Britain’s wealthy still ‘Old Guard’

Press, 3 April 1989, Page 1

Britain’s wealthy still ‘Old Guard’

NZPA-AAP London Despite 10 years of Thatcherism and its glorification of the entrepreneur, Britain’s aristocracy have managed to keep a firm grip on the country’s wealth. More than half of the 200 richest people in Britain inherited their wealth, according to a survey published by the “Sunday Times” newspaper yesterday. The Queen, with £5.2 billion, $NZ14.67 billion easily heads the rich list with the Duke of Westminster second with $9.03 billion. The newspaper said the list reflected the “very limited success of the Thatcher revolution in transforming British society.

"The Old Britain — of Eton, Oxbridge, the land and the Guards — is still secure in its privileges and wallowing in its (inherited) wealth,” the paper said in an editorial. There are 11 dukes, six marquesses, 14 earls and nine viscounts listed among the top 200. More than a quarter of the list are landowners who in total own 7 per cent of the United Kingdom.

Among the self-made are the press and publishing baron, Mr Robert Maxwell, with $1904.6 million ranking eleventh, the Virgin record and publishing boss, Mr Richard Branson, with $423.25 million, thirty-eighth, the former Beatle, Paul McCartney, $225.73 million eighty-third, and the singer, Elton John, $112.87 million 15 th.