London boasts most billionaires among cities

Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include (from top) F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal. PHOTO: AGENCE FRANCE-PRESSE
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include (from top) F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include F1 driver Lewis Hamilton (above), musician Adele and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include (from top) F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include F1 driver Lewis Hamilton, musician Adele (above) and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include (from top) F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal.
Queen Elizabeth II - seen here arriving to open a bandstand in Windsor last week - is Britain's 319th richest person. Others on the Rich List 2016 include F1 driver Lewis Hamilton, musician Adele and steel tycoon Lakshmi Mittal (above).

LONDON • London has more billionaires - measured in pounds sterling - than any other city in the world, according to the Rich List 2016 by Britain's The Sunday Times.

Some of the richest tycoons in Britain have lost vast chunks of their fortunes because of a retail slump, sinking oil prices and the steel industry crisis, said the newspaper.

Nevertheless, the overall fortune of the 1,000 wealthiest people in Britain was higher this year - and the country boasts 120 sterling billionaires, a figure beaten only by the United States (378) and China (193), the paper said.

And there were more sterling billionaires in London (77) than any other city, ahead of New York (61), San Francisco (57) and Hong Kong (49).

Publicity-shy brothers David and Simon Reuben topped the list this year, with a fortune of £13.1 billion (S$26 billion), up £3.4 billion on last year. The Reubens, born in Mumbai to an Iraqi Jewish family, own London property and data centre operator Global Switch.

  • WHO'S ON TOP

    DAVID AND SIMON REUBEN

    Property tycoons, £13.1b


    SRI AND GOPI HINDUJA

    Industrialists, £13b


    LEN BLAVATNIK

    Investor, £11.6b

They are just ahead of the industrialist brothers Sri and Gopi Hinduja with £13 billion, a figure unchanged from last year, and investor Len Blavatnik with £11.6 billion, down £1.6 billion.

Steel magnate Lakshmi Mittal, who topped the list in 2008 with a Rich List record of £27.7 billion, is down to 11th place with £7.1 billion, losing £2.1 billion last year.

"The guys at the top who are feeling the pain this year are often hit by a cocktail of plunging stock markets, low oil prices and the crisis in the steel industry - sometimes by all three," said Mr Robert Watts, the annual list's new compiler.

The 1,000 richest people listed are worth a total of £576 billion, up from £547 billion last year. Entry on this year's list requires a fortune of at least £103 million.

Mr James Dyson, who invented the dual-cyclone vacuum cleaner, is the first self-made Briton to reach the £5 billion barrier, ahead of Virgin tycoon Richard Branson on £4.52 billion.

Queen Elizabeth II, who turned 90 last Thursday, is the 319th richest person in her country, with a wealth of £340 million.

Well-known names in the top 50 include Chelsea Football Club owner Roman Abramovich (13th, £6.4 billion), easyJet founder Stelios Haji-Ioannou (41st, £2.6 billion) and Formula One boss Bernie Ecclestone (42nd, £2.5 billion).

Paul McCartney stays at the top of the list of rich musicians, with a joint fortune of £760 million with his wife Nancy Shevell, who brings £150 million to the marriage.

Adele was named Britain's richest-ever female musician, estimated to be worth £85 million, up £35 million from a year ago. F1 driver Lewis Hamilton is the only current sportsman on the list, with £106 million.

"Borat" comic actor Sacha Baron Cohen and his wife Isla Fisher enter the list with £105 million.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on April 26, 2016, with the headline 'London boasts most billionaires among cities'. Print Edition | Subscribe