The British-born rich are being left behind in the wealth stakes by an
international “superclass” based in London, according to The
Sunday Times Rich List for 2008.
Only six of the top twenty places in the list, published yesterday, go to
people who were born in Britain.
Britain’s two wealthiest men are once again the steel magnate Lakshmi Mittal
and Roman Abramovich, the Russian owner of Chelsea Football Club. Mr Mittal,
57, who retains his Indian passport but spends much of his time in London,
tops the list for the fourth consecutive year. His family’s wealth has
increased by £8 billion to £27.7 billion in the past year thanks to strong
demand for steel.
Mr Mittal is joined in the top 20 by foreign-born newcomers such as Alisher
Usmanov, a steel and mining tycoon who is now the largest shareholder in
Arsenal. Mr Usmanov, 54, the son of a former state prosecutor in Tashkent
and now a Russian citizen, is worth £5.7 billion and is the highest new
entry in the list at No 5.
One place below him is another new entry, Ernesto Bertarelli, the Swiss
pharmaceuticals businessman, and his Staffordshire-born wife Kirsty, a
former Miss United Kingdom and the highest-placed woman in the list.
The fortunes of Britain’s richest 1,000 have risen by £53 billion, almost 15
per cent, in the past year. Their wealth has quadrupled from £99 billion to
£412.8 billion since Labour came to power in 1997.
Philip Beresford, the list’s compiler, said that much of the past year’s
increase could be attributed to the number of foreign-born super-rich people
who had made Britain, and especially London, their main base.
The number of billionaires on the list has increased from 68 to 75 this year,
but 40 of them come from abroad.
Some Britons at the top of the list have had a difficult 12 months as the
economy falters. Sir Philip Green, owner of Bhs and Topshop, has slipped to
ninth place as the listed wealth for him and his wife falls £570 million to
£4.3 billion amid retail gloom. This month he predicted a record year for
Topshop and Topman despite describing the market as “probably as tough as
I’ve seen it”.
Sir Richard Branson (20th), who failed to take over Northern Rock and has seen
Virgin Media’s share price fall in the past year, is down £400 million at
£2.7 billion.
The amount being given away by the super-rich has soared. The Giving List,
which accompanies the Rich List, shows that the leading 30 philanthropists
among the 1,000 richest people pledged or gave away £2.38 billion in the
past year, nearly double the £1.21 billion promised the year before.
Topping that list, based on the proportion of wealth donated, is Christopher
Hohn, the hedge fund manager whose Children’s Investment Fund gave away
almost £200 million in profits to a linked charitable foundation.
Sir Tom Hunter, the Scottish billionaire who pledged to give away £1 billion
during his lifetime through the Hunter Foundation, is third in the Giving
List. Sir Tom, who works with Bill Clinton in Rwanda and Malawi through the
Hunter-Clinton Development Initiative, said: “I am having the time of my
life doing this. I still enjoy the wealth creation side of things, but my
foundation work stimulates me.”
Movers, shakers and money-makers
— The richest man in British football remains Roman Abramovich (£11.7
billion), who is several leagues above Michael Owen, the wealthiest young
player (£41 million). Thaksin Shinawatra, the deposed former Prime Minister
of Thailand who has bought Manchester City while in exile in England, is a
new entry in the Rich List
— J. K. Rowling, author of the Harry Potter series, remains by far the richest
author, with £560 million, compared with Barbara Taylor Bradford, in second
with £159 million
— Sir Paul McCartney is valued at £500 million, £100 million more than the
figure accepted by the judge who awarded Heather Mills a divorce settlement
of £24.3 million, but far less than previously believed
— Damien Hirst, the artist who last summer sold £180 million of his work,
including a diamond-encrusted skull, is now thought to be worth £200 million
and jumps more than 130 places to 397
— Dhani Harrison, son of the Beatles’ George, is the richest young music
millionaire. Harrison, 29, and his mother, Olivia, share £160 million in
inheritance. Amy Winehouse is said to be worth £10 million
— It takes £80 million to be on this year’s Rich List Top 1,000. In 1989, when
the list was first published, £80 million made joint 83rd place
— There are 94 women in the Top 1,000. The richest is Kirsty Bertarelli, wife
of Ernesto, the Swiss biotech entrepreneur. Self-made millionaires account
for 762 of the 1,000
I know many non-doms and I am not a non-dom.One non-dom family spends approximately £500,000 a year on goods and services in this country. Not to mention the money they invest in UK businesses indirectly thereby, creating further wealth and employment. Or shall we just stick to poor immigrants only
Minesh, London, England
£30,000 is a drop in the ocean and not even a daily dividend cheque for these Non-Doms. If they want to base themselves here and live with us then they should pay the same taxes as us. The idea that they're investing here is ludicrous. They get their investments managed here but 95% stays overseas.
Richard Hoblyn FSI, City of London , UK
Labour wants incoming rich who will vote for them AND donate to them.
They also want incoming poor who will vote for them AND cost the ordinary middle/working class of UK the full extent of their upkeep. Their attitude to people who work was rubbed in by the treatment of the 10% tax band people.
A Keith Webb, Douglas, Isle of Man
Difficult to believe that with BILLIONS of pounds in personal fortunes that a £30,000 tax bill would make them all emigrate but £30,000 is an awful lot of 10p's. Robbing the poor to feed the rich list.
carol, Leicester, UK
It's interesting that with billions of pounds they prefer our damp, grey climate to the United States. Probably because the know this government won't investigate them and their business activities.
John, London, England
What abut the 'Rothschilds' Family, the wealthy banking dynasty? There worth Billions!
They'll not see this credit crunch, they'll just buy up all the business's as was down in the last reccession in the USA.
Elites love this kind of thing to happen, they can buy up business for pennies.
Andy , England, UK,
It would be interesting to know how many of the "international “superclass”" (as you describe it) are NOT domicile (or residents) in the UK (for tax purposes)? My guess is ALL OF THEM!
Should the list next year indicate this?
Bill, Wales,
This is just another trail for your tawdry Rich List.
Not all of us are beholden by greed and celebrity.
Andy, Plymouth, UK
Did anyone ask how many of these foreign billionaires objected to paying 30.000 a year in tax for the sanctuary and security the British tax payer provides for them free of charge?
Cromwell, Leeds, England