Title: UK Billionaires Decline Amid Tax and Market Challenges
The number of billionaires in the UK has plummeted from 165 in 2024 to 156 this year, marking the most significant decline in the Sunday Times Rich List’s 37-year history. This downturn is attributed to recent stock market instability and a crackdown on tax breaks for non-domiciled individuals, announced by former Chancellor Jeremy Hunt in March 2024.
Robert Watts, compiler of the Rich List, noted that the diminishing fortunes are pushing many wealthy individuals off the list, with some leaving the UK entirely due to the tightened tax policies. Consequently, the combined wealth of the 350 wealthiest Britons also fell by 3% to £772.8 billion— the third consecutive year of decline.
Leading the list again is Gopi Hinduja and his family, worth £35.3 billion, down from £37.1 billion last year, followed by the Reuben brothers at £26.8 billion, an increase from £25 billion, overtaking Sir Leonard Blavatnik, whose wealth dropped significantly. Notably, Sir Jim Ratcliffe fell from fourth to seventh place after experiencing a £6.5 billion decrease.
The declining number of billionaires coincides with growing public scrutiny, as protests led by climate action group Green New Deal Rising call for increased wealth taxes to address pressing social issues like healthcare and education funding. Polls indicate that a majority of the public believes government economic policies favor the wealthy over ordinary citizens.
As the landscape for the ultra-rich changes, the government faces mounting pressure to reform tax policies in a bid to alleviate the financial struggles of ordinary Britons. Advocates for change argue that significant wealth concentration opposes the pressing needs of many, further emphasizing the urgency of equitable taxation to support essential services.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
