Boomtime for billionaires as mega-rich shrug off Brexit anxieties

Robyn Ryan
May 9, 2017

The Hinduja Brothers has have made thier investment in several industries including oil and gas, automotive, IT, energy, media, banking, skill and medical sectors, is around £16.2 billion, about £3.2 billion some-more than final year.

The UK's richest 1,000 people "kept calm and carried on making billions" amid the Brexit vote of 2016, according to the Sunday Times Rich List.

There were now more UK-based billionaires than before, at 134.

Siblings David and Simon Reuben, 78 and 76 respectively, topped the Rich List in 2016, and rank third this year despite a £900 million rise in their wealth in the past 12 months.

'A buoyant stock market usually drives the wealth of rich-listers higher, and since last June equities have soared'.

"We expected to see a chilling effect in the run-up to the European Union referendum, but that simply did not materialise", Mr Watts said.

This year's Sunday Times Rich List has revealed the wealthiest 1,000 people have a total record fortune of a staggering £685bn.

2 billion pound hike in their fortunes over the previous year.

Brexit failed to derail the rise of the super-rich and the collective cash of the world's wealthiest topped a whopping £658bn - that's up 14 per cent on past year.

New billionaires Gujarati migrant brothers Mohsin and Zuber Issa are also among the top 40 Indian-origin super-rich.

Mr Story, the man behind Story Homes and story Contracting, sits at number 748 in the list with a recorded fortune of £150m.

Among the 58 newcomers - a minimum of £110m is required to make the list compared to just £15m in 1997 - are famous names including chart-topper Adele.

But the double digit growth in the combined fortunes of Britain's richest 1000 people-which rose from £575 billion in 2016 to £658 billion (S$1.2 trillion) in 2017-also underscores rising inequalities in the country.

This year's list has been described as more diverse in composition, with more women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers among the super-rich line-up.

The list does not include income and assets from the Crown Estate - the collection of lands and holdings belonging to the monarch but controlled by an independent board - whose property portfolio alone is now worth 12 billion pounds.

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