The new Sunday Times Rich List has been released today (Friday, May 17) revealing the wealthiest people from the Midlands region.
Many of the UK’s richest residents have their origins in Birmingham and the West Midlands. Some are continuing a legacy while others are new entrepreneurs - who made it big.
Here a look at the wealthiest 1% of the Midlands in 2024, according to the new Sunday Times Rich List.
This year’s UK listing shows that the richest people from our region come from varied backgrounds. The new 76-page special edition of The Sunday Times Magazine reveals the largest fall in the billionaire count in the guide’s 36-year history, from a peak of 177 in 2022 to 165 this year.
This year’s list of 350 individuals and families together hold combined wealth of £795.361 billion, a sum larger than the annual GDP of Poland. British-Indian businessman Gopi Hinduja and his family top the list, with their wealth of £37.2bn.
Sir Elton John, Lord Lloyd-Webber and David and Victoria Beckham all appear in the annual survey. The minimum entry for the list of 350 this year is £350 million.
Robert Watts, compiler of the Sunday Times Rich List, said: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many of our home-grown entrepreneurs have seen their fortunes fall and some of the global super rich who came here are moving away.
“Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.
“These may be harder times to create wealth, but The Sunday Times Rich List continues to unearth entrepreneurs building fortunes in diverse and often surprising ways.
“This year’s new entries include people who have made money from artificial intelligence and virtual worlds as well as plumbing supplies and teaching aides.”
Let’s take a look at the richest people from the Midlands.
5. Tony Murray and family (overall rank: 62)
The Midlands-based Murray family are worth £2.8bn in 2024, £68m from the year previous. Ther business is in Plant hire, property and fire protection | Google Maps
6. Sir Peter, James and Steve Rigby (overall rank: 104)
The Rigbys’ Birmingham-based conglomerate has interests spanning IT, finance, hotels and property with Coventry’s airport just one of five in their collection. Their wealth has increased by £728m million in the last year, and is is currently £1.594bn. | BirminghamWorld
7. John Caudwell (overall rank: 109)
Birmingham-born John Caudwell is the owner of the now defunct phone retailer Phones4U. He is currently worth £1.537bn, a fall of £31m from last year. | Andrew H. Walker/Getty Images for Happy Hearts Fund
8. Sir Tony Gallagher (overall rank 132)
Sir Tony Gallagher is a British billionaire property developer, and the founder and former chairman of Gallagher Estates and Gallagher Developments. His wealth is £1.295bn as of 2024, a rise of £20m from the year prior | Google Maps