82 UK billionaires alone hold £312bn wealth

[Pelican Press 0]

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82 *** billionaires alone hold £312bn wealth

The number of billionaires in the *** has slipped slightly, but their collective fortunes continue to rise, according to UBS’ (UBS) Billionaire Ambitions Report. The report reveals that the *** was home to 82 billionaires in 2024, down from 83 a year ago, although their combined wealth has climbed 9.7% from $380.6bn in 2023 to $417.5bn (£312bn).

While the *** remains ahead of European peers such as Italy (62 billionaires), France (46), Sweden (28) and Spain (27), it trails Switzerland (85) and Germany (117) in Western Europe’s billionaire rankings.

In the ***, over two-thirds (72%) are self-made millionaires.

The Hinduja family — owners of the Indian industrial conglomerate Hinduja Group — sit at the top of the

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. Despite a dip in their overall fortune, Gopi Hinduja and his family still hold an estimated £35.3bn.

Other names include inventor and vacuum magnate James Dyson and Jim Ratcliffe, petrochemicals billionaire and part-owner of Manchester United.

The *** has been losing some of richest residents as the Labour government abolished the non-dom tax status in April, which is where *** residents have their permanent home or domicile outside the *** for tax purposes.

Read more: How to tell if you’re rich

In April, the government replaced the non-dom status with a new foreign income and gains regime. The scheme offers tax relief on overseas earnings for the first four years of *** tax residence — provided the individual has not lived in the *** for any of the preceding 10 years.

This policy shift, initially proposed by former Conservative chancellor Jeremy Hunt and accelerated by his Labour successor Rachel Reeves, has prompted some of the ***’s wealthiest to relocate abroad.

Billionaires are moving to countries such as Switzerland, the UAE, Singapore and the United States, according to UBS.

“People are relocating to jurisdictions not just for tax benefits, but also for safety and political reasons,” explains a US billionaire. “I moved several years ago with my family to a country, state and city that affords the benefits most seek.

“Unless the political divide addresses failed policies that have yet to curb crime, lack of rule of law and safety, as well as fostering an economic climate that unleashes potential, I fear the trend will continue.”

Globally, billionaire wealth is booming. Western Europe saw its billionaire wealth grow by 16% to $2.7tn, with Switzerland’s billionaires recording a striking 23.8% increase. The number of billionaires across the region rose from 456 to 495.

In the UAE, billionaire wealth surged by nearly 40% to $138.7bn, with one new billionaire joining their ranks, bringing the total to 18. Across the broader EMEA region, the number of billionaires rose by 70 to 728, with total wealth increasing by 17% to $3.7tn.

The United States remained the global powerhouse of billionaire wealth in 2024. American billionaires saw their collective fortune jump by 27.6% to $5.8tn, representing more than 40% of global billionaire wealth. The US added 101 new billionaires, pushing its total to 835.

Read more: What you need to know if you’re planning to move to Dubai

In Central and South America, 19 new Brazilian billionaires helped drive a 37.7% increase in regional wealth to $154.9bn. Across the Americas, billionaire numbers grew from 867 to 973, while their combined wealth surged 26.9% to $6.5tn.

The majority of new entrants to the billionaire club were self-made. Of the 268 individuals who crossed the billion-dollar threshold for the first time, 60% were entrepreneurs — a reversal of last year’s trend, where most new billionaires inherited their wealth.

One of the driving forces behind this surge has been the continued ***** in technology. The rise of generative AI, sparked by ChatGPT’s debut in late 2022, fuelled a 36.1% increase in the collective wealth of tech billionaires to $2.45tn.

Billionaires in entertainment and media, bolstered by the gaming sector, also saw strong gains, with total wealth up 26.3% to $970bn. Financial services billionaires saw their fortunes rise 23.9% to $2tn, supported by equity markets.

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