Sunday Times publish the 2016 Rich List
02 May 2016
The richest people in Britain have suffered from the worst fall in fortune since the credit crunch in 2007, according to The Sunday Times Rich List 2016 which is bad news for the UK’s private investment offices as the number of billionaire’s living in London has fallen to its lowest level in 8 years.
The newspaper, which lists the 1,000 wealthiest individuals and families in the UK, said that the commodities-market crash has had such a pronounced effect on some of Britain's most wealthy people that they've seen their fortunes crater by over 50% over the last few years. Regular rich list member and steel magnate Lakshmi Mittal has seen his wealth crash by around 75% since 2008 — he used to be worth £27.7 billion but now he's worth £7.12 billion. Len Blavatnik, the London-based, Ukrainian-born US citizen who is the owner of Warner Music Group, dropped from the No. 1 spot this year, and the Queen has failed to make the top 300 for the second consecutive year.
Hedge fund managers proved to be one of the most varied bunches. From Crispin Odey tumbling out of the billionaire club thanks to his eponymous asset management company’s recent poor performance to Bluebay founder Michael Platt’s 2015 £600 million windfall, which propelled him to the top of the hedge rich list.
It seems that only those who have significant property investments have seen their fortunes grow due to the housing boom. Brexit and recent proposals to change the way in which residential property in the UK is taxed however seem to be causing the UK property market to cool down!