BTMK Richest 50.pdf


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50

Richest
E

SSEX is booming, at least

commitment to remaining in Essex and

47 self-made are returnees to the list,

for the 50 richest Essex

therefore paying their taxes here. Tax

Vijay and Bhikhu Patel, who are bent on

millionaires. In this, the

exile certainly doesn’t seem to appeal to

recreating the successful pharma

11th Essex Life Richest 50

our continuing number one, Lord Sugar,

operation they recently sold. They also

list, the top 50 wealthiest

or our new number two, West Ham

help push our Asian community

United co-owner, David Sullivan.

representation up to four this year.

are now worth a collective £8.017
billion, up £1.89 billion or a cool 31%
rise on 2013.
The booming housing market, strong

Celebrity wealth too is alive and well in

Women too still get short shrift, though

Essex. Veteran rocker Rod Stewart, soon

we have six this year, either in their own

to reach 70, shows no sign of cooling his

right or as partners of Essex-born tycoons.
In terms of age, it is still a pretty

profits at local niche manufacturers and a

love affair with the county, spending

canny eye for a bargain among some of

some of his £140m fortune buying a

middle-aged list. The oldest person we

the traditional Essex multi-millionaires

near-£5m country pile near Epping Forest

have in the top 50 is Jack Petchey, born in

have all combined to make 2014 a vintage

last year, his second Essex mansion.

1925. We have no-one born in the 1980s

year for the local rich.

David and Victoria Beckham again make

and just four born in the 1970s, including

it into our top 50 with a joint £210m

the Beckhams. Geographically, Essex

tide of wealth at the top lift everyone of

fortune, thanks to their respective roots

wealth is diffused round the county.

the county’s 1.31m population to greater

in Leytonstone and Harlow.

Leafy Epping has five of the Essex 50

Of course, we all want to see the rising

prosperity. And to that end, it helps that

Outside this A list world, the Essex Life

while Colchester has four and Billericay,
Basildon and Southend have two apiece.

the unemployment rate in Essex at 5.8%

Richest 50 largely come from business.

is well down on the UK average of 6.4%,

Essex is blessed with a very diverse

with several towns having rates as low as

economy. The county’s proximity to

1.5%.

London and its housing market always

HOW IS IT CALCULATED?

helps our property and construction

To qualify for the Essex Life Richest 50 is

too. Essex has the second highest

millionaires and this year we have 15 (one

no simple matter. The person must either

concentration of finance and insurance

up on last year). Industry is second with

work, live or be born in the area or have a

Proximity to the City of London helps

workers in the European Union
with 66,000 workers, only
second to London,
which means lots of
well-paid jobs and the

eight millionaires and we have three
millionaires in finance, the
same as last year.
The Essex Life 50 are
also overwhelmingly

substantial presence in the area. Their
wealth is assessed on land holdings,
shares in quoted or private companies
and any sale proceeds from company
sales. Quoted company stakes were

self-made. Only

valued at the end of August 2014. Private

spent in the commuter

three of the

companies are generally valued at about

towns where these City

Essex 50

ten times their latest profit figures,

slickers live.

inherited

depending on the financial health of the

their

operation. We have no access to detailed

is that those at

fortunes,

personal financial records such as bank

the top of our

half last

accounts or the like, so make no

list show a

year’s figure.

allowance for these.

keen

Among the

money earned being

The good news

www.essexlifemag.co.uk

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