Billionaires are said to be making plans to protect their wealth amid fears Jeremy Corbyn could enter Downing Street Credit: Toby Melville/REUTERS.
Britain’s wealthiest individuals are preparing to leave the country amid belief Jeremy Corbyn will become Prime Minister, it was reported.
Billionaires and multimillionaires are said to be making plans to protect their fortunes, which include moving their assets and businesses overseas, in preparation of tax increases should the Labour leader enter Downing Street.
According to The Sunday Times, which today publishes its annual Rich List, individuals could take up to £1 trillion out of Britain amid fears over what has been dubbed ‘Corbygeddon’.
The newspaper reported that the head of Coutts, the Queen’s bank, said clients were more concerned with Corbyn than by Brexit and that a tax expert had helped a number of people with a net wealth of more than £500 million, totalling more than £5 billion, leave Britain over the past year.
Millionaire philanthropist Alfie Best, who built his £285 million fortune through mobile home parks, reportedly said he would pull his personal wealth out of Britain should Mr Corbyn become Prime Minister.
Sri Hinduja and Gopi Hinduja were named as Britain’s richest people Credit: David Benett/Getty Images
The 2019 Rich List shows Britain’s 1,000 richest individuals and families hold a record wealth of £771.3 billion, up £47.8 billion in a year. The Sunday Times reported the number of Britain’s billionaires had risen to 151, an increase of six on last year.
Brothers Sri and Gopi Hinduja have replaced Sir Jim Ratcliffe in top spot. The London-based brothers’ portfolio includes energy, automotive and finance firms.
According to the list, Ratcliffe has fallen to third place behind brothers David and Simon Reuben, while Sir James Dyson has risen seven places to number five after his fortune grew to £12.6 billion, an increase of £3.1 billion in a year.
Sir James Dyson has risen seven places to number five in the 2019 Rich List Credit: CHRISTOPHE ARCHAMBAULT/AFP
In January Dyson, a leading Brexiteer, announced he was moving his firm’s corportate headquarters to Singapore. New entrants for this year include Ed Sheeran, whose wealth has doubled to £160 million, and golfer Rory McIlroy, it was reported.
Meanwhile, Sir Philip Green is no longer a billionaire for the first time since 2002.
The Sunday Times Rich List has valued the Arcadia boss’ fortune at £950 million, compared with a much larger sum of £5 billion in 2007.
The significant drop in the tycoon’s wealth follows last year’s revelations of sexual harassment and bullying allegations made against him following a Telegraph investigation.