VANISHING MILLIONAIRES

Evening Star, Issue 21076, 13 April 1932, Page 12

VANISHING MILLIONAIRES

, .More than IUU men who three years ago were millionaires have to-day lust tno right to that title. There were about 49U of them worth £1,000,000,000, but in the world slump their lortunes have dropped in value by £300,000,000, ami only 385 are still millionaires. One man reputed a lew years ago to be the richest man in Britain with £40,000,000 is believed to be worth £10,000,000. A famous shipping peer whoso fortune stood at £3,000,000 in 1927 now has £500,000. Another peer who had £7,000,000 is worth £3,000,000. The losses millionaires have sullered are strikingly shown is recent wills:— Mr Solly Joel was estimated to possess £12,000,000 in 1925. When he died last May he left £1,000,000. Lord Melchett, said to have £5,000,000 before the slump, died with only £193,000 (net personalty) in December, 1930. Mrs H. Stewart Hornby Lewis, whose estate had been put at £2,000,000, left £662,000. The £4,900,000 left by Mr Bernhard Baron, the tobacco millionaire philanthropist, declined by £1,325,000 through the drop in share prices in live months between his death in August, 1929, and January, 1930. An additional £2,269,000 was absorbed by death duties, leaving an estate of £1,350,000. Lord Ashton, the linoleum millionaire, was worth £20,000,000 a lew vears ago. After his death in May, 1930. it was found that his fortune had shrunk to £9,500,000. In 1928 and 1929 twenty-nine persons died leaving £1,000,000 or over. Only twenty-five estates touched the million mark in 1930 and 1931. Surprising facts about millionaires and their money in the crisis were given recently to the ‘Sunday Express ’ by Mr Ronald Staples, editor of ‘Taxation.’ “There are millionaires who did not earn a penny last year,” he said. “ Many others did not receive enough income even to pay their tax! J know one man who was worth more than £1.000,000 before the world slump. He now has a quarter of that. “There is a Midland manufacturer whose income tax is assessed on his old income of £IOO,OOO a year. But last year his income was nothing. The fall In investments, passed dividends, and waived directors’ fees have all contributed to their plight. “ Many have lost half their money. Some are selling their diamonds and others their estates. And though they have lost so many thousands nearly all are optimistic of the future.”