Sunday, April 26, 2009


You may be threatened by unemployment and repossession of your home in the present economic turn down, but spare a thought for the plight of the billionaires and millionaires and their losses. According to the Sunday Times Rich List Indian and Russian billionaires have suffered badly and some of the UK-born have also felt the pinch.
"Virgin boss Sir Richard Branson is reported to have lost 56% of his wealth, shedding £1.5bn and is now worth £1.2bn. Meanwhile, Formula 1 motor racing Chief Bernie Ecclestone lost £934m, leaving him at £1.46bn, the list reported. The richest British-born billionaire is the land and property owning Duke of Westminster, who has seen his wealth shrink to £6.5bn from £7bn. In fourth spot are Ernesto and Kirsty Bertarelli: the former Miss UK winner and her husband have a £5.6bn fortune based on pharmaceuticals. Their fortune has shrunk by a relatively modest 12% over the year. But it is not all gloom - the former boss of supermarket chain Morrison, Sir Ken Morrison, has seen his fortune increase by 11%, making him worth £1.6bn. The wealth of Peter and Denise Coates, owners of Stoke-based online sports betting website Bet365, has gone up by 33%, to £400m. And Harrods boss Mohammed al-Fayed has benefited from a cheap pound - his fortune stands at £650m, up 17% on last year." (BBC Times, 26 April) RD

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