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UK billionaires see their wealth shrink

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According to The Sunday Times Rich List, the number of billionaires in the UK has decreased for the first time since the 2007–2008 crisis.

The updated list includes 171 billionaires. Their combined wealth expanded by as much as £30.7 billion ($38.2 billion) to £683.9 billion ($851 billion). However, in the face of double-digit inflation, the real fortune of British billionaires shrank.

As many as 350 richest people and families in the UK are now worth £796.5 billion ($991.5 billion). This figure exceeds Switzerland’s annual GDP.

The Hinduja family tops The Sunday Times Rich List. It owns Hinduja Group, a financial and industrial conglomerate. The family’s fortune is estimated at £35 billion ($43.6 billion). Hinduja Group is present in several business sectors, including banking, real estate, journalism, automotive, chemicals, and healthcare.

Over the past year, the wealth of most British billionaires has plummeted. The fall came due to the tightening of monetary policy, serious issues in the global financial industry, and the burst tech bubble.

Notably, Prime Minister Rishi Sunak and his spouse Akshata Murthy have lost as much as £201 million ($250 million) over a year after a sharp slide in the share price of Indian IT giant Infosys, co-founded by Akshata Murthy's father.

At the same time, the wealth of Sir Richard Branson, the founding father of Virgin Orbit, has tumbled by 42.6% to £2.41 billion ($3 billion), triggered by a steep decline in the company’s shares.

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