Mumbai born David and Simon Reuben topped ‘The Sunday Times’ Rich list 2016, with a fortune of 13.1 billion pounds, closely followed by the Hinduja brothers at 13 billion pounds.
The Reubens were born in India to a wealthy Iraqi-Jewish family before moving to Britain in the 1950s and made their fortune in metals and property. Their collection of London property includes Millbank Tower, the John Lewis Partnership in Victoria, and shops in Sloane Street, London Oxford Airport and London Heliport. They were a leading investor in Metro Bank that floated last month at 1.6 billion pounds. The brothers David 77, and Simon 74, keep a large proportion of their wealth in liquid assets including cash and bonds and value their properties at cost.
Srichand and Gopichand Hinduja who head the Hinduja Group hold on to their second rank from last year with an unchanged fortune.
The old War Office in Whitehall was bought for 300 million pounds by the Hinduja family on a 250-year lease, they plan to turn it into a hotel worth 1 billion.
Indian tycoon Lakshmi N Mittal of ArcelorMittal slipped to 11th on the list from 7th last year.
Lord Swaraj Paul and family were also hit by the steel crisis and ranked 154th this year compared to 44th in 2015.
The UK has clocked 120 billionaires this year. On a global scale India has a record 56 billionaires.