The Insider Rich List for the Midlands ranks 100 entrepreneurs from the Midlands based on their net worth. There are many familiar names and companies on the 2022 Rich List - like Lord Bamford and family, Sir Tony Gallagher and others - with the 2023 listing to be released in the coming weeks.
From Bet365 founder Denise Coates and her family to Walsall-born Frasers Group founder Mike Ashley - the Insider Media rich list not only ranks the wealthiest people, but also shows whether they have gained or lost some of their fortune. Similar to the Sunday Times Rich List this too is published annually. It will reveal who has been the top gainer or loser in the Midlands for the year 2022-23.
How Insider Media came up with the list
Insider Media said: “Our Rich List sets out to document the fortunes of the Midlands’ 100 wealthiest individuals and families. Private company stakes were valued on multiple of pre-tax profits of between eight and 12 times - or a occasionally with an equivalent quoted company or failing that by the prevailing prices in the sector.
“Where it was appropriate, companies and therefore family stakes are valued on the net assets of the business. All stakes in quoted companies were valued by taking the share price in the Financial Times in September 2022. We usually exclude salaries from our calculations, but do include dividends - which are often reinvested to buy assets.”
You can find the full list of 100 wealthiest people in the Midlands in 2022 via the Insider Media website. Here are the top 14 business leaders from the Midlands on the list:
1. Denise, John and Peter Coates
2022: £8.161bn, 2021: £7.972bn - Bet365 founder Denise Coates and her family again top the annual wealth rankings – even though she had a £171m pay cut over the past year, her salary falling to £250m. The Coates also garnered the bulk of £97.5m in dividends paid out by Bet365 during the same year. (Photo by Sean Dempsey - WPA Pool/Getty Images) | Getty Images
2. Lord Bamford and family
2022: £5.9bn, 2021: £4.8bn - Bamford was born the day his father founded JCB and has taken the construction equipment manufacturer from a single factory to a giant employing 15,000 around the world. Profits exceeded £500m on sales of nearly £4.4bn in 2021, with strong growth in Asia, Russia, Latin America, the UK and Ireland. There was also an £80m dividend for the Bamfords, who own all of the £5bn business. (Photo by Luke Walker/Getty Images for Starlight Children’s Foundation) | Getty Images
3. Mike Ashley
2022: £3.635bn, 2021: £3.434bn - Mike Ashley stepped down from the board of Frasers Group, the retail empire he built off the back of Sports Direct’s success. His son-in-law Michael Murray now runs the group as chief executive. Mansfield-based Frasers encompasses Sofa.com, Jack Wills, USC, Evans Cycles, Slazenger, Lillywhites, Slazenger and other high-street names. (Photo - Getty Images) | Getty
4. Tony Murray and family
2022: £2.45bn, 2021: £2.3bn - Murray and family own 90% of Andrew Sykes Group. The Wolverhampton-based company hires out air-conditioning, heating and pumping equipment. The shares value the operation at £213.8m. The family also own most of London Security, which makes extinguishers and other fire protection equipment. Murray, who celebrated his 100th birthday more than two years ago, has a large cash pile as well as luxury hotels in Switzerland and Florida. (Photo - Google Maps) | Google Maps