The Sunday Times Rich List 2018: How Individuals in Construction Faired with the Total Wealth of the Richest 1,000.
30 years ago, 57% of those listed on the Sunday Times Rich List had inherited their wealth, today just 6% fall into the ‘old money’ category. Britain has changed immensely during the past 30 years and now, 94% of people on the Rich List are entrepreneurs who have built their fortunes in industries such as chemicals, retailing, property and finance.
Back in 1989, the Rich List consisted of 200 entries and a fortune of £30 million would guarantee inclusion. Today, to be included in the Rich List, a wealth of £115 million or more is necessary and to reach the top 200, a worth of £700 million is required. That’s an increase of more than 2,200%, when inflation over the same period rose just 137%.
The combined wealth of the 1,000 richest individuals and families on this year’s list is just over £723 billion, an increase of 10% on last year. Of those 1,000, 53 individuals and families made their wealth in construction industries which equates to 5.3% of the total list.
Combined, they are worth in excess £18.7 billion, that equates to 2.590% of the total Rich List worth.
Of the 2018 list, 25% of individuals and families had no change in fortune, all dropped down the rankings though. For construction, the number is much less and equates to 15% of individuals and families having no change in worth.
The total billionaire count in 2017 was 134, this has risen to 145 on the 2018 list, with two of those being in the construction industry; Lord Bamford and Family of JCB, worth in the region of £3.6 billion and John Bloor of Bloor Homes who has seen the biggest rise in worth in the construction sector of £404 million, now worth over £1.8 billion.
The 2018 list reveals that the fortunes of those included has risen by over £84 billion, with the worth of Jim Ratcliffe, Ineos owner, rising by over £15 billion, the largest increase on the 2018 list and also the individual who tops the overall list. In terms of the construction industry, their fortunes combined have increased by just over £1.9 billion which accounts for 2.332% of the total fortune up.
Almost 75% of construction individuals and families saw their worth increase during this past year. These rising fortunes equate to 10.532% of the total construction worth. Whereas, the overall list only saw 55% of individuals and families increase their worth, albeit these rising fortunes equate to 11.698% of total list worth.
There are two new entries on this year’s list whose source of wealth is construction based, those are Duncan Fletcher and Family, listed as having a worth of £125 million and placed at number 912 on the list and Brendan Kerr and Family, listed as having £132 million and placed at number 878 on the list. The total number of new entries on the 2018 Sunday Times Rich List is 62, meaning the number of construction new entries is 3.226% of total new entries.
The Sunday Times Rich List not only gives an overview of the type of industry the UK’s richest individuals and families have made their wealth in, but also where that wealth lies. For the construction industry, it is no surprise the majority of wealth lies in the South East with 23%, followed by Greater London having 15%. The East Midlands and Scotland have 11% each, East Anglia and Yorkshire follow closely with 9% each, then Wales with 8% and Ireland with 6%.
Although the majority of construction wealth is found in the South East and Greater London, these are also the areas where there has been the biggest fall in wealth. Although, one individual in Scotland has also seen a fairly hefty drop in fortune, £25 million to be precise. The fall in construction wealth is miniscule though compared to the overall drop in fortune of the richest 1,000 individuals and families.
Approximately 12% of the 1,000 individuals and families on the 2018 Sunday Times Rich List saw a drop in worth, compared to 7.5% in the construction industry. The total fall in fortune equates to 1.931% of the total worth of the full list. The fall in construction fortune as compared to total construction worth equates to just 0.411% so it appears the construction industry is mainly adding value to its worth.
It is extremely encouraging to know that there is an increasing amount of women included in the list, 141 (14%) of the top 1,000 are women. Compered to 30 years ago this figure was just 9 of the top 200 (4.5%). In construction, out of the 53 individuals and families there are 5 women. Although at 10% this figure falls 4% short of the overall list, women are staking their claim in industries that ‘traditionally’ they would not be associated with.
It is also refreshing to learn that 94% of individuals and families on the 2018 Sunday Times Rich List were not born into their fortunes but have created viable businesses that provide incomes to thousands, if not millions of families across the UK.
There is no doubt that the rich are getting richer, but the Rich List has evolved and in recent years, the names of those included on the list change regularly which indicates that an increasing number of ‘normal’, everyday people are finding the motivation, for whatever reason, to get out there and better not only their own lives, but the lives of the people they employ.
