The number of billionaires in the United Kingdom has fallen for the first time in years, as global market turbulence and changes to the country’s tax regime take a toll on the wealthiest individuals.
According to the Sunday Times Rich List 2025, the number of billionaires has declined from 165 in 2024 to 156 — the sharpest drop in the list’s 37-year history.
The paper attributes the fall to “falling fortunes” and the departure of some high-net-worth individuals from the UK following the abolition of tax breaks for non-domiciled residents, or “non-doms.”
The combined wealth of the UK’s 350 richest individuals has fallen 3% over the last year to £772.8bn, marking the third consecutive year of decline.
‘Falling fortunes’, non-dom crackdown, market volatility take a toll
The Sunday Times reports that many who previously featured on the list have either dropped off due to a decline in their net worth or left the UK in response to tax changes introduced by both Conservative and Labour governments over the past year.
Jeremy Hunt, then-chancellor, announced in March 2024 that long-standing tax breaks for non-doms would be scrapped.
The policy had allowed wealthy individuals residing in the UK to avoid paying tax on overseas earnings.
The move prompted an immediate exodus, with at least one billionaire reportedly leaving the UK on the day of the announcement.
Labour’s Rachel Reeves, now Chancellor, tightened the policy further in her first budget but later softened aspects of the change in an effort to prevent capital flight and attract high earners back.
Despite the adjustments, Robert Watts, who compiles the list, noted a broader trend of super-rich individuals steering clear of the UK.
“Our billionaire count is down and the combined wealth of those who feature in our research is falling,” he said.
We are also finding fewer of the world’s super rich are coming to live in the UK.
Gopi Hinduja and family retains top spot despite dip
For the fourth consecutive year, the Rich List is topped by Gopi Hinduja and his family, whose estimated fortune now stands at £35.3bn, down from £37.1bn in 2024.
The decline is attributed to weaker valuations of the Hinduja Group’s listed companies.
The conglomerate has holdings across a wide range of sectors, including automotive, finance, oil, IT, healthcare, real estate, and media.
David and Simon Reuben, who made their fortune in property and technology, moved into second place with a net worth of £26.8bn, up from £25bn last year.
They overtook Sir Leonard Blavatnik, whose wealth dropped to £25.7bn from £29.2bn, largely due to a fall in the share price of Warner Music Group.
King Charles climbs the rankings
One of the more eye-catching developments on the list is the rise in wealth of King Charles III.
His fortune has increased by £30m over the past year to reach £640m, placing him at number 258.
This is £270m more than the estimated wealth of his late mother, Queen Elizabeth II, who was said to be worth £370m at the time of her death in 2022.
Much of the King’s wealth comes from the portfolio of investments he inherited from her.
Harry Styles, Dua Lipa among young millionaires making the cut
Pop star Dua Lipa has become the youngest person to make it onto the list.
The 29-year-old, who released her third studio album Radical Optimism in 2024 and headlined Glastonbury, is worth an estimated £115m, ranking her 34th on the sublist.
Other entertainers on the list include Harry Styles, with an estimated wealth of £225m, and Ed Sheeran, whose fortune stands at £370m, placing him 13th.
Sports stars such as Formula One champion Sir Lewis Hamilton and Manchester United co-owner Sir Jim Ratcliffe also feature prominently.
Sir Jim Ratcliffe, Alex Beard, among others see fortunes decline
Among the notable fallers is Sir Jim Ratcliffe, who dropped from fourth to seventh on the list.
His net worth fell from £23.5bn to £17bn, amid weak market conditions and mounting pressures on the chemicals and energy sectors.
Similarly, commodity trader Alex Beard has seen his fortune decline by £224m to £991m.
Beard, formerly with Glencore, is also facing bribery charges related to the company’s African operations and is due to stand trial in 2027.
Suneil Setiya and Greg Skinner, co-founders of the hedge fund Quadrature Capital, are also each worth £980 million now—down £35 million from last year.
Strive Masiyiwa, the Zimbabwean telecoms and technology entrepreneur behind Econet, also dropped out of the billionaire bracket after his wealth fell by £538 million to £968 million.
Malcolm Healey, the founder of Wren Kitchens, endured a particularly difficult year.
The Healey family’s net wealth has declined by £600 million to £901 million, ending their run as Yorkshire’s richest family.
That distinction now belongs to the Shepherd family, founders of Portakabin.
Growing scrutiny over wealth inequality
The list has renewed calls for reform from campaigners who argue that the extreme concentration of wealth in the UK is both economically inefficient and socially harmful.
Luke Hildyard, Executive Director of the High Pay Centre, said the list shows how “a tiny handful of very rich people have captured an increasing share of the country’s wealth.”
“Taxing the super-rich more effectively and ensuring that workers are paid fairer wages would lift living standards across the board,” he added.
“While it’s not easy to reform entrenched wealth, allowing such extreme disparities to persist is neither sensible nor sustainable.”
