Rich lists see fortunes dwindle

A couple of years ago the newspapers’ ‘rich lists’ seemed to offer us all hope, inspiration and people to look up to. Today the tone seems to have changed. We are seeing those fortunes dwindle and few of us can do much more than shrug our shoulders. There’s a thinly veiled mood of satisfaction too. So who is hurting?

Starting with those music millionaires.

The wealth of most of Britain’s top music millionaires has fallen by at least 10%, according to the Sunday Times’ annual rich list and some (Amy Whitehouse) are down by nearer 50%. The plummeting value of property investments and share portfolios is the main reason for stars faring so poorly (what? Didn’t you know that pop stars pump their money into boring property investments?!) Former Take That member Robbie Williams is amongst those hardest hit as he relies on investments for much of his wealth.

Don’t despair though. Simon Cowell continues to prosper, his estimated wealth of £120m representing a 7% increase on last year and Mamma Mia! producer Judy Craymer has also seen her stock rise, the huge success of her Abba film musical swelling her bank balance by 29%, to £79m.

What about the so called ‘super rich’?

The top 1,000 richest people in the country now have £258bn between them, it estimates – a huge drop from last year’s record of £413bn. Over the past 12 months the number of billionaires has fallen from 75 to 43. Indian steel tycoon Lakshmi Mittal, and family, are top again with £10.8bn, down a huge 61% from 2008. Virgin boss Sir Richard Branson is reported to have lost 56% of his wealth, shedding £1.5bn and is now worth £1.2bn.

Before you pass round the hat for donations, the former boss of supermarket chain Morrisons, Sir Ken Morrison, has seen his fortune increase by 11%, making him worth £1.6bn. He is part of a small group who have managed to buck the trend.