Britain now has more billionaires than ever despite cost of living crisis

Many Brits are currently struggling to handle all their bills due to the surging cost of living.

However, despite this, it's been revealed that there are now more billionaires than ever living in the UK.

This year's Sunday Times Rich List claims there are now 177 billionaires in Britain – which is up by six from 2021.

Not only that, but it also says that the richest people in Britain have increased their fortunes by 8% over the past year, which puts their combined wealth for the past 12 months alone at a colossal £710billion.

The top 250 entrants in the list this year are also richer than all 1,000 entries back in 2017.

Brothers Sri and Gopi Hinduja, who are chairman of automotive company Hinduja Group top this year's report. They are said to be worth £28.472bn, which is the largest amount ever for a family or individual in the Rich List.

Behind them is Sir James Dyson, who founded the vacuum cleaner, and his family, who are worth an estimated £23bn.

The Chancellor of the Exchequer, Rishi Sunak, has also made the list of top earners this year. He's the first frontline politician in the UK to make the list in more than 30 years.

Despite making money as a hedge fund manager before moving into politics, the 42-year-old's wealth derives largely from his wife, Akshata Murty, who owns a £690m stake in an IT business founded by her father.

Despite many billionaires thriving, the wave of sanctions imposed against Russian oligarchs since the start of the war in Ukraine has badly dented a number of people's wealth.

This includes former Chelsea owner Roman Abramovich, with the 55-year-old tumbling down the list, from 20th place to 28.

Lord Alan Sugar has also slipped down the Rich List as his net worth crashed by £112 million.

However, despite his huge loss, Lord Sugar is still worth over a billion pounds and is now ranked at number 166 on the list with a worth of £1.088bn.

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