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Back HomeWealth of 250 richest people with UK property assets soars 40pc to £300bn
The combined wealth of the world’s richest people has jumped from £218.3bn last year
The net worth of the world’s 250 richest people with property investments in the UK has jumped by 40pc to more than £300bn, the largest annual increase on record.
Amancio Ortega, the Spanish billionaire behind the Zara fashion chain, took the top spot with a fortune of £45.7bn.
He owns several prominent West End buildings including Devonshire House on Piccadilly, the former home of the Dukes of Devonshire and now an office block home to hedge fund investors. Mr Ortega bought the property for more than £400m in late 2013.
Earlier this year, Mr Ortega bought a £400m development on Oxford Street which houses Primark’s flagship store. In total, his property empire is worth £5.32bn, with the remainder of his fortune coming from his retail ventures.
“Property in the UK, and London in particular, continues to be viewed worldwide as a safe haven for investment from the financial storm clouds that continue to threaten internationally – particularly in the Asian markets. The Chinese stock market crash in June has everybody worried,” said Noella Pio Kivlehan, markets editor at Estates Gazette.
In second place on the Estates Gazette Rich List 2015 is China’s richest man, Wang Jianlin, owner of real estate and entertainment conglomerate Wanda Group, with a fortune of £22.7bn.
In the UK, he owns several real estate developments, including One Nine Elms, part of London’s Vauxhall South Bank regeneration programme.
“To unabashedly go out and make money, then fairly and equitably distribute that wealth – this is what rich people should do,” Mr Wang said earlier this week.
Ernesto Bertarelli, pharmaceuticals heir and backer of Crosstree Real Estate, took third place with a fortune of £10.2bn.
© Jackson Lieblein, LLC 2015.
