The Sunday Times Rich List revealed today (17 May) the biggest decrease in UK billionaires ever recorded. The amount of billionaire in the country has dropped from a peak of 177 in 2022 to 165 this year.
However, despite this drop, the combined wealth of the 350 people and families in the list totals £965bn, an amount larger than the entire GDP of Poland.
For the third time, Gopi Hinduja and his family have secured the top spot with an incredible fortune of nearly £38bn. This is not only the largest wealth ever recorded in the Sunday Times Rich list, but a significant rise from Hinduja’s previous £35 billion fortune recorded last year.
In the financial sector, despite growing his wealth by £500m to £12bn, British billionaire hedge fund manager Michael Platt founder of BlueCrest Capital slipped from 10th to 13th place on the list but remains the nation’s wealthiest investor.
Following Platt is TCI Fund Management’s Chris Hohn, who jumped ten places on the rankings to 32nd as his fortune grew £1.1bn to £6.1bn.
The Giving List revealed Marshall Wace’s Paul Marshall donated £145m, a relative 16.6% of his £875m wealth.
Leonie Schroder and family dropped further down the list to 48th place this year as their fortune shrank a further £800m to £3.9bn.
Richard Branson saw his wealth decline to £2.4 billion, matching his 2000 level, after a challenging year for Virgin Money and Galactic.
Brevan Howard founder Alan Howard jumped 30 spots on the list, growing his wealth by £750m to £2.5bn, pushing him to 70th spot on the list, shared with Rokos Capital Management’s Chris Rokos, who added £500m.
Peter Hargreaves lost £22m from his £1.8bn fortune, but climbed one place to 93rd, while Stephen Lansdown rose two places to the 150th wealthiest person in the UK, despite shedding £11m from his £1.2bn.
Stonehage Fleming’s Adam Fleming and family jumped to 107th from 119th, as their wealth remained flat at £1.6bn
Ashmore Group’s Mark Coombs dropped to 142nd from 134th, as his fortune declined £104m to £1.2bn..
Among other industry big names, Sir Paul McCartney made history by becoming the first British billionaire musician, thanks to a £50 million boost from touring and the value of his music rights, which include collaborations with some big names in music.
Euan Blair, former UK PM Tony Blair’s oldest son, has built an incredible £1.4bn fortune with his apprenticeship tech firm, Multiverse.
Sir Lewis Hamilton, the Formula 1 champion, has appeared on the list after signing a new contract with Ferrari, rumoured to be worth up to $446m.
Dame Irene Hays and Jon and Susie Seaton are other newcomers, having made money in industries like holiday parks and education publishing.
Robert Watts, compiler of the Sunday Times Rich List, said: “These may be harder times to create wealth, but The Sunday Times Rich List continues to unearth entrepreneurs building fortunes in diverse and often surprising ways. This year’s new entries include people who have made money from artificial intelligence and virtual worlds as well as plumbing supplies and teaching aides.
“We know many of our readers find such people — especially those from humbler backgrounds — very inspiring.”
