UK property tycoons lose nearly 15billion
27th October 2008
The credit crunch has slashed the fortunes of the UK's richest property tycoons by nearly £15billion.
The credit crunch has slashed the fortunes of the UK's richest property tycoons by nearly £15billion.
The 500 most wealthy property owners in the UK were worth £117billion before the turmoil commenced just over a year ago.
That figure has fallen to £102.5 billion, according to the Estates Gazette rich list - with the 10 largest casualties alone losing more than an estimated £5.5 billion.
The editor of the Gazette said: "The rich get richer, so they say. But the crisis has wiped more than 12 per cent off the value of the 500 biggest property empires. With property falling and banks circling there is every sign that the pain is only just beginning."
Vincent Tchenguiz
Among the biggest victims is Vincent Tchenguiz, listed last year with his brother Robert with £1billion. This time he was listed alone with an estimated wealth of £200million, well shy of the previous £1billion mark.
House constructors David Wilson and Keith Miller lost £484 million, or 66 per cent, and £530million, or 65 per cent respectively.
Duke of Westminster
The Duke of Westminster remains the richest property owner in Britain with an empire worth £7billion.
Some have even cashed in on the turmoil with the 10 biggest gainers adding £1billion each.
