Booming London property market help the super-rich’s wealth grow 40%

news3A booming London property market has helped the richest investors in UK real estate, from fashion chain Zara’s owner to Lord Sugar, boost their wealth by 40% over the last 12 months a report has revealed.

BBC’s The Apprentice star Lord Sugar, business tycoon Gerald Ronson, Sports Direct founder Mike Ashley and even the artist Damien Hirst, are among the names that have made it onto The Estates Gazette Rich List 2015.

The total wealth of the top 250 comes in at £306 billion, a 40% rise on 2014.

While this does not solely include real estate holdings, an inspection of the top 10 investors shows a tranche of their fortune does indeed come from UK property – around £10 billion.

Spanish billionaire Amancio Ortega, owner of fashion business Inditex, tops the list with a fortune of £45.7 billion, Chinese developer Wang Jianlin, takes second place with £22.6 billion, while the Bertarelli family come in third with just over £10 billion.

Famed for founding the Zara chain, some of Ortega’s wealth includes numerous London properties.

Through his investment vehicle Ponte Gadea, he snapped up a £400 million stretch on Oxford Street including retail space in April, adding to a number of office buildings he has such as Devonshire House opposite the Ritz.

The list, compiled by Dr Philip Beresford, features 60 billionaires this year. Just six years ago there were only nine entrants with a wealth of more than £1 billion.

Beresford, who also compiles the Sunday Times Rich List, said: “The amount of wealth on the list shows the extraordinary attraction of the London commercial and residential market to overseas billionaires.”

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