The overall wealth of the 350 richest in the list is greater than the gross domestic product of Poland, but the number of billionaires in the UK has dropped. While some leave, others join – among them Sir Paul McCartney, who is now Britain’s first musician in the billionaire club.
Rishi Sunak has overtaken the King in the latest Sunday Times Rich List.
The personal fortune of the prime minister and his wife Akshata Murty has soared by more than £120m over the past year – to a total of £651m, according to the newspaper’s calculations.
In contrast, the King’s wealth grew from £600m to £610m over the same period.
However, The Sunday Times claimed the UK’s mega rich are dwindling and that Britain’s “billionaire boom has come to an end”.
Published on Friday, the list reveals the largest fall in billionaires in the guide’s history – from a peak of 177 in 2022 to 165 this year.
While the combined wealth of the list’s 350 wealthiest individuals amounts to more than £795bn – larger than the gross domestic product (GDP) of Poland – the guide’s compiler says time will tell what impact a drop in billionaires could have.
“This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end,” Robert Watts said.
“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.”
Top of the list is British-Indian businessman Gopi Hinduja and his family, whose wealth of £37.2bn is the largest fortune in the ranking’s history.
But other familiar names in the list saw their riches fall, with Sir Richard Branson’s total dropping by £2.4bn, which is back to his 2000 level.
Last year’s top climber Sir Jim Ratcliffe, who bought a stake in Manchester United this year, fell two positions with a decline of £6.1bn.
Among those falling out of the billionaire club is Stephen Fitzpatrick, who owns OVO, one of the biggest energy firms in the UK.
The Sunday Times reports he made a £1.3bn loss since last year, while his shares in his flying taxi venture are down 60%.
Joining the list of billionaires is Sir Paul McCartney, who has become the first UK musician to achieve that status after boosting his wealth by £50m.
This came after a year of touring and the lucrative value of his back catalogue, along with covers by Beyonce.
The biggest riser came in the form of the Barnaby and Merlin Swire family, whose 200-year-old business made £8.8bn.