Sunday Times Rich List Announced With Surprising New Additions

Since 1989, The Sunday Times has released its annual Rich List. A list of the wealthiest people or families in the UK. The list is updated every year in April and released shortly after.

And now, the 23/24 results are in.

For the third time, Gopi Hinduja and his family have secured the top spot with an incredible fortune of nearly £38 billion. This is not only the largest wealth ever recorded in the Sunday Times Rich list, but a significant rise from Hinduja’s previous £35 billion fortune recorded last year.

But this rise in wealth hasn’t been experienced across the board…

A Fall In The Number Of UK Billionaires

According to The Sunday Times, this year’s edition holds the biggest decrease in UK billionaires ever recorded. The amount of billionaire in the country has dropped from a peak of 177 in 2022 to 165 this year.

However, despite this drop, the combined wealth of the 350 people and families in the list totals £965 billion, an amount larger than the entire GDP of Poland.

Some Familiar Faces

This year’s rich list featured a number of well known figures in the UK, including Beckhams,  Lewis Hamilton and Elton John.

It also showed some interesting trends. including a drop in wealth for Richard Branson, whose wealth has declined to £2.4 billion, matching his 2000 level, after a challenging year for Virgin Money and Galactic.

Sir Jim Ratcliffe also saw a drop in his fortune, falling by £6.169 billion after a profit decline at his company Ineos Group Holdings SA.

Top Givers And New Entries

Sir Paul Marshall topped The Sunday Times Giving List, having donated £145 million over the past year – which averages £2.8 million per week!

Meanwhile, Sir Paul McCartney has made history by becoming the first British billionaire musician, thanks to a £50 million boost from touring and the value of his music rights, which include collaborations with some big names in music.

When it comes to new entries on the list, these include:

Euan Blair, Tony Blair’s oldest son, who has built an incredible £1.4 billion fortune with his apprenticeship tech firm, Multiverse.

Sir Lewis Hamilton, the Formula 1 champion, has appeared on the list after signing a new contract with Ferrari, rumoured to be worth up to $446 million.

Dame Irene Hays and Jon and Susie Seaton are other newcomers, having made money in industries like holiday parks and education publishing.

Robert Watts, compiler of the Sunday Times Rich List, said: “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. 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.

“We know many of our readers find such people — especially those from humbler backgrounds — very inspiring.”

Rising Stars And Sectors

Despite the overall drop in billionaires in the UK, the Rich List continues to showcase rising stars across a variety of sectors:

• Barnaby and Merlin Swire, whose family own a big stake in Cathay Pacific, saw their wealth increase by £8.82 billion.
• Idan Ofer, a shipping mogul, saw a £6.96 billion rise in his fortune this year
• John Fredriksen, an oil and tanker tycoon, and his family increased their wealth by £4.556 billion.

The 40 Under 40 List

The 40 Under 40 list this year features a number of young British talents across music, sports, entertainment, and business, including Dua Lipa, Anthony Joshua, and Alex Lovén, who dominates the UK market in selling football goals.

Conclusion

The 2024 Sunday Times Rich List gives a great overview of wealth in the UK. As the economy continues to change and evolve, the list is a testament to the successful business people and celebrities that live in the UK.

To see the full list, visit The Sunday Times here: https://www.thetimes.co.uk/sunday-times-rich–list