Duke tops property billionaire rich list

THE Duke of Westminster remains the wealthiest property man in Britain despite the rise of self-made billionaires, a new rich list has showed.

The duke, who owns larges tracts of central London including Mayfair and Belgravia, as well as estates in Lancashire, Cheshire, Scotland, Canada and around the world, was estimated to be worth £7 billion (€10bn), up from £6.6bn last year, Estates Gazette revealed in its latest Rich List.

The figures, compiled by Philip Beresford, confirmed the status of property as the biggest contributor to wealth in Britain.

The 500 wealthiest property players in Britain and Ireland amassed a combined net worth of £117bn.

The average fortune for this year’s leading 500 players in property investment, development and related areas such as estate agency, was a little more than £230 million each — about 15% higher than the £200m average for last year’s 400 entrants.

But the traditional way of accumulating land wealth, through inheritance, epitomised by the Duke of Westminster, is being challenged by new property gurus.

In second place was self-made billionaire brothers David and Simon Reuben, with an estimated fortune of £3.5bn, built up from retirement homes and racecourses.

Third was Irish entrepreneur Seán Quinn, whose investmentsin hotels, pubs and wind farms have helped him amass a fortune of £3bn.