Socialist Worker

Meet the fat cats stealing all our wealth

What if you could make money by sitting back and doing nothing – meet some of those highlighted in the Sunday Times’ Rich List published last week:

Issue No. 2199

Usmanov, Kim & Agarwal

Mining barons Alisher Usmanov, Vladimir Kim and Anil Agarwal have done well over the last year.

Usmanov’s wealth has more than tripled to £4.7 billion, and Kim’s has shot up by more than five times to £3.2 billion. Agarwal’s rise is an incredible 583 percent, putting him on £4.1 billion.

Richard Elman

Commodities trader Richard Elman organises shipping of everything from coal to coffee. His fortune skyrocketed to £1.5 billion—a 252 percent increase.

Joseph Lau

Joseph Lau is a new entry with £3.8 billion. This property dealer recently bought a £33 million mansion in London, where he houses part of his collection of 10,000 fine wines.

John Hargreaves

John Hargreaves owns clothing warehouse chain Matalan. His wealth more than tripled to £1 billion. Last month he paid himself a £250 million “special dividend”—funded by a £525 million loan and bond issue.

Galen & George Weston

Primark and Associated British Foods owners Galen and George Weston’s wealth has shot up 400 percent to £4.5 billion.

David & Simon Reuben

These pair of property tycoon brothers own everything from shopping centres to a third of the country’s racecourses and London’s Millbank Tower, as well as their IT firm Global Switch. They have £5.5 billion.

Louis Bacon

Top hedge fund manager Louis Bacon of Moore Capital has raked in the cash too—reaching a total of £1.1 billion. He owns a 435-acre island off the coast of New York and a 171,400-acre ranch.

Lakshmi Mittal

Topping the list for the sixth year is steel magnate Lakshmi Mittal. Labour donor Mittal this year saw his fortune more than double to £22.5 billion. He is a “non-dom”, so pays no tax at all in Britain.


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News
Tue 27 Apr 2010, 18:51 BST
Issue No. 2199
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