Foreign-born bilionaries make the top of UK rich list. 16 October 2008. The Sunday Times Rich list, an inventory of the UK’s 100 wealthiest men and women, shows the contribution foreigners make to the country and highlights the UK’s status as one of the prime locations for the world’s rich.
Top of the list is Lakshmi Mittal (FOTO) and family, who are sitting on a £27.7 billion fortune, mainly from steel.
Much of the rise in this year’s wealth can be attributed to one factor: the number of foreign rich who have made London or its environs their main home and base of operation. This year 75 billionaires live here, up from 68 in 2007. But 40 of the 75 come from countries such as Israel, Germany, Russia and India, as well as Scandanavia.
Although the Labour Government plans to remove some of the favourable tax advantages for the UK’s non-domicile community, for now it seems the UK remains a primary destination for wealthy individuals to do business.
Philip Beresford, one of the authors of the List, said that the foreign-born billionaires are getting "rich quicker".
The newspaper’s rich list is composed of just over 1,000 men and 96 women. Of the richest 1,000, 762 are self-made millionaires while 238 inherited their wealth.