The economic downturn has wiped billions off the fortunes of some of the richest people in Britain including Lakshmi Mittal and Roman Abramovich, a survey showed yesterday.
The annual Sunday Times Rich List, which features the top 1,000 wealthiest people based in Britain, found they had collectively lost £155 billion (US$228 billion) in the last year.
Indian-born steel tycoon Mittal tops the list for the fifth year running but he and his family’s wealth has fallen to £10.8 billion from last year’s £27.7 billion, a massive 60 percent drop.
Abramovich, the Russian oligarch who owns Chelsea Football Club, is at No. 2 and is worth £7 billion, down from £11.7 billion last year.
SURPRISING SCALE
“I am beyond being surprised, except by the scale of the devastation,” said Philip Beresford, who compiled the list.
“It is extraordinary how people have seen their fortunes being whittled away. It is devastation all round. But losing a few zeros off your theoretical fortune is nothing [compared] to being turfed out of your home or your job,” he said.
Britain is in recession and official figures out on Friday showed its economy shrank at the fastest rate in almost 30 years in the first quarter of this year.
LOSER BRANSON
Some of the best-known business figures born in Britain have also seen their fortunes shrink. Virgin boss Richard Branson is now worth £1.2 billion after losing £1.5 billion in the last year.
The list also said Formula One racing chief Bernie Ecclestone lost £934 million this year, leaving him worth £1.5 billion.
In total, the people who feature on the list are worth £258 billion, down from last year’s £413 billion. The number of billionaires in Britain has fallen from 75 to 43.
It now takes £55 million to make it on to the Sunday Times Rich List, compared with £80 million last year.
The full survey was to be published in this week’s Sunday Times but early details were released late on Saturday.
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