Britain’s millionaires took advantage of the recovery from the world financial crisis in 2008 and boosted their fortunes by a third last year, according to the authoritative annual Rich List published by the Sunday Times.
The 16 Greeks and Cypriots who were ranked among the richest 1,000 in the U.K. also did well, with investments in property, services and IT paying off and generating a higher return.
Philip Beresford, the report’s author and editor of the U.K. section of the Greek Rich List, said that this year’s list is dominated by young entrepreneurs – of the richest 1,000 entries, 771 are self-made millionaires, including easyJet founder Stelios Hadji-Ioannou and Andrew Michael, who founded Internet hosting firm Fasthosts aged just 17. Now 30, Michael is worth GBP 130 mln, according to the Rich List.
Beresford said that entrepreneurs are “absolutely critical” for the British economy and that they’re the only ones doing any job creation.
“We should laud them to the heavens for that, and try to make life as easy for them as possible,” Beresford said.
Topping the list of richest Greeks and ranking 45th in Britain is Alki David, 42, a member of the prominent Leventis family, with investments in media, property, shipping and industry, including Coca Cola plants in 28 countries, valuing the family at GBP 1.2 bln.
Alki has recently diversified investments into cinema and the Internet, with his most recent film being ‘The Bank Job’, a gangster thriller based on the true story of the 1971 Baker Street bank robbery. When not acting, David is a high-flying entrepreneur. He runs FilmOn, a live-streaming business which was listed on the Frankfurt stock exchange in February 2009 and has a market value of GBP 577 mln. The Guardian, noting that David was bidding to take over Coventry City FC in December 2007, put the Leventis family fortune at GBP 4 bln.
EASY MONEY
Next on the list is Sir Stelios and the Haji-Ioannou family, with the 43-year-old entrepreneur ranking 71st in the Sunday Times Rich List and a fortune of GBP 820 mln, up from GBP 564 mln a year ago, according to the 2009/2010 Greek Rich List. In recent months, the serial entrepreneur sold his boutique cruise operation easyCruise to Greece's largest coastal ferry company, Hellenic Seaways for a reported GBP 6.5 mln. He also bought a 5% stake in Sea Star Capital, the Cypriot listed investment vehicle which controls both Greek ferry operators ANEK and Hellenic Seaways. But his main interest continues to be budget airline Easyjet, which cheered investors in January with stronger-than-expected trading and said it was on track for healthy profit growth in 2010. The Haji-Ioannou family stake in Easyjet is now worth GBP 734 mln. The family shipping company, Stelmar, has recently been sold to a British shipper for GBP 470 mln, netting the family around GBP 94 mln.
Michael Lemos, 55, ranked 101 in the STRL, and upped his shipping inheritance from GBP 550 mln to 605 mln last year
Chris Lazari, 64, is well-known for his vast property portfolio in and around London, primarily commercial and office properties. The family-run business seems to have done well as from GBP 425 mln in last year’s list, their fortune has gone up by nearly 100 mln to GBP 522 mln, placing Lazaris at 125 in the Sunday Times Rich List.
Brothers Nicholas and Christian Candy, whose ultra-luxurious properties came to symbolise the extravagance of the bull market before the recession, were valued by their corporate finance chief at GBP 750 mln in September last year for their Guernsey-based CPC Group. The Candys are battling the Qatari royal family in the courts over the Chelsea Barracks development which they jointly acquired for GBP 959 mln in 2007 at the top of the property market and also face other legal challenges from Mexican billionaire Carlos Slim in America over a $356 mln loan for a Beverley Hills' development. From GBP 330 mln a year earlier, they are estimated to have a wealth of GBP 300 mln.
Next is Andreas Panayiotou, 44, an East End-born property entrepreneur with a personal fortune of GBP 250 mln, the same as last year.
