Fortunes of Britain's super-rich dwindle amid crisis
Monday, 27 April 2009
LONDON, April 26 (AFP): The economic downturn has wiped billions off the fortunes of some of the richest people in Britain including Lakshmi Mittal and Roman Abramovich, according to a respected survey out today.
The annual Sunday Times Rich List, which features the thousand wealthiest people based in Britain, found they had collectively lost 155 billion pounds (172 billion euros, 228 billion dollars) in the last year.
Indian-born steel tycoon Mittal tops the list for the fifth year running but he and his family's wealth has fallen to 10.8 billion pounds from last year's 27.7 billion, a massive 60 per cent drop.
Abramovich, the Russian oligarch who owns Chelsea Football Club, is at number two and is worth seven billion pounds, down from 11.7 billion last year.
"I am beyond being surprised, except by the scale of the devastation," said Philip Beresford, who compiled the list.
"It is extraordinary how people have seen their fortunes being whittled away. It is devastation all round.
"But losing a few zeros off your theoretical fortune is nothing compared to being turfed out of your home or your job."
Britain is in recession and official figures out Friday showed its economy shrank at the fastest rate in almost 30 years in the first quarter of 2009. Some of the best-known British-born business figures have also seen their fortunes shrink.
Virgin boss Richard Branson is now worth 1.2 billion pounds after losing 1.5 billion in the last year.
The list also said Formula One racing chief Bernie Ecclestone lost 934 million pounds this year, leaving him worth 1.5 billion pounds.
In total, the people who feature on the list are worth 258 billion pounds, down from last year's 413 billion pounds. The number of billionaires in Britain has fallen from 75 to 43.
It now takes 55 million pounds to make it on to the Sunday Times Rich List, compared to 80 million pounds last year.
The full survey will be published in this week's Sunday Times newspaper but early details were released late Saturday.
The annual Sunday Times Rich List, which features the thousand wealthiest people based in Britain, found they had collectively lost 155 billion pounds (172 billion euros, 228 billion dollars) in the last year.
Indian-born steel tycoon Mittal tops the list for the fifth year running but he and his family's wealth has fallen to 10.8 billion pounds from last year's 27.7 billion, a massive 60 per cent drop.
Abramovich, the Russian oligarch who owns Chelsea Football Club, is at number two and is worth seven billion pounds, down from 11.7 billion last year.
"I am beyond being surprised, except by the scale of the devastation," said Philip Beresford, who compiled the list.
"It is extraordinary how people have seen their fortunes being whittled away. It is devastation all round.
"But losing a few zeros off your theoretical fortune is nothing compared to being turfed out of your home or your job."
Britain is in recession and official figures out Friday showed its economy shrank at the fastest rate in almost 30 years in the first quarter of 2009. Some of the best-known British-born business figures have also seen their fortunes shrink.
Virgin boss Richard Branson is now worth 1.2 billion pounds after losing 1.5 billion in the last year.
The list also said Formula One racing chief Bernie Ecclestone lost 934 million pounds this year, leaving him worth 1.5 billion pounds.
In total, the people who feature on the list are worth 258 billion pounds, down from last year's 413 billion pounds. The number of billionaires in Britain has fallen from 75 to 43.
It now takes 55 million pounds to make it on to the Sunday Times Rich List, compared to 80 million pounds last year.
The full survey will be published in this week's Sunday Times newspaper but early details were released late Saturday.