Surrey Life Rich List 2008
For the second time, we bring you our annual guide to Surrey’s top 50 millionaires – who they are, how much they’re worth and what they did to make their fortune – compiled by the writer of the Sunday Times Rich List, PHILIP BERESFORD
With grateful thanks to our sponsor Hart Brown Solicitors
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Surrey’s millionaires may well be feeling the pinch this year. Tumbling stock markets and property prices are not a recipe for wealth creation. And, we can see that in the second Surrey Life Rich List. The overall wealth of the richest 50 people or families, which peaked at £9.1 billion last year, has fallen to £8.651 billion in what we count as Surrey – the area stretching from Kingston, Richmond, Wimbledon, Sutton or Croydon in the north by way of the borders of Kent, Sussex, Hampshire and Berkshire in other directions.
This year’s list is once again headed by Nadhmi Auchi, an Iraqi-born British citizen who lives in some style in Kingston-on-Thames, complete with a £2.15 billion fortune. He has huge property and hotel interests in the Middle East and fell out with the late Saddam Hussein. But Kingston is very much Auchi’s home, despite his frequent trips to his luxury hotels and the like scattered through the Arab and North African states. Even Auchi is not immune from the credit crunch, however, and we have cut him back by over £400m this year.
In all, 15 of our millionaires have made their fortunes in property or housebuilding (down three on last year). This reflects the woes of the property market, which has seen house prices – even in Surrey – fall victim to the current malaise. We also have six finance millionaires reflecting the proximity of Surrey to the City. These are led by Mark Coombs, again our number two, though he has dropped out of billionaire status this year with a fortune of “only” 970m (down £80m in a year).
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But where Surrey does score is in its celebrity wealth, be it music, media or football. With seven out of 50, this is a far higher percentage than any other county, reflecting our proximity to the capital, the availability of luxurious but discreet homes and the ability to jet off quickly from Heathrow, Gatwick or a private airstrip. There are five music millionaires in the county, including Eric Clapton, Rolling Stones such as Sir Mick Jagger, and the evergreen Sir Cliff Richard. Other celebrity money comes in the shape of radio tycoon and DJ, Chris Evans, who seems to love Surrey so much that he keeps buying expensive homes here. A more recent arrival is Katie Price (aka Jordan) and husband Peter Andre who have also snapped up a Surrey mansion.
The county may not boast any Premiership football clubs, but Chelsea players certainly like to live near the club’s Cobham training ground. One of the Blues’ stars, Andriy Shevchenko, dribbles his way into the list this year at £30m on the back of his transfer fees and hefty four-year deal worth £6.2m annually. Others will follow in time as contract terms for elite players rise inexorably.
There is another area where Surrey scores too; namely as a bolt-hole for Russian or former Iron curtain oligarchs. Boris Berezovsky, who has fallen out with the Kremlin, bought Chris Evans’ Hascombe Court complex for £10m. He is now a permanent presence in the county but other low-key Russians have bought Surrey estates as well. However, they don’t live here full-time so don’t qualify for the list.
One who would have qualified was Georgian tycoon Badri Patarkatsishvili, a good friend and business partner of Berezovsky. Indeed, his £6 billion fortune would have made him number one but for his untimely death in February at his £10m Leatherhead mansion from a heart attack.
But this is a very meritocratic list nonetheless. There are still no aristocrats of the old school as Surrey doesn’t have a tradition of great landed families. Of our 50, only four actually inherited their wealth (down two on last year), so this is a list of Surrey’s self-made tycoons. It is also a male list. There are only four women in the list and all are in by virtue of being in with their husbands or as a family entry. The only woman entrepreneur is Jacqueline Gold, the driving force behind the Ann Summers empire.
To qualify for the Surrey Life rich list, the person must either work, live or have a substantial presence in the area. Their wealth is assessed on land holdings, shares in quoted or private companies and any proceeds from company sales. Quoted company stakes were valued in February 2008 and private companies are generally valued at about eight to 10 times their latest profit figures. We have no access to detailed personal financial records, such as bank accounts or the like, so make no allowance for these. Anyway, without further ado, let us introduce you to the top 50 millionaires in the county...