July 25, 2021

In the UK, the coronavirus is melting the wealth of billionaires – Finance

The UK’s biggest fortunes have, for the first time in more than a decade, lost money in 2020 due to the coronavirus pandemic, the Sunday Times reported on Sunday.

The annual report on the 1,000 greatest fortunes of the country, published each year by the newspaper since 1989, shows that these wealthy individuals or families have seen their wealth shrink by 54 billion pounds (60 billion euros) in just two months.

This is the first time since 2009 that the cumulative wealth of these 1,000 wealthy UK residents has declined. More than half of them have become impoverished.

Sir James Dyson © ISOPIX – The Times/News Syndication

With an estimated fortune of £ 16.2 billion, inventor and industrialist James Dyson has jumped from fifth to first place in the rankings. The king of household appliances benefits from both the good performance of his companies and the setbacks of other billionaires.

The brothers Sri and Gopi Hinduja, at the top of the ranking in 2019, move to second position. The owners of the Indian conglomerate of the same name saw their fortunes drop by £ 6 billion, the biggest drop in the table.

Simon et David Reuben, Getty Images
Simon et David Reuben © Getty Images

Their heritage is estimated at 16 billion pounds, tied with that of another family of businessmen, David and Simon Reuben.

Among other famous billionaires, steel mogul Lakshmi Mittal lost 4 billion pounds and ranks 19th.

In 2020, the UK has 147 billionaires, four fewer than last year. London remains the world capital of billionaires: 89 of them are based there. “The first detailed analysis of the finances of the super-rich since the start of the Covid-19 epidemic heightens fears of a long and deep recession,” the Sunday Times commented.

The newspaper points out thatat least 63 members of the list, including 20 billionaires, have requested help from the public fund for their employees set up for the duration of the crisis, and which provides workers with 80% of their salary to the tune of 2,500 pounds per month.

Carys Roberts, director of the Institute for Public Policy Research, was outraged. “Why can’t they go out of their own pockets instead of asking ordinary families to do it for them?” he told the Sunday Times.

The annual report on the 1,000 greatest fortunes of the country, published each year by the newspaper since 1989, shows that these wealthy individuals or families have seen their wealth shrink by 54 billion pounds (60 billion euros) in just two months. This is the first time since 2009 that the cumulative wealth of these 1,000 wealthy UK residents has declined. More than half of them have become impoverished. With an estimated fortune of £ 16.2 billion, inventor and industrialist James Dyson has jumped from fifth to number one in the rankings. The household appliance king is benefiting from both the good performance of his companies and the woes of other billionaires. Brothers Sri and Gopi Hinduja, at the top of the ranking in 2019, take second place. The owners of the Indian conglomerate of the same name saw their fortunes plummet by £ 6 billion, the biggest drop in the table, and their wealth is estimated at £ 16 billion, tied with that of another sibling of men in the world. business, David and Simon Reuben.Among other famous billionaires, steel mogul Lakshmi Mittal has lost £ 4 billion and ranks 19th. In 2020, the UK has 147 billionaires, four less than last year. London remains the world capital of billionaires: 89 of them are based there. “The first detailed analysis of the finances of the super-rich since the start of the Covid-19 epidemic heightens fears of a long and deep recession,” the Sunday Times commented. The newspaper points out that at least 63 members of the list, including 20 billionaires, requested for their employees help from the public fund set up for the duration of the crisis, and which provides workers with 80% of their salary to the tune of 2,500 pounds per month. the Institute for Public Policy Research, is outraged. “Why can’t they go out of their own pockets instead of asking ordinary families to do it for them?” he told the Sunday Times.

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