The Sunday Times recently published its annual list of the top 1,000 wealthiest people in the UK and Ireland. It shows that the wealthiest people in the country have had some £155 billion in wealth wiped out by the recession and declining property values. The top 25 of these whose fortunes are based on their property holdings were listed in Property Week, with a look at how the value of those holdings has changed over the past year.
Topping the list of property-based fortunes is the Duke of Westminster, with a total of £6.5 billion in wealth. His property company Grosvenor has managed to do better than many other companies in the downturn, and one of its largest developments, Liverpool One, opened last May. The Duke’s wealth is estimated to have fallen by £500 million over the past year.
Sir Philip and Lady Green have a net worth estimated at £3.83 billion, much of which is attributed to the retail sector. Sir Philip owns a number of retail chains and the Topshop line has recently expanded into the US. The Green’s wealth is estimated to have fallen by some £500 million.
Rounding out the top five on the rich list whose fortunes are property-based are Sammy and Eyal Ofer, with a fortune of £2.677 billion; Joe Lewis with £2.5 billion; and David and Simon Reuben with a fortune of £2.5 billion. The Reubens saw the largest drop in wealth, losing 42% over the year, while Lewis’ loss in the collapse of Bear Stearns was offset by some of his overseas property holdings, including significant property in Bulgaria.
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