The Sunday Times Rich List compiles the UK’s wealthiest people, with the Duke of Westminster, Hugh Grosvenor topping the young rich list. The 32-year-old, who is also Prince George’s godfather, inherited his title and the age of 25 along with 300 acres of land across London’s Belgravia and Mayfair. His Grosvenor Group real estate company portfolio extends across 43 cities in ten countries and is worth an estimated £9.878 billion. Nine of the 35 young elites have inherited their fortunes through family ties – but the rest have gone on to do it themselves. Ben Francis, founder of Gymshark, built a £900 million fortune in just over a decade. His co-founder, Lewis Morgan, also joins him on the list with a £160 million fortune from the business.
Also strutting their stuff are athleisure and fashion brands such as Dan and Melanie Marsden’s Lounge Underwear worth £151 million, AYBL run by Reiss and Kris Edgerton worth £60 million and Manière De Voir founded by former U20 England footballer Reece Wabara, who is worth £83 million. Several young pop stars have graced this year’s young list. Ed Sheeran sits in seventh place with £300 million to his name, followed by Adele at 9th with £156 million. Harry Styles joins his fellow music stars on the list at 13th with £150 million. His latest album Harry’s House was the best-selling UK album in 2022. He is currently on his Love On Tour with 170 tour dates across the UK and Europe. His former One Direction band mates Niall Horan and Louis Tomilson also feature on the list at 29th place, both with £54 million to their name.
Dua Lipa graces the list on the 23rd spot with an estimated worth of £75 million at the age of 27. She also models and has recently starred in the recent Barbie film. She is joint youngest on the list along with gaming developer Daniel Knight, worth £50 million, along with AU Vodka founders Charlie Morgan and Jackson Quinn who are both worth £55 million each. Harry Potter star Daniel Radcliffe is also on the list for his work in film with a fortune of £92 million with his co-star Emma Watson, sitting at 24th place on the list with £60 million to her name. There are several notable athletes on the list, including golfer Rory Mcllroy, 34, valued at £200 million followed by boxer Anthony Joshua at £150 million. England footballer Harry Kane ranks 32nd on the list with a £51million fortune with his teammate Raheem Sterling who has £61 to his name.
Five of those on the list were friends at the same school in Worcestershire. Reiss and Kris Edgerton who founded a watch business, Reece Wabara, Ben Francis, founder of Gymshark and his business partner, Lewis Morgan, all went to South Bromsgrove High School. The list goes to show that the majority of those on the list made millions without being born into wealth. About half of them attended state schools – and at least a third didn’t go on to further education. Robert Watts, compiler of the Sunday Times Rich List spoke about how social media and a revolution in technology have given entrepreneurs the opportunity to build thriving empires. He told Elite Business: “I believe it has become easier for young entrepreneurs to build a 100-million-pound business now than 10 years ago. Technology is a huge part of that. If you look at the list, a lot of businesses were spun out of Instagram. Gymshark founders Ben Francis and Lewis Morgan have done this very well. It is a business that started on Instagram. That is the beauty of the internet.
“The rise of internet sales and technology is that you can take a business global. Twenty years ago, that would have been a small or medium size business operating maybe just in the UK, but internet sales have made It so much easier to grow a global business and grow it very quickly in just a few years. We have Vishal Karia, owner of Affinity Fragrances. In 7 years, he has grown a business with a turnover of more than £100 million and it operates in five continents around the world. The internet has been vital to communicate trade quickly. A few years ago, this wouldn’t have been possible. Technology has made it consumer-friendly, not just internet sales, but the ability to reach people through social media has pushed the fast forward for many entrepreneurs, and it’s very exciting.
“This is our 35th Sunday Times Rich List. The very first list looked almost like a gallery of white elderly men working in banking, property or manufacturing. There was a lot of inherited wealth. That has now really changed. The list is now a lot about self-made wealth. It’s about people who had the guts and hard work to start their own businesses, producing goods and services that you and I want to buy.”