Get Me My Mortgage have carried out a study of the riches people in the UK to find out how they got there. Was it self-made or did they have help from their family? Currently in the UK there are over 5.9 million SME. That’s a lot of entrepreneurs striving for richness. To find out how the top billionaires made their money Get Me My Mortgage researched the top 20 billionaires and have come up with some interesting facts.
55% of Billionaires are self-made
More than half of the top 20 Billionaires in the uk have made their money themselves with no family money to their name. This shows that a lot of the richest people in the UK have actually built their fortune themselves and not just inherited it. The rest of the people on the rich list did have a helping hand from inheritance or family money but they did massively increase on their wealth through good investments and businesses.
Nearly All Live in London
While almost 30% of the top 20 uk billionaires don’t live in the UK 60% of the billionaires live in London. This is not exactly a surprising statistic since London is the 5th largest metropolitan economy in the world.
80% of the Top 20 Billionaires are male
The vast majority of top billionaires are male. While this is not surprising due to the heavily skewed past towards men in business, we are seeing an increasing number of female entrepreneurs breaking through and taking the top spots. A great example of this is Denise Coates who owns the global giant Bet365. Denise is the driving force behind the business and has built one of the largest gambling businesses in the world.
Did they do it solo?
This is an even split between family members on the rich list and individuals. Families have built very successful empires which goes against the common myth that you shouldn’t mix business and family.
Top 3 UK Billionaires
Number 1 – Srichand and Gopichand Hinduja.
Their wealth was estimated at £22bn in the Sunday Times rich list in 2019. They lead the Hinduja group with their two brothers Prakash and Ashok. The group was founded in India in 1914 by Paramanand Deepchand Hinduja, the brother’s father. So, while we can say that the most affluent brothers in the UK are exceptionally skilled businessmen, they are not self-made.
Number 2 – David & Simon Ruben
Coming in a second are David and Simon Ruben, two more brothers born in Mumbai, India, their value was estimated at £18.7bn. The money has come from a range of endeavours including property, carpet manufacturing, aluminium production. While their family were comparatively well off, they started in business in the UK without massive resources. Shying from the limelight they are considered leading entrepreneurs and philanthropists in the UK. They are the first of the list to be considered self-made.
Number 3 – Sir Jim Ratcliff
Coming in third place down from first place last year is Sir Jim Ratcliffe with a fortune estimated at a cool £18.2bn Sir Jim is widely known as the funder of team INEOS, taking over the successful Sky cycling team. Before this, he had been considered rather publicity-shy. He is Chairman, CEO and majority shareholder in INEOS, the chemical conglomerate. Self-made or born rich? Sir Jim comes from humble beginnings his father a joiner, and his mother worked in accounts. His early years were spent in the North attending Grammar school in Beverley and graduating from Birmingham University. Sir Jim is truly a self-made icon.
Check out the full list at https://www.getmemymortgage.co.uk/2019/09/30/top-20-uk-billionaires-are-they-self-made/