It goes without saying that these entrepreneurs also benefit the country as a whole with the taxes raised going towards much needed public services that educate our children and care for the ill.
Entrepreneurs, we salute you, long may your creativity and motivation continue.
|Rank 2018 (2017)||Name||Worth £m||Rise / Fall £m||Region|
|35 (35)||Lord Bamford and family||£3,600||£300||West Midlands|
|73 (88)||John Bloor||£1,858||£404||East Midlands|
|150 (155)||Steve Morgan||£942||£111||Wales|
|160 (156)||Yelena Baturina||£882||£60||Greater London|
|213 (207)||Clinton, Spencer and John McCarthy||£635||£30||South East|
|222 (228)||David Wilson and family||£603||£63||East Midlands|
|242 (286)||John Kirkland and family||£530||£105||East Midlands|
|249 (270)||Michael Shanly||£512||£47||South East|
|275 (295)||Charles Gallagher and family||£472||£60||South East|
|301 (286)||Terry Bramall and family||£425||No Change||Yorkshire|
|318 (345)||Kathy and Bernard Murphy and family||£400||£55||Greater London|
|359 (555)||Mark Watkin Jones and family||£350||£144||Wales|
|399 (407)||Tony Pidgley||£310||£25||South East|
|402 (377)||Ray O’Rourke and family||£306||No Change||East Anglia|
|410 (422)||Stephen Conway and family||£300||£30||Greater London|
|455 (485)||James Wates and family||£265||£30||South East|
|480 (453)||Paul and Johnny Caddick and family||£250||No Change||Yorkshire|
|496 (493)||Tony Brotherton-Ratcliffe and Diana Jones and family||£249||£19||South East|
|511 (507)||The Shepherd family||£238||£15||Yorkshire|
|536 (522)||Dai and Richard Walters||£220||£3||Wales|
|553 (523)||David Mabey and family||£216||No Change||South East|
|560 (537)||Martin Ainscough and family||£210||No Change||North West|
|573 (723)||Bill Robertson and family||£205||£50||Scotland|
|579 (493)||The McAlpine family||£202||£28||South East|
|584 (607)||Peter Gadsby||£200||£15||East Midlands|
|584 (901)||Eoin McCann and family||£200||£79||Ireland|
|626 (812)||Andrew Hill and family||£193||£55||East Anglia|
|638 (607)||George and Daphne Burnett||£188||£3||Scotland|
|642 (723)||James and Selina Hopkins||£185||£30||East Anglia|
|648 (748)||Fred Story and family||£182||£32||North West|
|675 (784)||Duncan Davidson and family||£175||£32||North East|
|691 (689)||Robert Jelley and family||£172||£10||East Midlands|
|693 (772)||John Carey and family||£171||£22||Greater London|
|695 (674)||Robert Carter and family||£170||£4||East Anglia|
|708 (689)||Sir Martin Laing and family||£166||£4||Greater London|
|713 (686)||Kevin and Michael Lagan||£165||£2||Ireland|
|718 (815)||Michael Conway and family||£164||£27||South East|
|722 (718)||Jim Milne and family||£162||£4||Scotland|
|751 (723)||Stephen and Paul Harrison||£155||No Change||Yorkshire|
|758 (748)||Bruce Mickel and family||£154||£4||Scotland|
|761 (929)||Raj Manak||£153||£36||South East|
|770 (743)||Irving Weaver||£151||No Change||Yorkshire|
|772 (840)||Tom O’Brien and family||£150||£20||Greater London|
|799 (779)||Michael Graham and family||£149||£4||Ireland|
|836 (694)||Brendan O’Malley and family||£140||£20||Greater London|
|836 (840)||Jonathan Hitchins and family||£140||£10||Wales|
|836 (905)||David Wernick and family||£140||£20||East Anglia|
|878 (new)||Brendan Kerr and family||£132||New Entry||Greater London|
|912 (936)||Edelin Davis and family||£125||£9||East Midlands|
|912 (new)||Duncan Fletcher and family||£125||New Entry||Scotland|
|974 (905)||Danny Durkan and family||£116||£4||South East|
|980 (793)||Stewart Milne and family||£115||£25||Scotland|
|980 (938)||Frank Burke and family||£115||No Change||South East|