London has highest number of billionaires



    Apr 26, 2016

    London has highest number of billionaires


    THE British capital has more billionaires - measured in pounds sterling - than any other city in the world, according to The Sunday Times newspaper's Rich List 2016.

    Some of the richest tycoons in Britain have lost vast chunks of their fortunes because of a retail slump, sinking oil prices and the steel industry crisis.

    Nevertheless, the overall fortune of the 1,000 wealthiest people in Britain was higher this year. The country boasts 120 sterling billionaires, a figure beaten by only the United States (378) and China (193), the paper noted.

    And it said there were more sterling billionaires in London (77) than any other city, ahead of New York (61), San Francisco (57) and Hong Kong (49).

    Publicity-shy brothers David and Simon Reuben topped the list this year, with a fortune of £13.1 billion (S$25.5 billion).

    The Reubens, born in Mumbai to an Iraqi-Jewish family, own London property and data centre operator Global Switch.

    They are just ahead of the industrialist brothers Sri and Gopi Hinduja, with £13 billion, and investor Len Blavatnik with £11.6 billion.

    Steel magnate Lakshmi Mittal, who topped the list in 2008 with a Rich List record of £27.7 billion, is down to 11th place with £7.1 billion.

    "The guys at the top who are feeling the pain this year are often hit by a cocktail of plunging stock markets, low oil prices and the crisis in the steel industry - sometimes by all three," said Robert Watts, the annual list's new compiler.

    Entry on this year's list requires a fortune of at least £103 million.

    Queen Elizabeth II is the 319th richest person in her kingdom, with £340 million.

    The list does not count the £11.5 billion Crown Estate property portfolio or the £10 billion Royal Collection of art and jewellery.

    Well-known names in the top 50 include Chelsea Football Club owner Roman Abramovich (13th, £6.4 billion) and Formula One boss Bernie Ecclestone (42nd, £2.5 billion).

    Paul McCartney stays top of the list of rich musicians, with a joint fortune of £760 million with his wife Nancy Shevell.