The UK’s mega rich are dwindling in a sign Britain’s “billionaire boom has come to an end”, according to the latest Sunday Times Rich List.
Published today, the list reveals the largest fall in billionaires in the guide’s history – from a peak of 177 in 2022 to 165 this year.
While the combined wealth of the list’s 350 wealthiest individuals amounts to more than £795bn – larger than the GDP of Poland – the guide’s compiler says time will tell what impact a drop in billionaires could have.
Latest updates from the Sky News Money blog
Follow Sky News on WhatsAppKeep up with all the latest news from the UK and around the world by following Sky News
Tap here“This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end,” Robert Watts said.
“Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away.
“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”
Top of the list is British-Indian businessman Gopi Hinduja and his family, whose wealth of £37.2bn is the largest fortune in the ranking’s history.
Image: Gopi Hinduja and his family topped the list this year. Pic: PABut other familiar names in the list saw their riches fall, with Sir Richard Branson’s total dropping by £2.4bn, which is back to his 2000 level.
AdvertisementLast year’s top climber Sir Jim Ratcliffe, who bought a stake in Manchester United this year, fell two positions with a decline of £6.1bn.
Image: Sir Jim Ratcliffe bought a stake in Manchester United. Pic :PAAmong those falling out of the billionaire club is Stephen Fitzpatrick, who owns OVO, one of the biggest energy firms in the UK.
The Sunday Times reports he made a £1.3bn loss since last year, while his shares in his flying taxi venture are down 60%.
Read more:Recession is over – but will voters forgive government?Interest rate held for sixth consecutive month
Joining the list of billionaires is Sir Paul McCartney, who has become the first UK musician to achieve that status after boosting his wealth by £50m.
This came after a year of touring and the lucrative value of his back catalogue, along with covers by Beyonce.
The biggest riser came in the form of the Barnaby and Merlin Swire family, whose 200-year-old business made £8.8bn.
Image: Sir Paul McCartney has become the first billionaire musician from the UK. Pic: Joel C Ryan/Invision/AP“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,” Mr Watts said.
“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.”
Euan Blair, Tony Blair’s eldest son, made the list for the first time, as did Sir Lewis Hamilton.
It comes as the UK continues to deal with a cost-of-living crisis, with new figures this week revealing a record 3.1 million food bank parcels were distributed over the course of a year.
The top 10:
1. Gopi Hinduja – £37.2bn
2. Sir Leonard Blavtanik – £29.2bn
3. David and Simon Reuben and family – £24.9bn
4. Sir Jim Ratcliffe – £23.5bn
5. Sir James Dyson and family – £20.8bn
6. Barnaby and Merlin Swire and family – £17.2bn
7. Idan Ofer – £14.9bn
8. Lakshmi Mittal and family – £14.9bn
9. Guy, George, Alannah and Galen Weston and family – £14.4bn
10. John Fredriksen and family – £12.8bn
Be the first to get Breaking News
Install the Sky News app for free