Eighty of Britain’s richest individuals have made their fortunes in property according to The Sunday Times Rich List 1998.
According to The Sunday Times’ analysis, the property sector’s richest player is the Duke of Westminster who ranks fourth overall in the survey at £1,750m. But the Duke’s personal fortune has virtually halved since 1989 when it was estimated that he was worth £3,200m.
Next in the property hierarchy is Earl Cadogan. In 21st place, the Earl is now worth £725m.
Property legends such as David and Frederick Barclay, Jack and Fred Walker, Paul Raymond, and Eddie Healey are all within the top 50, along with Freddie Linnett, the 48-year-old niece of the Murphy-family founders of Leicester-based company Charles Street Buildings.
While some of property’s big names – including Nigel Wray, Gerald Ronson, Stan Clarke and David Garrard are reckoned to have slipped down the rankings this year – newer faces are climbing the league.
These include Garrard’s partner in property development company Minerva, 35-year-old Andrew Rosenfeld, who has moved from 461st to 313th following the company’s flotation last year.
Sten Mortstedt, the Swedish investor behind CLS Holdings, also makes an appearance in 357th place. He is now worth £60m.
Surprisingly, Michael Slade of Helical Bar, long-renowned in property circles as one of the sector’s most high profile entrepreneurs, makes the list for the first time with a £20m personal fortune.
He holds joint 880th place with Peter Rowlinson and family who raked in a £20m profit on the sale of the family business, Rowlinson Securities, to Barlows last year.
The full Rich List 1998 is available on the Sunday Times web site at http://www.sunday-times.co.uk
EGi News 21/04/98
