Like U.S., British rich enjoyed record shattering wealth expansion in 2009

Sunday, April 25, 2010
Philip Beresford, compiler of the Rich List, Times Online,

The Sunday Times Rich List 2010: Rising from the rubble. After the doom and gloom, it's business as usual this year with Britain's super-rich adding a cool £77 billion to their wealth.

Fortunes in Britain are soaring as the world recovers from the 2008-09 crash. Stock markets are up, the banks are back from the brink and economic confidence is blossoming. As a result, the collective wealth of the 1,000 multimillionaires in the 2010 Sunday Times Rich List has climbed to £335.5 billion, up £77.265 billion on 2009. This is a 29.9% increase, easily the biggest annual rise in the 22 years of the Rich List.

In 1997, the wealth of the then richest 1,000 stood at £98.99 billion. By 2008, it had risen to nearly £413 billion. After a savage bust in 2009 it is clearly heading northwards again rapidly. This year’s £335.5 billion is nearly 239% higher than in 1997.

Just like in the United States, while the rich have seen their fortunes recover at a blistering pace, grim times remain in the wider economy.