King Charles Outranks Falling Billionaires
The King Charles Outranks Falling Billionaires, and on the latest Sunday Times rich list, he and his wife have the same amount of money as former prime minister Rishi Sunak and his wife.
This year’s list of the 350 richest people in the UK showed the largest drop in billionaires ever reported by the paper.
As a result, the King’s wealth is now estimated at £640m, roughly £30m more than last year, making him 20 places higher, now coming in at 258 on the list behind Sunak and Murty.
The Hinduja family retains the number one spot for the fourth straight year with their corporation, Hinduja Group, valued at more than £35bn despite a drop in fortune.
The financial watchdog has reported that many people in the UK have little or no savings.
The decline in billionaires from 165 last year to 156 this year was the sharpest one ever seen in the Sunday Times Rich List, lasting for 37 years.
The number of billionaires in the UK is decreasing, and in total, their wealth is also going down, according to Robert Watts.
There are also fewer people from the world’s super-rich arriving to live in the UK.
He found it surprising how many wealthy individuals were critical of Rachel Reeves’s Treasury Department when he interviewed them for the publication.
Mr Watts said: We knew that letting go of non-dom would upset wealthy individuals who lived in Britain from abroad.
Similarly, both new tech leaders and traditional business owners are pointing out that the tax rules introduced in October can have major effects on their companies.
In April, the Labour government introduced an end to the non-dom tax status for UK residents who do not usually pay tax in the UK.
Now, they have to deal with the new foreign income and gains regime, which gives tax relief on foreign income and gains during their first four years in Greece.
They must meet the condition that they have not been a tax resident of the UK during the 10 years before coming to the country.
Former Conservative Chancellor Jeremy Hunt unveiled plans to end the analysis a year ago, and the new Labour Chancellor Rachel Reeves has stepped up the process.
The government believes the measures will increase £12.7bn over the following five years.
The global tariffs announced by President Trump in April also made an impact.
Upon the announcement, the markets fell fast, and ever since, companies have had to pay more for goods in the US.
The International Monetary Fund recently noted that global share prices fell when trade disputes arose, and warned of a decline in trust between nations.
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Who is the richest person in the country of the United Kingdom?
- Gopi Hinduja and family have seen their fortune slip to £35.3 billion, down from £37.2 billion last year.
- The Reuben Family, including David and Simon Reuben, (£26.87bn)
- Sir Leonard Blavatnik (£25.73bn)
- Sir James Dyson and family (£20.8bn)
- Idan Ofer (£20.12bn)
Listen: Simon Jack and Zing Tsjeng discuss how an idea about vacuum cleaner suction grew into a billion-dollar company for Sir James Dyson.
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With the King now holding more wealth, he is richer than Queen Elizabeth II was during her life.
It is believed that Charles is now £270m richer than his mother, thanks largely to the investments he got from her.
When she died in 2022, the late Queen was estimated to be worth £370m, while the current valuation of Charles’ net worth is £640m.
He did not owe any inheritance tax on what she left him, since there was an exemption. It would have required someone with assets above a certain level to pay a 40% tax on those assets.
The Duchy of Lancaster, a private estate, also provides money to the Queen as her income. It has land holdings covering over 18,000 hectares in Lancashire and Yorkshire, and real property in the heart of London as well.
The business has a market worth of £654m and makes an average of £20m in annual profits.
In second place and just behind the Hinduja family are the Reuben brothers, who earned their fortune from both property anthe d technology industries.
Following behind them is Sir Leonard Blavatnik, a businessman from Ukraine living in the UK and America, who has amassed a fortune of £26bn.
It was Manchester United part-owner Sir Jim Ratcliffe who fell the deepest on the Forbes list this year.
He has lost £6.473bn of his wealth in the past year, making up more than a quarter of what he owns.
This has brought the total down from £23.519bn to £17.046bn, and the businessman now ranks as the seventh richest.
Among other well-known people to get mentioned were Formula One star Sir Lewis Hamilton, the Beckhams, and famed musician Sir Elton John.
Dua Lipa, 29, made it on the list of the richest Britons under 40, which means she’s the youngest singer to cut. She was ranked at 34 and thought to have a net worth of £115m.
Harry Styles, 31, is one of the youngest and richest on the list with a fortune of £225 million. Ed Sheeran, who is 34 years old, was at number 13 and made £370 million.
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