SOAP OPERAS
Anthony Green took over the family soap business from his uncle Sir John Zochonis in 1993 and PZ Cussons has seen sales of its anti-bacterial products soar due to fears over swine-flu infection. In the past year, propelling the combined wealth from GBP 165 mln to 238 mln. Sir John, 81, is the great-nephew of one of the founders that gave us Imperial Leather and after retiring is seen to have a wealth of GBP 175 mln, up from GBP 112 mln a year earlier, due mainly to his share in PZ Cussons.
Dionysios Liveras and family are ranked 294 in the List, with a fortune of GBP 215 mln, held in trust from the sale of their food industry to Bakkavor a few years back and a recent venture into yachting.
John Goulandris, 82, and his son Dimitri still own a large share of a vast shipping empire, placing the family wealth at GBP 200 mln.
Theo Paphitis, 51, is the flamboyant retail king and part of the television show Dragon’s Den, with a fortune of GBP 160 mln, up from 145 mln a year ago.
Stef and Stelio Stefanou are in the construction business and have an estimated wealth of GBP 125 mln, thanks mainly to their recent sale of John Doyle Construction and Accord, a company that collects household waste from over 10 mln homes a year, maintains 20,000 km of roads and 83,000 council houses.
Pop star George Michael still makes it into the Sunday Times Rich List with a fortune of GBP 90 mln. He had a quiet 2009 apart from a cameo appearance on the X-Factor show and has plans of two big Australian shows in 2010.
Panico Panayi, 69, is in the leisure industry with the biggest chain of bingo halls in the U.K., netting him a personal fortune of GBP 74 mln (2 mln more than a year ago), with recent investments in Romania.
Paris Natar, 55, has a GBP 70 mln stake in the Gardman garden products business that is going from strength to strength with exports to more than 35 countries.
OFF LIST
Due to the rise of fortunes of many millionaires, the Sunday Times Rich List had a cut-off figure of GBP 63 mln, which meant that many Greeks and Cypriots did not make the list. However, the following names were provided by the Greek Rich List that produced its third edition in late 2009 with the next one expected in the first half of 2011.
Theo Phanos, 46, GBP 62mln. The former Deutsche Bank executive is now one of London's top hedge fund managers.
Haris Sophoclides, 73, GBP 60 mln. The managing director of J&P Ltd. is also the leader of Britain's 250,000-strong Greek Cypriot community.
Tony Yerolemou and family, GBP 60 mln, deputy chairman of the Bakkavor food group.
Brett Palos, 36, GBP 45 mln, sold his ISA group to Electra Private Equity. He is the stepson of billionaire retailer Sir Philip Green.
Tasos and Ailsa Symeonides, GBP 42 mln, head Axios Systems, the Edinburgh-based software operation that has been picking up new customers of late including in Australia and the Gulf.
John Paleomylites, GBP 40 mln, owns BeatThatQuote.com, an insurance price comparison web site that trades from offices in London's Kentish Town.
George Demetriou and family, GBP 38 mln, are in property, turning the former Great North Eastern Railway headquarters into York's first five star hotel.
Andros Stakis and family, GBP 38 mln, inherited Sir Reo Stakis’s fortune created from the popular Stakis Hotels rags-to-riches tale of a boy who set sail from Cyprus in 1928 with just £50 in his pocket and carrying two suitcases filled with lace from his mother.
George Sideras and family, GBP 35 mln, sold St Paul's Healthcare Group, a Cheshunt-based operation providing residential and day care to people with learning difficulties, to GI partners private equity group in 2008.
Michael and Andriani Tsiattalos, GBP 33 mln, run Michael's Pitta Bread Bakery, based in North London, with a significant share of the UK pitta bread market.
Kerry Michael, 50, GBP 32 mln, bought, converted and sold properties and is owner of Agm Holdings, an insurance company.
Chris Vassiliou Boyiantzeas, 55, GBP 31 mln, heads Bike Alert, one of the leading suppliers to the motorcycle industry world-wide.
Demetrios Kounnis, GBP 30 mln, was born in Famagusta and currently runs the Kounnis Group, an Essex-based property operation.
