Britain146;s rich, Mittal included, get richer despite credit crunch

Russian oil magnate Roman Abramovich, owner of London8217;s Chelsea soccer team, was in second place, with wealth of 11.7 billion pounds. The Duke of Westminster was in third place with 7 billion pounds. He owns huge parcels of land in central London and elsewhere. Indian-born industrialists Ari and Gopi Hinduja were in fourth place with wealth of 6.2 billion pounds. Russian steel and mining magnate Alisher Usmanov was ranked fifth with a wealth of 5.7 billion pounds.

The newspaper said more than half of Britain8217;s 75 billionaires, and 14 of the 20 richest people, were foreign-born. Queen Elizabeth II8212;the country8217;s richest person when the Rich List was first published in 19898212;now ranks 264th, with a personal wealth of 320 million pounds. The estimate no longer includes the vast royal art collection, which is now considered to belong to the nation.

Philip Beresford, who compiled the list, said 8220;much of the rise in this year8217;s wealth can be attributed to one factor8212;the number of foreign rich who have made London or its environs the main home and base of operation.8221;

He said the 11 years since the ostensibly leftist Labour Party was elected to power in 1997 had seen 8220;a boon for the super-rich, rarely seen before in modern British history.8221;