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View the article online at http://citywire.co.uk/wealth-manager/article/a751833

UK's wealthiest see fortunes rise at record rate

by David Campbell on May 19, 2014 at 07:48

UK's wealthiest see fortunes rise at record rate

The UK’s 1,000 richest people have seen their wealth soar 15.4% over the last year from, the biggest 12 month gain in the history of the Sunday Times’ Rich List, from £449 billion to £519 billion.

The combined wealth of the list has now more than doubled since the crash, aided by last year’s accelerating equity markets.  

‘I’ve never seen such a phenomenal rise in personal wealth as the growth in the fortunes of Britain’s 1,000 richest people over the past year,’ said Philip Beresford, who has compiled the list for 25 years.

‘The richest have had an astonishing year, and while some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country.’

The minimum fortune required to get onto the list now stands at £85 million versus £80 million at the very peak of the pre-crash boom.  Entry to the top 500 now requires £190 million versus £80 million in 2004.

Figures released last week showed two of finance’s most-famous self-made millionaires, Peter Hargreaves and Steve Lansdown, rapidly climbing in the top 100.

1 comment so far. Why not have your say?

Once bitten twice shy

May 19, 2014 at 09:27

The product of our crony capalist system, where the rent seekers get Government favours to make themselves richer at the expense of the rest. Keep paying your tax because the bankers will need it for their next bailout, we can't possibly have them falling on hard times, can we?? Maybe we can....now there's a thought.

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