£150 billion wiped off rich list fortunes

More than £150 billion has been wiped off the fortunes of the UK's richest people in the "devastation" of the international economic crisis, it was revealed today.

In just a year the number of billionaires has fallen from 75 to 43, the Sunday Times Rich List 2009 said.

Philip Beresford, who has compiled the list for the last 21 years, said he was surprised at the scale of the losses suffered by many of the super-rich.

He said: "I am beyond being surprised except by the scale of the devastation.

"It is extraordinary how people have seen their fortunes being whittled away.

"It is devastation all round.

"But losing a few zeros off your theoretical fortune in nothing to being turfed out of your home or your job."

The biggest single loser is London-based steel magnate Lakshmi Mittal who has seen his personal fortune drop by almost £17 billion to £10.8 billion.

Despite that, he retains his place as the country's richest man for the fifth year running.

Chelsea owner Roman Abramovich keeps his position at second on the list despite his fortune falling to £7 billion from £11.7 billion.

The richest British-born billionaire is the Duke of Westminster. His fortune, mainly based on property, has shrunk to £6.5 billion from £7 billion.

Collectively, the 1,000 multi-millionaires in the list are worth £258 billion, down from last year's record total of £413 billion.

The recession has also bitten into the fortune of Virgin boss Sir Richard Branson who has lost £1.5 billion and is now worth £1.2 billion.

Formula 1 tycoon Bernie Ecclestone suffered too - he lost £934 million this year, leaving him with £1.46 billion, the list reported.

There are some bright spots among the gloom however - the former boss of supermarket chain Morrisons Sir Ken Morrison has seen his fortune rise by 11%, making him worth £1.6 billion.

Harrods owner Mohamed al Fayed has added 17% to his fortune which is now worth £650 million.

And Peter and Denise Coates, owners of Stoke-based online sports betting website Bet365, have seen their fortune go up by a third. They are now worth £400 million and rank 128th on the list.

Mr Beresford said the relative success of both Sir Ken and Mr al Fayed showed it was possible for some businesses to prosper even in straitened circumstances.

He added: "If you give value for money you are quids in and if you are working with the higher end of the market, you are quids in.

"If you are in the middle you are being squeezed."

The list, published in full in The Sunday Times today, also revealed the extent of the losses suffered by some of the biggest names in showbusiness with stars including Sir Elton John and Robbie Williams losing around a quarter of their personal wealth over the past year.

According to the list, Sir Tom Jones, Phil Collins and Engelbert Humperdinck all lost substantial sums.

Even evergreen Wimbledon rainbreak crooner Sir Cliff Richard was caught in the economic storm - his personal fortune is down a fifth from £50 million to £40 million.