The Sunday Times Rich List

I always read The Sunday Times Rich List, which arrived with the paper last weekend, but with increasing cynicism.

Firstly, how do they evaluate wealth and, secondly, debt?

The Irish entrepreneur Tony O’Reilly passed recently.

He was the businessman that built up the Kerrygold butter brand, had a stellar career at Heinz, was a press baron and merged Waterford Crystal with Wedgwood. He had a large estate in County Kildare and a château in Normandy. He entertained George Bush and Nelson Mandela.

He went bankrupt and even a £400m injection from his brother-in-law Peter Goulandris could not save him or his companies.

Another notorious example was Robert Maxwell, who went from a high position on the List to his death and the revelation that much of his business empire was worthless.

Some rich people, moreover, do not choose to advertise their wealth with obvious concerns of security and being pestered by charities.

Ownership of a Premiership football club is a common trait.

What are interesting are the various sources of wealth. A few years ago it was mobile phone shops, now it’s tech and property that dominates.

Rich people are not tied to domicile and have homes around the world. In the last few years London has been less attractive.

Wealth certainly does not always bring happiness. The Hinduja family (that rank number one) have been beset by litigation and another in the list – Manny Davidson – has had a much-publicised family dispute.

The Rich List is undoubtedly beneficial for The Sunday Times. In the supplement are adverts for wealth funds, classic cars and an advertorial for that great badge of wealth – the Superyacht.