Indian steel tycoon Lakshmi Mittal has topped The Sunday Times Rich List 2008
for the fourth year running. Mittal, 57, is the richest man in Europe and
has seen his family’s fortune rise by almost 44% in a year to £27.7bn.
And according to the Rich List, published tomorrow, Britain's super-rich have
never been wealthier. Collectively the top 1,000 multimillionaires are now
worth more than £412.8bn, up nearly £53bn (14.7%) on last year.
Wealth expert Philip Beresford, who has compiled The Sunday Times Rich List
since it was first published in 1989, said foreign billionaires were the
ones rising up the list.
“Until now, the 11 years of Labour government have proved a boon for the
super-rich, rarely seen before in modern British history. However, much of
the rise in this year’s wealth can be attributed to one factor: the number
of foreign rich who have made London or its environs their main home and
base of operation."
This year 40 of the 75 billionaires in the Rich List come from countries such
as Russia, India, Germany and Israel, as well as Scandinavia.
Meanwhile, there are two new entrants to the top 10.
Alisher Usmanov the Russian steel magnate who is the largest shareholder in
Arsenal football club with a stake of 24.2%, joins the list for the first
time in fifth ranking with a fortune of just under £5.73bn.
One place below Usmanov, and equally at number six are Ernesto and Kirsty
Bertarelli who share a fortune of £5.65bn built on pharmaceuticals. Kirsty,
from Staffordshire, was Miss UK 20 years ago, before she married Ernesto.
The Bertarelli’s yachting team has won the prestigious America’s Cup twice
in a row for Switzerland.
However, not everyone has been as successful and a number of home-grown
billionaires have seen their wealth hit by the economic downturn.
Monaco-based Sir Philip Green, who with his wife Tina, owns Bhs and Topshop,
last month described trading conditions on the high street as horrible. The
Greens have seen the value of their retail fortune drop by more than 10% in
a year.
Sir Richard Branson has dropped nine places in this year’s Rich List, from 11
to 20. His transport, internet and mobile phone empire has fallen by £400m
in a year to £2,700m.
Higher energy costs and more competition from the Middle East have led to a
huge downturn in the fortune of Ineos chemicals billionaire Jim Ratcliffe,
owner of the strike-torn Grangemouth refinery. Ratcliffe, ranked number 10
last year with a fortune of £3.3bn, up from equal 45 in 2006 when his wealth
stood at £1.1bn, now sits at 25 and is worth £2.3bn.
Wealthy families from India are often related or friends, share a common background and have a strong awareness of the colonial period they ought to make up.
Jaap den Haan, Namen,
Why are the Maktoum's of the UAE not listed on either Forbes or the Sunday Times List? They must be up there!
William, Glasgow,
Ingvar Kamprad is not based in Britain. IKEA is not from Britain.
Shaun Lee, London,
Where's Ingvar Kamprad, the IKEA founder? Forbes lists him as the 7th richest in the world.
Bjorn, New York, USA
You must realize that you can’t tax the rich, if you do they just move to Monaco or Lichtenstein where it’s basically tax free!
jon, southampton,
So the UK has become home for the mafia of the world?
Isabelle Gelle, Hull, U.K.
''This year 40 of the 75 billionaires in the Rich List come from countries such as Russia, India, Germany and Israel, as well as Scandinavia''
The only article iv read in a newspaper where foreigners are treated with some respect at least.
Foreigners are backbones of economy, 'FACT'.
Dollah, Lincoln,
UK plc is on the ropes. We live in a false economy were our government governed by spin and not substance – spending in the ‘good’ times and not repaying back what we borrowed is not good business!
Philip McNeill, Lisburn, Northern Ireland
Julian Toms
They aren't. Commercial property is falling. Residential outside of London, a little. But the rest is rubbish. Don't forget that the Eastern world and commodities are fine. Mr Mittal and others are benefiting from the part of the world that's growing at 6-10% pa and commodites more..
AndyG, London, UK
There are now many ‘nanny’ state jobs with comfortable pensions plans etc so one cannot blame the judiciary for applying the rule of law to those who seek relief from the executive.
Philip McNeill, Lisburn, Northern Ireland
The gulf between the rich and poor classes is increasing for the poor must borrow more just to survive with ever increasing utility and food prices etc. .
Philip McNeill, Lisburn, Northern Ireland
The trade unions are flexing their muscles again but they fail to realise that their actions are harming UK plc (you and me) for absolute poverty is now gone thank god: apparent poverty is not however! God forbid but Thatcherism may have been a necessary evil!?
Philip McNeill, Lisburn, Northern Ireland
wow the richest person in UK is an Indian, that too doesn't hold a UK citizenship. Wondering what happens if he goes back to India with his company, we all will go bankrupt. What has come of Britain? I am already moving to Australia. Bye Bye Britain!
Allen McGrath, Leeds, UK
Actually Kevin, in absolute terms, the "poorer" are better off than they've ever been.
Jimmy, London,
Meanwhile the American billionaires like Gates and Buffett give the bulk of their estates to charity.
Michael Mcknight, Tampa, USA/FL
At least Mittal worked for his money, how about a list of billionaires in the UK (London) who robbed their country, have set up shop here and are now "white washing" their ill gotten profits.
t. andre, london,
The rich get richer while the poorer get poorer.
Kevin, marbella, spain
There is one thing the mega rich/famous can't do, which I can.
Freely walk on the streets alone without worrying about assassinations or kidnappings for ransoms. The disadvantage of being rich and/or famous.
jayil, london, uk
When I was an impoverished student in Paris many years ago, an American woman helped me. When I told her I did not know when or whether I could even repay her, she told me, "When in the future you are able to help someone in need, please do so and tell that person the same as I am now telling you".
San Ying, Montreal, Canada QC
Ancient Egyptians thought they could take all their wealth along with them when they die. How wrong they were. It is meaning less to have so much money when one does not have enough time to spend it all during a life time... more importantly, one cannot take it with them when they die.
jayil, london, uk
I just worked out that I have only another 62.9 million people to beat to get on this list. I wonder if I will make it?
Cromwell, Leeds, England
How come property is falling, retail shares are plummeting, banking stocks and hedge funds are collapsing yet the asseys of these guys is rising?
It would be nice to see some real research.
Julian Toms, London, UK
Who cares ?!!
Ian Payne, WALSALL,