Coronavirus: UK’s super-rich have lost £54bn in last two months

‘Covid-19 has called time on their golden period’

The UK’s wealthiest men and women have seen a total £54bn wiped from their fortunes in the wake of the the economic struggles caused by the coronavirus, according to The Sunday Times Rich List.

In the years following the financial crash of 2008, the nation’s super wealthy have seen their riches continue to grow year on year, with the nation’s six richest in last year’s list making more than the lowest-earning 13.2 million UK residents.

However, with the coronavirus pandemic affecting industries across the board, the newspaper’s annual list of the 1,000 richest people has seen £54bn wiped off its value in the last two months – with some individuals losing billions over the course of the year.

The list has also produced a new richest person: Sir James Dyson.

The Brexit-backing businessman, who moved the headquarters of his Dyson empire from Wiltshire to Singapore last year, saw his personal wealth grow by £3.6bn over the last year to a total of £16.2bn.

His surging fortune saw him overtake brothers Sri and Gopi Hinduja, who have topped the list for the last three years running but saw their wealth decline by £6bn.

Sir James became the nation’s richest man despite losing £500m of his own money in a discontinued electric car project.

He told The Sunday Times of his “huge sadness and disappointment” over the failed seven-seater electric SUV his firm designed.

“Ours is a life of risk and of failure. We try things and they fail. Life isn’t easy,” he added.

There were a record 25 female billionaires on this year’s list, which is now in its 32nd edition.

The top 10 super-rich for 2020 are:

- Sir James Dyson and family, household goods and technology, £16.2bn.

- Sri and Gopi Hinduja and family, industry and finance, £16bn.

- David and Simon Reuben, property and internet, £16bn.

- Sir Leonard Blavatnik, investment, music and media, £15.78bn.

- Sir Jim Ratcliffe, Ineos chemical giant, £12.15bn.

- Kirsten and Jorn Rausing, inheritance and investment, £12.1bn.

- Alisher Usmanov, mining and investment, £11.68bn.

- Guy, George and Galen Jr Weston and family, retail, £10.53bn

- Charlene de Carvalho-Heineken and Michel de Carvalho, inheritance, brewing and banking, £10.3bn.

- The Duke of Westminster and the Grosvenor family, property, £10.29bn.

List compiler Robert Watts said: “Ever since the financial crisis of 2008-9, Britain’s wealthiest people have become richer and richer.

“Covid-19 has called time on their golden period. This year’s rich list paints a picture of Britain on the brink of calamity – two months after lockdown and already billions of pounds have been wiped out”.

Additional reporting by PA.