Rich List: The City's wealthiest have another smashing year as new money chases out old

14/05/2018 John Evans, international editor of thewealthnet,

C. Hoare & Co continued to deliver the goods  as the family’s total wealth jumped by £40 million to a total £360 million, in a Sunday Times rich list ranking which shows how self-made entrepreneurial fortunes are chasing out old money. 

For Hoares, that’s just the type of steady performance that its clients, with their £4 billion or so with the Fleet Street bank, like to see – a nice steady performance with no alarming movements, either up or down, in their holdings.

The Hoares have been helped  by the sale of their wealth management business to Cazenove in 2016, according to the Sunday Times, in its latest UK Rich List rankings.  The bank also sold on a parcel of back office functions.

Elsewhere, hedge fund guru Lord Fink, who controls Nathalie Dauriac’s Hay Hill Wealth, is shown with £160 million.

Another former fan of Nathalie, John Caudwell has a worth of £1.56 billion, up £52 million. His assets include Signia Wealth.

Sir Henry Angest, head of the Arbuthnot Latham group, had £156 million in 2018 versus £141 million the previous year.

A good show by Adam Fleming and family. Their worth was up £25 million to £1.52 billion, no doubt helped along with the productive Stonehage arrangement.

Bruno Schroder and family had an amazing year, with a £979 million jump to £5.24 billion, helped by buoyant investment markets.

The Rowland Family, who have their own private bank, Banque Havilland, put on £20 million to £692 million.

Rupert Hambro and family had a worth of £150 million, unchanged on the previous year. Their latest ventures like Sipsmith Gin and Laundrapp, an on-demand laundry service are said to be going well.

The top wealthy man in Britain is now Jim Ratcliffe, founder of Ineos, who has a £21.5 billion fortune. This has risen a staggering £15.3 billion in the last year, after reassessment of the full value of his chemicals giant. 

According to the Sunday Times, the chemicals tycoon epitomises the new breed of super-wealthy, self-made men and women who have had “the guts and gumption” to start their own businesses. Early Rich List compilations showed that only 30 of the top 300 wealthy made fortunes in the first 10 years of Margaret Thatcher’s premiership. Today, 94 percent have made their own money.

Back in 1989, no less than 28 percent of Rich Listers were landowners. But such old money is becoming much less prominent in the rankings.

“The Rich List increasingly tells the story of how new money surpasses old money. Just 5.7 percent of the year’s list represent wealth passed from one generation to the next,” the Sunday Times comments.

Still, the Earl of Cadogan and family, old money of the very best type in that they own much of Kensington and Chelsea, did well. Total wealth was up £200 million to £6.7 billion for 2018.

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