Richest home owners ‘worth £117bn’
The 500 wealthiest UK property owners have amassed a combined net worth of £117 billion, new research shows.
The Estates Gazette Rich List 2007 reveals an average individual fortune of just over £230 million for each of the 500 entrants, an increase of 15% on last year.
The Duke of Westminster retains his title as the wealthiest man in property, topping the list with property assets worth £7 billion, up from £6.6 billion in 2006.
The list includes property veterans like the oldest entrant, 87-year-old Irish entrepreneur John Byrne, who sits on a £78 million fortune, as well as a number of newcomers.
There is a marked increase in the number of self-made success stories - less than a quarter of the wealth in the 2007 list was inherited.
Julia Cahill, editor of the EG Rich List states: “Property has always been a breeding ground for entrepreneurial, driven and colourful characters, but the extraordinary property boom of the past few years has seen these players’ wealth augment at breakneck speed.”
She cited a “shrewd nose for a deal and an impeccable sense of timing” as common attributes in the entrants, some of whom started out as bricklayers, postmen or taxi drivers.
Such entrants are typified by residential property entrepreneur Simon Morris, who at 30 years old is the youngest to make the list with a portfolio worth £70 million.
Ms Cahill warned that despite this year’s success, 2007 might be as good as it gets for many on the list.
She said: “As the property market enters a period of slowdown after an unprecedented bull run, there are bound to be adjustments to their wealth next year.”