Sunday Times Rich List shows largest fall in billionaire count for decades

The Sunday Times Rich List has shown the largest fall in the UK's billionaire count for decades. The annual list was released today (Friday, May 17) and reveals the 350 wealthiest people in the UK.

The 76-page special edition of The Sunday Times Magazine out on Sunday (May 19) reveals the biggest billionaire drop in the guide’s 36-year history, from a peak of 177 in 2022 to 165 this year. This year’s list of 350 individuals and families together hold combined wealth of £795.361 billion — a sum larger than the annual GDP of Poland.

In the East of England region, Sir James Dyson is listed as the richest person, with his family listed to own a fortune of £20.8 billion. The businessman has just launched a £600 electric mop.

Sir Elton John, Lord Lloyd-Webber and David and Victoria Beckham all appear in the annual survey. The minimum entry for the list of 350 this year is £350 million.

Ed Sheeran remains the richest young musician in the UK and the richest person under 40 in the East of England. The singer/songwriter paid himself £62 million for the first half of his Mathematics world tour, taking his total wealth to £340 million.

He is just pipped by Sir Lewis Hamilton, whose overall value of £350 million also sees him debut on the Rich List in 2024. Fellow Stevenage-born James Asquith founded the Airbnb rival Holiday Swap.

When he was 24 he held the Guinness world record for the youngest male to visit all 196 sovereign countries on the planet. Douw Steyn wealth has grown by nearly £1 billion (£900 million) over the past year, totalling £3 billion. The Comparethemarket businessman has insured himself the large increase due to large dividends of £868.1 million paid to its parent company.

Robert Watts, compiler of the Sunday Times Rich List, said: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super-rich who came here are moving away.

“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.

“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.”

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