For the first time since years, the number of British billionaires has declined. This is due to global economic turmoil and the changes in tax laws in the UK.
The Sunday Times Rich List for 2025 shows that the number of billionaires dropped from 165 to 156 in 2024, which is the largest drop ever recorded in 37 years.
This paper attributes this fall to the “falling fortunes,” and the exit of high-net worth individuals from UK after the removal of tax benefits for non-domiciled resident, also known as “non-doms.”
In the UK, the wealth of 350 of its richest people has declined by 3% in the past year. This is the third year that the combined wealth has decreased.
Market volatility, crackdown on non-doms, and ‘falling fortunes’ take their toll
The Sunday Times reported that many people who were previously on this list either left the UK due to changes in tax laws introduced both by the Conservative and Labour government over the last year or dropped out of the top 100.
Jeremy Hunt announced, in March 2024, that the longstanding tax benefits for non-doms will be abolished.
This policy allowed individuals who earned money abroad and resided in the UK, to pay no tax.
At least one billionaire left the UK the same day as the announcement.
In her first budget, Rachel Reeves of Labour, who is now the Chancellor, further tightened policy. She later softened some aspects to try and prevent capital flight, as well as attract higher earners.
Robert Watts who compiles this list noted that despite the changes, a trend was emerging of wealthy individuals avoiding the UK.
He said, “Our research shows that the number of billionaires is declining and their combined wealth is also decreasing.”
We also find that fewer super-rich people are moving to the UK.
Source : Evening Standard
Gopi and her family maintain top position despite dip
Gopi Hinduja, his wife and their family are ranked at the top of the Rich List for the fourth year in a row. Their estimated wealth is now PS35.3bn (down from PS37.1bn by 2024).
This decline can be attributed to the lower valuation of listed Hinduja Group companies.
Conglomerate holds stakes in a variety of industries, such as automotive, financial, oil, information technology, healthcare, media, and real estate.
David and Simon Reuben who have made their fortune through property and technology are now ranked second with a combined net worth of PS26.8bn. This is up from PS25bn in the previous year.
The newcomers overtook Leonard Blavatnik whose net worth dropped from PS29.2bn to PS25.7bn, due largely to the fall in share prices of Warner Music Group.
King Charles is climbing the ranks
The rise of wealth for King Charles III is one of the most eye-catching trends on this list.
He is now ranked 258th in the world. His wealth has increased from PS30m to PS640m.
It is 270m PS more than his mother’s estimated net worth, Queen Elizabeth II. She was valued at 370m PS when she died in 2022.
The portfolio of investments that he inherited was a major source of wealth for the King.
Harry Styles and Dua Lipa are among the young millionaires who make the list
Dua Lipa, the pop star from the UK is the youngest to appear on the list.
She is ranked 34th in the list, with an estimated PS115m. The 29-year old released her third album Radical Optimism 2024, and performed at Glastonbury.
Harry Styles is also on the list, with a wealth estimated at PS225m. Ed Sheeran comes in 13th place, having accumulated a fortune of PS370m.
The list also includes sports stars like Formula One champion, Sir Lewis Hamilton, and Manchester United Co-owner, Sir Jim Ratcliffe.
Alex Beard and Sir Jim Ratcliffe are not the only ones who have seen their fortunes fall
Sir Jim Ratcliffe is one of the most notable losers, having dropped from the fourth spot to the seventh.
His networth fell from PS23.5bn down to PS17bn due to weak markets and increasing pressures in the chemical and energy industries.
Alex Beard, a commodity trader from the UK, has also seen a decline in his fortune.
Beard is facing charges of bribery related to Glencore’s African operations. He is scheduled to appear in court by 2027.
Suneil Setiya, Greg Skinner and the co-founders Quadrature Capital are each now worth PS980 millions, down PS35 million compared to last year.
Strive Masiyiwa the Zimbabwean technology and telecoms entrepreneur who founded Econet also fell out of the billionaire category after his wealth dropped from PS538 to PS968 millions.
Malcolm Healey was the founder of Wren Kitchens and he had a difficult year.
Healey’s family net worth has dropped from PS600m to PS901m, ending its reign as Yorkshire’s wealthiest family.
The Shepherd Family, the founders of Portakabin.
Wealth inequality is a growing concern
Campaigners have renewed their calls for reform after the publication of the list. They argue that extreme wealth concentration in the UK has both an economic and social cost.
Luke Hildyard said that the High Pay Centre’s Executive Director, Luke Hildyard stated the list demonstrates how “a small handful of extremely rich people” have taken an ever-increasing share of wealth in the United States.
He added that “taxing the super rich more effectively, and making sure workers receive fairer salaries would raise living standards for all.”
While it is not simple to reform entrenched inequality, continuing to allow such disparities persists would be neither rational nor sustainable.
The post Rich List 2020: UK billionaires drop for the first time in many years amid market turmoil could be updated as new information is released
