Indian siblings top Sunday Times rich list

15 May, 2019, 08:30 | Author: Regina Silva
  • Billionaires are said to be making plans to protect their wealth amid fears Jeremy Corbyn could enter Downing Street

Indian-origin brothers dominate the annual rich list of Britain's wealthiest, with the Hinduja brothers ranked at No. 1with a fortune of £22 billion followed by Mumbai-born Reuben brothers in second place with £18.66 billion.

Every year, the Sunday Times calculates who are the richest people in Britain and release dozens of lists, according to identifiable wealth including land, property, other assets such as art, and shares in companies.

British citizens Sri, 83, and Gopi, 79, who are based in London, are two of the four brothers controlling the empire. They have business ventures in property, oil and gas, IT, media, banking, property and even healthcare. Some of the biggest hike in profits past year came from London-registered Hinduja Automotive, which includes North Yorkshire bus maker Optare and saw profits rise by 50 per cent to 337 million pounds on 3.5 billion pounds sales in 2017-18.

Among the properties they own is the Old War Office in Whitehall, which they plan to reopen as a luxury hotel.

Second is property developer brothers David and Simon Reuben, and third is Ineos chief Sir Jim Ratcliffe. His fortune has been estimated at £950m - the first time in 17 years that Sir Philip has not been listed as a billionaire.

Meanwhile, Sir Philip Green and his wife Tina are placed at 156th on the list, down from 66th previous year.

Industrialist Swraj Paul and family are placed 69th with a wealth of £ 2 billion.

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"We couldn't even clad a building properly to prevent children burning and yet at the same time we've got more billionaires in this city than NY".

The Sunday Times list also revealed London is the city with most sterling billionaires, with 95 ahead of second-placed San Francisco with 73 and NY in third place with 71.

The list, which estimates the 1,000 richest people in the United Kingdom, is based on identifiable wealth including land, property, other assets such as art, and shares in companies, the Sunday Times says.

The newspaper reported that the head of Coutts, the Queen's bank, said clients were more concerned with Corbyn than by Brexit and that a tax expert had helped a number of people with a net wealth of more than £500 million, totalling more than £5 billion, leave Britain over the past year.

Separate research published earlier this year indicated that only one in ten of the UK's richest 18,000 people - those worth £10 million or more - give anything to charity at all. "But numerous rich are nursing big losses after a year of turbulence on the stock market and political deadlock in Westminster", writes Robert Watts, the compiler of the list.

Ed Sheeran earned more during 2018 than any musician has in a single year, pushing his fortune up to £160m, making him fifth in the list.

One of the wealthiest women on the list is Harry Potter creator J.K. Rowling, who has a fortune of 975 million dollars. She is reportedly worth 12.2 billion pounds and ranked sixth.

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