Hinduja brothers top UKs Rich List for third time

WMG Owner Len Blavatnik and Sofia Reyes attend the Warner Music Pre Grammy Party at the No Mad Hotel

Hinduja brothers take back top spot in annual Rich List

Second-placed property and internet brothers David and Simon Reuben, both born in Mumbai, saw their wealth rise by 4.64 billion dollars to 24.26 billion dollars.

The Sunday Times list also revealed London is the city with most sterling billionaires, with 95 ahead of second-placed San Francisco with 73 and NY in third place with 71.

This year it was bad news for Jim Ratcliffe, owner of chemicals giant Ineos, who dropped to third place after topping last year's list, while the billionaire Hunduja brothers were named the richest people in the United Kingdom for a third time. The Reuben brothers snapped up Mayfair's £300-million Burlington Arcade, Shoreditch's Curtain hotel and a £132 million block in Piccadilly. The two moved to London in 1979 to develop the export business.

Another Indian-origin billionaire, Lakshmi N Mittal, suffered 3.99 billion pounds in losses to slip down to No. 11 in this year rich list, from No. 5 in 2018. His net worth dropped by 2.9 billion pounds since past year, the paper says.

Separate research published earlier this year indicated that only one in ten of the UK's richest 18,000 people - those worth £10 million or more - give anything to charity at all. Newcomers to this year's list include British golfer Rory McIlroy and songwriter Ed Sheeran.

Billionaires and multimillionaires are said to be making plans to protect their fortunes, which include moving their assets and businesses overseas, in preparation of tax increases should the Labour leader enter Downing Street. It does not include the amount contained in people's bank accounts, though.

Cardiff-born venture capitalist Sir Michael Moritz remained Wales' richest person with a 3 billion pounds fortune. He has made his fortune through the music industry with his Warner Music Group.

"But numerous rich are nursing big losses after a year of turbulence on the stock market and political deadlock in Westminster".

One of the wealthiest women on the list is Harry Potter creator J.K. Rowling, who has a fortune of 975 million dollars.

"Whether or not Britain leaves the EU, Gopi Hinduja is convinced it can forge a closer relationship with his family's homeland", said The Sunday Times' profile on the Co-Chair of the Hinduja Group. Zimbabwe-born Valerie Moran becomes the first black female entrepreneur ever to make the annual rich list, with a fortune of 122 million pounds from her financial technology business.

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