TOUGH AT THE TOP

" According to the survey of richest men and women in UK property, carried out by Estates Gazette, the total value of the assets held by the country's top 100 wealthiest property investors has crashed to £ 34.32billion from £77.37billion over the past two years. The data shows that property's richest individuals fared slightly worse than the market overall. Between October 2007 and October 2009 the FTSE 350 real estate index showed a fall of 47 per cent. The seventh edition of the Estates Gazette rich list shows that between 2007 and 2009 the fortunes of the tycoons dropped by 56 per cent. One of the worst hit was Hemmings. According to the survey his personal wealth has fallen from just over £1billion last year to £300million this year - a 69 per cent drop. Britain's richest landlord, the Duke of Westminster, was also hit hard. His Grosvenor Group, which owns vast swathes of Mayfair and Belgravia, posted his worst results for 16 years in 2008. The Duke has slumped in value from £7billion in 2008 to £6.5billion after a 'challenging time' only cushioned by its 'well-diversified portfolio'." (Daily Mail, 24 October) RD