Brocker.Org: There’s a huge shift in the way the richest people in Britain accumulate wealth

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Harry Potter author JK
Rowling.

Yui Mok/PA
Images


There has been a huge shift in how the richest people in
Britain get their money.

When the Sunday Times Rich List, which ranks the 1,000 richest
people in Britain, first began in 1989, it was dominated by
aristocratic or inherited wealth. Basically fortunes that were
just passed down to each generation.

However,
a study of the The Sunday Times Rich List data
, which will be
released in May, by the Centre for Economics and Business
Research said “wealth is often gained and lost within three
generations.” This means that getting into the list and then
exiting it is a “revolving door.”

“The Sunday Times Rich List data challenges the idea that wealth
sits in the same families’ pockets for generation after
generation. The very rich are a changing cast of people,” said
Professor Douglas McWilliams, who conducted the research, to The
Sunday Times. McWilliams is set to feature his findings in a
forthcoming book called “The Inequality Paradox.”

“The reality is that there is a lot of truth in the old
Lancashire term ‘from clogs to clogs in three generations’.”

For example, Bet365 founder Denise Coates racked up an enormous
fortune from a gambling empire she created. In the 2016 Sunday
Times Rich List, she was the 24th richest person in Britain and
4th richest woman in UK with a net worth of £3.765 billion.

In 2001, Harry Potter author JK Rowling entered the list with a
net worth of £65 million but The Sunday Times said this year’s
list will show that her fortune has grown by 10 times to reach
£650 million.

Moneysupermarket’s cofounder Simon Nixon made a fortune from is
price comparison website and was 113th richest person in Britain
in last year’s list. All three will be back in the 2017 list,
said the Sunday Times.

Meanwhile, there are a number of rich people in Britain that see
their fortunes grow and massively fall. Gordon
Crawford, the IT tycoon who created London Bridge Software,
entered the Sunday Times Rich List in 2000, reaching the 12th
spot with £1.3 billion. However, this year he is going to be
ranked 896th with a fortune of £122 milion.


You can read The Sunday Times’ full preview of the Rich List
here.

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