THE Duke of Westminster, the owner of the Grosvenor Group which includes a vast last and property portfolio in Cheshire, has topped The Sunday Times Rich List for under 35s.
Inheriting his title and assets - which contain 300 acres of Mayfair and Belgravia and Cheshire - at the age of 25, the now 32-year-old oversees the company's portfolio which has real estate in 43 cities across ten countries. His, and his family's total wealth is estimated at £9.878 billion.
The Sunday Times Rich List, which was released this morning (Friday, May 19) reveals the wealth of the 350 richest people in Britain in its 35th annual edition, together with The Sunday Times Giving List in association with the Charities Aid Foundation.
The fortune places the Duke ahead of the likes of Ben Francis owner of sportswear brand Gymshark (4th: £900m), musicians Ed Sheeran (7th: £300m), Adele (9th: £165m), Harry Styles (13th: £150m) and Dua Lipa (21st: £75m) and sports stars including Rory McIlroy (8th: £200m), Anthony Joshua (13th: £150m) and Gareth Bale (22nd: £70m).
Under his leadership, the Grosvenor Group has recently launched Grosvenor Hart Homes to provide more affordable homes and promised that all Grosvenor businesses will reduce carbon emissions in line with limiting global warming to 1.5°C.
The Duke of Westminster sits third on the Sunday Times' list of the five wealthiest individuals in the North West, which is topped by Sir Jim Ratcliffe. The 70-year-old CEO of chemical giant Ineos has a wealth of £29.688 billion. The part-time mountaineer and beekeeper built his fortune snapping up unloved petrochemicals plants and making them profitable. When energy prices rocketed and Europe shivered at the start of the Ukraine conflict, the chemicals giant Ineos grew exponentially (a rise of £23.613bn).
Ratcliffe grew up in a council house in Failsworth near Manchester and earned pocket money as a teenager selling Golden Goal lottery tickets outside Hull City’s ground. He now owns two football teams — the French club Nice and the Swiss club Lausanne Sport — as well as the Ineos cycling squad and an America’s Cup crew, and hopes to fulfil a childhood dream by buying Manchester United.
One of the most impressive stories of savvy wealth creation in this year’s Rich List, is Tom Morris, the low-profile tycoon behind budget retailer Home Bargains. The retailer thrived during a cost-of-living crisis and saw sales increase to £3.4 billion last year. The son of a shopkeeper, Morris started the outfit in the Old Swan district of Liverpool in his early twenties. His chain of 575 stores now employs nearly 30,000 people. Home Bargains paid out a £30 million dividend to him and his family last year, making Morris the wealthiest Liverpudlian in history. Mr Morris and his family is the third wealthiest in the North West, with a £6.133 billion fortune.
Robert Watts, compiler of The Sunday Times Rich List, said: "Despite the tougher business environment, we have many impressive entrepreneurial stories in this year's Sunday Times Rich List. We know our readers are particularly fascinated by those from humble backgrounds who start their own businesses, work hard and go on to build profitable businesses."
"Our new 35 Under 35 list includes men and women who have quickly built fortunes from fashion, vodka, lingerie and perfume. Many of these young guns are already employing hundreds of people and some will go on to be the future of the British economy."
Further information on The Sunday Times Rich List and the list itself is available at: https://www.thetimes.co.uk/sunday-times-rich-list.
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