There are now more billionaires than ever before inside the UK, it is the first time the figure has risen past the 100 mark according to the Sunday Times.
The official figure is 104 billionaires who are living inside the UK. The total combined estimated figure is £301bn between the 104 who are worth more than £1 billion.
This figure is hugely substantial and important as it means the UK now have more billionaires per head of population than any other country. London in the main centre for billionaires, it holds more billionaires than any other city on Earth. The exact figure is 72 billionaires and the next closet city is Moscow which has a mere 48 in comparison.
The Indian run company Hinduja Group are at the very top of the list with a fortune of £11.9 bn.
The Arsenal FC main shareholder Alisher Usmanov was downgraded to second after his approximate figure shrank to £10.65bn.
Many of the billionaires will be ‘non-domiciles’ who will pay very little tax when compared to a resident of the UK. This gives the owners tax benefits if their resident country has less strict tax regimes.
The number of billionaires living in the UK has increased from 88 in 2013 to the latest figure of 104 in 2014.
New people who have joined the list include West End producer Sir Cameron Mackintosh who is now worth £1bn and the founder of estate agents Foxtons who has a fortune of £1.07bn.
Philip Beresford, who compiles the list, told the BBC “culture, financial services, nice tax regime, good education for their kids and a nice lifestyle where they meet their friends” were some of the key reasons as to why they were attracted to the United Kingdom.
Update June 2016:
According to the Forbes Rich List 2016, the Hinduja family, who top the list of the UK’s richest, rose to number 58 from number 60 richest families in the world. The family, whose riches came from Indian-born business tycoon and investor Srichand P Hinduja, has a net worth of $14.6bn.
Among the UK’s richest are landowners and real estate bosses, as well as Virgin’s business tycoon Richard Branson.
According to the Sunday Times Rich List 2016: The number of billionaires in London has fallen, but it’s still the super-rich capital of the world. However, the number of billionaires calling London home has fallen for the first time since the financial crisis in 2008. (source: Sunday Times rich list).
The capital has lost three billionaires compared to last year, a fall of three per cent, but remains home to more than any other city in the world with 77.
The number of billionaires in Moscow, Los Angeles and Mumbai also declined, down 15 per cent, 12.5 per cent and 22 per cent respectively, according to figures from the latest Sunday Times Rich List.
Overall, the number of billionaires in the UK grew, hitting an all-time high of 120 and with a combined wealth of £344bn.
There was a shake-up of Brit-born billionaires, with James Dyson overtaking Sir Richard Branson at the top, and 17th overall, with a £5bn fortune.
There is some differing of opinion between Forbes and the Sunday Times Rich List. Here is a list of countries with their number of currently resident billionaires this year according to Forbes:
US, 540 billionaires
China (mainland), 251 billionaires
Germany, 120 billionaires
India, 84 billionaires
Russia, 77 billionaires
Hong Kong, 64 billionaires
Japan, 64 billionaires
United Kingdom, 50 billionaires
Italy, 43 billionaires
France, 39 billionaires
Here are the world top 10 billionaires, their net worth, business, age, and where they live: (source Forbes)
#1 Bill Gates $75 B, 60, Microsoft, United States
#2 Amancio Ortega, $67 B, 80, Zara, Spain
#3 Warren Buffett, $60.8 B, 85, Berkshire Hathaway, United States
#4 Carlos Slim Helu, $50 B, 76, telecom, Mexico
#5 Jeff Bezos, $45.2 B, 52, Amazon.com, United States
#6 Mark Zuckerberg, $44.6 B, 32, Facebook, United States
#7 Larry Ellison, $43.6 B, 71, Oracle, United States
#8 Michael Bloomberg, $40 B, 74, Bloomberg LP, United States
#9 Charles Koch, $39.6 B, 80, diversified, United States
#9 David Koch, $39.6 B, 76, diversified, United States