were the Hinduja brothers, 81-year-old, Srichand Hinduja and 77-year-old Gopichand Hinduja.

The brothers first topped the list in 2014 owing to a vast array of business investments under the Hinduja Group.

Their investments span the oil and gas, automotive, IT, energy, media, banking, property and healthcare sectors, with their latest project being the conversion of The Old War Office in London into a five-star hotel and 88 luxury apartments for the world's super-rich.

According to Robert Watts, who compiled the list, “While many of us worried about the outcome of the EU referendum, many of Britain's richest people just kept calm and carried on making billions. We expected to see a chilling effect in the run-up to the EU referendum, but that simply did not materialise. A buoyant stock market usually drives the wealth of Rich Listers higher, and since last June equities have soared. We're seeing more and more diversity in the composition of the Rich List. More women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers lining up with hedge fund managers and private equity barons."

The second place on the list was bagged by Ukrainian businessman Len Blavatnik, with a fortune of 15.982 billion pounds, whose empire includes the Warner Music Group.

After topping the list in 2016, siblings David and Simon Reuben, were ranked third on the list this year, despite a 900 million pounds rise in their wealth in the past 12 months.

The pair hold a fortune of 14 billion pounds, now focus on prime London property including Connaught House, London Oxford airport and Arena Racing.

Lakshmi Mittal and family were ranked fourth and are said to hold the biggest increase in wealth within the past 12 months - while Alisher Usmanov, who holds a 30 percent stake in football club Arsenal ranked fifth on the list.

The list compilers pointed out that the 20 richest alone are worth 191.765 billion pounds and have increased their cumulative wealth by 35.175 billion pounds in the past year.

 

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