STOCK MARKET BSE NSE

Wealth of Richest 1,000 Britons 'Rises 15% In a Year'

The 1,000 richest people in Britain have enjoyed a \"phenomenal\" increase of 15 per cent in their wealth in the past year, according to the annual Rich List compiled by the Sunday Times newspaper.

Published: 18th May 2014 10:16 AM  |   Last Updated: 18th May 2014 10:17 AM   |  A+A-

By PTI

LONDON: The 1,000 richest people in Britain have enjoyed a "phenomenal" increase of 15 per cent in their wealth in the past year, according to the annual Rich List compiled by the Sunday Times newspaper.

Together they are worth £518.975 billion (USD 872.838 billion), an increase of 15.4 per cent on last year's total of £449.654 billion.

Even accounting for inflation, this is well above the £412.846 billion recorded before the 2008 financial crisis.

"I've never seen such a phenomenal rise in personal wealth," said Philip Beresford, who has compiled the list since 1989.

He added: "While some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country."

The Bank of England said this week that the British economy was heading "back towards normal" following the recession, and after six years of falling wages, average pay has finally caught up with inflation.

However, the 1.7 per cent annual growth in average weekly wages recorded by the Office for National Statistics is well below the growth enjoyed by the richest in society.

The rich list, which is published in full on Sunday, is based on identifiable wealth including land, property and shares, but excludes bank accounts.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp