Region's wealthiest 'have lost billions'

EAST Anglia's wealthiest people have suffered losses of billions of pounds in the credit crunch, it was revealed today.

Jonathan Barnes

EAST Anglia's wealthiest people have suffered losses of billions of pounds in the credit crunch, it was revealed today.

The losses were put down to plummeting share prices as the global recession took hold, wiping millions of the value of businesses.

The overall wealth of the region's top 10 richest people has plunged 26% from last year, falling more than �1.7billion from last year's high of �6,752million to �5,104m, according to The Sunday Times Rich List.


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There are 27 people based in East Anglia in the top 1,000 list - up from 23 last year - which is published on Sunday.

Newmarket-based Kirsten Rausing, whose fortune is derived from her father's global packaging empire and who owns two stud farms, is still the region's richest person, despite suffering losses of an estimated �1billion in the last year.

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Her �2,500m fortune still makes her three times wealthier than anyone else on the regional list, ahead of Guinness heir The Earl of Iveagh, who runs the 22,486-acre Elveden estate, the largest working farm in Britain. His family's fortune fell from �830m last year to �750m this year.

David Thompson and his son Richard, who run the 1,000-acre Cheveley Park stud, in Newmarket, are third on their list.

They have “substantial” assets in the food and retailing sectors and their wealth is estimated at �430m - a drop of 15% from last year's �503m.

Norwich-based property tycoon Ardeshir Naghshineh saw his wealth fall from �500m to �320m and he was particularly hard hit by the demise of Woolworths, in which he held a 10% stake.

Other notable fallers include turkey firm boss Bernard Matthews, whose personal wealth dropped 47% from �146m to �105m, and former Norwich City directors Andrew and Sharon Turner, who plummeted more than 250 places in the Rich List.

Their Central Trust Insurance Brokers company dropped in value to an estimated �90m, compared to �250m last year.

Colchester United owner Robbie Cowling saw no change in his estimated wealth, with the success of his online recruitment business retaining his fortune at �105m

EAST ANGLIA'S WEATHLIEST

1. Kirsten Rausing (inheritance and investment) - wealth �2,500million (down 29%)

2. The Earl of Iveagh and family (brewing and property) - �750m (down 10%)

3. David and Richard Thompson (food and horse racing) - �430m (down 15%)

4. Ardeshir Naghshineh and family (property) - �320m (down 36%)

5. Dr Mike Lynch (software) - �235m (down 7%)

6. Edward Akin (babycare products) - �232m (no change)

7. Douw Steyn and family (finance) - �200m (no change)

8. Gregory Darling and family (shipping) - �120m (no change)

9. Brian DeZille and family (knitwear and health clubs) - �115m (down 10%)

10. Paul Day and family (haulage) - �112m (down 35%)

11. Hermann Hauser (computers) - �107m (down 9%)

12= Robert Carter and family (construction) - �105m (down 32%)

12= Robbie and Cheryl Cowling (recruitment) - �105m (no change)

12= Bernard Matthews (turkeys) - �105m (down 47%)

15. Andrew and Paul Gower (computer games) - �99m (down 9%)

16= Bill Gredley and family (property) - �95m (down 34%)

18. David Allen (caravan parks) - �85m (no change)

19. Robert Palmer (oil services) - �75m (new entry)

20= Brian Howard and family (property) - �72m (up 11%)

20= Michael Marshal and family (industry) - �72m (down 20%)

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