https://sputnikglobe.com/20220520/uk-number-of-billionaires-rises-as-cost-of-living-crisis-persists-1095651948.html
UK Number of Billionaires Rises as Cost of Living Crisis Persists
UK Number of Billionaires Rises as Cost of Living Crisis Persists
Sputnik International
The Sunday Times annual Rich List Magazine has revealed the wealth of the 250 richest people in Britain as the cost of living rises inexorably in the country. 20.05.2022, Sputnik International
2022-05-20T10:40+0000
2022-05-20T10:40+0000
2023-05-28T15:19+0000
billionaires
inflation
united kingdom (uk)
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There has been a huge spike in the number of people becoming billionaires in the UK, according to The Sunday Times list.There are six more billionaires this year than were recorded in 2021 with a combined wealth of £653Bln ($815Bln), up more than £55bn (9.4 percent).The list is topped by Sri and Gopi Hinduja, who together own the Hinduja Group, a conglomerate that deals in oil, chemicals, banking, cybersecurity, healthcare, and property, among other interests. Their collective wealth grew £11.47Bln to a record £28.47Bln.This list comes as the cost of living and inflation continue their inexorable rise, with poorer people increasingly crushed by the struggle of trying to make ends meet.On 4 May, UK Environment Minister George Eustice suggested that Britons should choose inexpensive products instead of "brand name" goods to save some money. Similarly, Parliamentary Under-Secretary of State for Safeguarding, Rachel Maclean, said that UK citizens who have been struggling because of rising costs of living should consider working harder or finding a higher-paid job. Both have been harshly criticised for failing to tackle inflation at policy level, and have instead decided to offer patronising advice.The annual inflation rate in the United Kingdom climbed to 9 percent in April from 7 percent a month earlier, hitting a 40-year-high, the UK Office for National Statistics said on Wednesday.Earlier, the Bank of England raised its forecast, predicting that inflation in the UK will reach an all-time high this year, exceeding 10 percent in the fourth quarter, as surging food and energy prices are being compounded by the Ukrainian crisis.
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billionaires, inflation, united kingdom (uk)
billionaires, inflation, united kingdom (uk)
UK Number of Billionaires Rises as Cost of Living Crisis Persists
10:40 GMT 20.05.2022 (Updated: 15:19 GMT 28.05.2023) The Sunday Times annual Rich List Magazine has revealed the wealth of the 250 richest people in Britain as the cost of living rises inexorably in the country.
There has been a huge spike in the number of people becoming billionaires in the UK, according to The Sunday Times list.
There are six more billionaires this year than were recorded in 2021 with a combined wealth of £653Bln ($815Bln), up more than £55bn (9.4 percent).
The list is topped by Sri and Gopi Hinduja, who together own the Hinduja Group, a conglomerate that deals in oil, chemicals, banking, cybersecurity, healthcare, and property, among other interests. Their collective wealth grew £11.47Bln to a record £28.47Bln.
This list comes as the cost of living and inflation continue their inexorable rise, with poorer people increasingly crushed by the struggle of trying to make ends meet.
On 4 May, UK Environment Minister George Eustice suggested that Britons should choose inexpensive products instead of "brand name" goods to save some money.
Similarly, Parliamentary Under-Secretary of State for Safeguarding, Rachel Maclean, said that UK citizens who have been struggling because of rising costs of living should consider working harder or finding a higher-paid job. Both have been harshly criticised for failing to tackle inflation at policy level, and have instead decided to offer patronising advice.
The
annual inflation rate in the United Kingdom climbed to 9 percent in April from 7 percent a month earlier, hitting a 40-year-high, the UK Office for National Statistics said on Wednesday.
Earlier, the Bank of England raised its forecast, predicting that inflation in the UK will reach an all-time high this year, exceeding 10 percent in the fourth quarter, as surging food and energy prices are being compounded by the Ukrainian crisis.
