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Super-rich lose billions as crisis hits home
Peter Dominiczak27.04.09
London's super-rich have seen their wealth plummet in the economic downturn, new figures reveal.
Some have seen their wealth fall by more than two thirds in the past year, with steel magnate Lakshmi Mittal and Chelsea owner Roman Abramovich the worst hit.
The Sunday Times Rich List figures provide the clearest sign yet of how badly London's financial elite have been hurt. A few, including Harrods owner Mohamed Fayed and property developers Nick and Christian Candy, increased their wealth.
Mr Mittal has seen his personal fortune drop by 61 per cent by almost £17billion to £10.8billion. But the 58-year-old retains his place as the country's richest man for the fifth consecutive year.
Mr Abramovich is still in second place despite his fortune falling by 40 per cent, from £11.7billion to £7billion. Fellow Russian billionaire and Arsenal shareholder Alisher Usmanov has seen his fortune drop 74 per cent to £1.5billion.
As the property bubble burst, tycoons David and Simon Reuben, who have been at the forefront of the capital's property market for a decade, have seen their bank balance decrease by £1.8billion to £2.5billion, or more than 40 per cent.
But Mr Fayed has added 17 per cent to his fortune, which is now at £650 million, and the Candys saw their portfolio increase by £210million to £330million.
The Duke of Westminster is the richest Briton with £6.5billion. The duke's property assets have shrunk more slowly than others, losing £500 million in value.
Philip Beresford, who compiled the list, said: "It is extraordinary how people have seen fortunes being whittled away. But losing a few zeros off your theoretical fortune is nothing to being turfed out of your home or your job."
Reader views (7)
As I am poor compared to these so called super rich people having a hard time losing all that money, I will lose sleep tonight thinking about their hardship and sorrowful plight.
- Joe, Swanley Kent
Oh no... he's only got 10.8 billion left! Poor guy, life must be hard! Hows he going to survive, tax handouts maybe! I'll be feeling really sorry for him as I scrape through to payday with NOTHING in my bank account! I agree with Keith, its obscene. Nobody needs that much money!
- Kathy, barnes
they think they have problems....OH la La
- Anne, Paris
What many people don’t realise is the billions quoted is not what the billionaires have in there personal accounts/pockets. Its the total value of all assets added together. From all the comments being posted over this topic as of late I cant help noticing a large amount of jealousy from readers. Remember not all rich people were born with silver spoons in their mouths some have come up from nothing and are genuinely self made!
- Rob, Farnham, Surrey
aagh Shame.
- Rosie, watford
How about a list of the top tax payers in the UK. And the lowest [From the rich list] Now thats what I like to see , not how much these people have lost ON PAPER!!
- Tom, LONDON
These "super-rich" shouldn't be owning billions of pounds to begin with. This is truly obscene in modern day society. How can they live with themselves with all the poverty there is around
- Keith Price, Luton, England
