Newmarket bloodstock entrepreneurs win Sunday Times Regional Rich List
East Anglia’s super rich have seen their wealth grow by £411 million – up 8.6 per cent on 2005, according to The Sunday Times Rich List 2006, to be published this weekend.
East Anglia’s super rich have seen their wealth grow by £411 million – up 8.6 per cent on 2005, according to The Sunday Times Rich List 2006.
The 10 wealthiest people in the region cover both old and new money with horseracing well represented at the top of the table; it is being published in this year’s Sunday Times Rich List this weekend and is flagged up here in a new initiative.
Kirsten Rausing, 53, heads the table once again. She is one of the three offspring of Stockholm-born Gad Rausing, co-founder of the Tetra Laval packaging company. Gad died in 2000 and his fortune – which last month was valued at £4.98 billion – went to his widow and children. The Sunday Times ascribes a quarter of it to Newmarket-based Kirsten, a successful racehorse breeder in her own right who has lived in East Anglia for more than 20 years and who owns stud farms near Newmarket and in Ireland. Another quarter goes to her London-based brother, Jorn, 46, who sits on the board of Tetra Laval.
David Thompson, 70, owns Cheveley Park Stud in Newmarket, one of the world’s top racehorse breeding companies. Thompson’s wealth came originally from the Hillsdown food group, which he started in 1975. He sold half his stake for £145m in 1987 and the rest later for a similar amount. A rise in racing assets at Cheveley has prompted the newspaper to raise its valuation of the family by £20m on last year’s figure, keeping Thompson and his son, Richard, in third place in East Anglia.
Bill Gredley, 11th richest in the region, is another leading racehorse owner who also owns a stud near Newmarket. The Gredleys make money via Unex Holdings, a Cambridgeshire property development firm that it controls. Profits more than doubled in 2003/04 to £4.5m with net assets up from £101m to £125m.
Old money in the region is represented by the Guinness family, led by the 36-year-old Earl of Iveagh. The family now has little involvement with the drink that bears its name, aside from a £255m stake in Diageo, the global food company which owns the Guinness brewery. Suffolk-based Iveagh presides over the family’s Elveden Farms and Burhill Estates. He inherited £62m in Guinness shares when his father died in 1992. The family has a Canadian company, British Pacific Properties, which owns real estate in Vancouver. Sale proceeds take them to the Sunday Times’ £760m valuation.
East Anglia’s biggest riser up the Rich List ranks is Ardeshir Naghshineh, 53, whose family fortune has increased by £79m since 2005, shooting them up 281 places. He founded Norwich-based Targetfollow, which owns office, industrial and retail buildings and saw net assets rise from £103m to almost £131m in 2004-5. He bought the Centre Point tower in London last year for £85m. He has another half dozen property groups which add more than £23m to his wealth.
The wealth of the highest new entrant to the Rich List in East Anglia is healthy in every sense. John Shropshire, 51, is director of Cambridgeshire-based salad and vegetable producer GS Shropshire. Trading as G’s Marketing, it is a family business founded in 1952 with farms in the UK and Spain. With the market booming, the business is worth £80m and the Sunday Times adds £2m for other family assets.
The 18th annual Sunday Times Rich List – the definitive guide to wealth in Britain and Ireland – is published in a special 104-page supplement, which profiles the 1,000 richest people and families in the UK.
The list is based on identifiable wealth (land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies), and excludes bank accounts (to which the paper has no access). This year, it takes a £60m fortune to make it into the top 1,000 in the Rich List, 20 per cent higher than last year’s £50m qualifying mark.
The Queen, now turned 80, ranks 192= in this year’s Rich List with £300m. Her wealth has risen £30m in the past year due in most part to the recovery in the London stock market, which has boosted her investment portfolio, and a sharp rise in land and property values.
THE 20 RICHEST IN EAST ANGLIA
* Includes family wealth
1 Kirsten and Jorn Rausing (Inheritance and investments), National rank 12th; 2006 wealth, £2,49 billion (2005 £2.57bn)
2 The Earl of Iveagh & the Guinness family (Brewing and property), National rank 74th; 2006 wealth £760m (2005: £725m)
3 David & Richard Thompson (Food and horseracing) National rank, 143rd= , 2006 wealth £470m (2005:£450m)
4 Bernard Matthews (Turkeys) 191st; £302m (£316m)
5 Dr Mortimer Sackler* Pharmaceuticals (Napp Pharmaceuticals) 238= £250m (£250m)
6 Andrew Turner (Finance) 251st= £248m (£200m)
7 Edward Atkin* (Babycare products) 265th, £232m (£212m)
8 Dr Mike Lynch (software, Autonomy) 354th, £164m (£110m)
9 Paul Thwaites (Property) 370= £155m (£145m)
10 Ardeshir Naghshineh* (Property, Targetfollow) 373rd, £154m (£75m)
11 Bill Gredley* (Property and racehorses) 404th, £142m (£142m)
12 Robert Carter* (Construction) 427= £130m (£126m)
13 Paul Day* (Haulage, Turners Soham) 456= £122m (£102m)
14 Hermann Hauser (Technology) 465= £120m (£120m)
15 Sir Bernard & Robert Audley Business services (Caverswall Holdings) 680= £85m (£80m)
16 John Shropshire* (Salads and vegetables,GS Shropshire Holdings) 707= £82m (New entry)
17 Roger Waters (Music) 716= £80m (£78m)
18= The Earl of Leicester* (Land) 817= £70m (£70m)
18= Michael Marshall* (Industry, Marshall of Cambridge) 817= £70m (£73m)
18= Anne Ridgeon* (Construction, Ridgeon Group) 817= £70m (£56m)
18= Dr Ros Smith & Steve Edwards (Hi-tech, Geneva Technology) 817= £70m (£70m)
• The Sunday Times Rich List is compiled by Philip Beresford, a leading authority on British wealth, and edited by Ian Coxon.