UK hits record number of billionaires

T

he UK is home to 171 billionaires in 2021, 24 more than in 2020 and a new record. This is according to The Sunday Times Rich List 2021. The jump of 24 billionaires in the UK is the highest in the 33 years that the newspaper has been tracking the wealthy.

Furthermore, the combined fortunes of the billionaires in The Rich List grew by around 22% to total £597.3bn ($845bn). In 2020, it totalled £490.7bn, down from the £524.8bn recorded in 2019.

In terms of primary sources of wealth in the Sunday Times Rich List, 22 were from finance and 12 are from hedge funds; these ranked in second and third places respectively, behind property with 39.

According to The Sunday Times: “A global pandemic created golden opportunities for internet fashion retailers, computer games tycoons and a wave of other technology entrepreneurs who delivered their products to us direct and helped make lockdown life more bearable. This year’s Rich List also includes a burgeoning pack of unicorns: start-ups providing online payments, virtual meetings and other high-tech services that are all worth at least $1bn.”

As expected, key figures from the financial sector featured prominently on the list. Sri and Gopi Hinduja placed third overall with Hinduja Group and Hinduja Bank. Over the year, their wealth increased by £1bn to reach £17bn. Leonie Schroder, from the famous Schroder family, placed at 35th. She took her father’s place on the board of Schroders after his passing in 2019.

Both Peter Hargreaves and Steve Lansdown from Hargreaves Lansdown were on the list, at 69th and 124th respectively.

Ashmore Group CEO Mark Coombs placed at 102nd, with Stonehage Fleming chair Adam Fleming at 106th.