The Duke of Westminster has been knocked off his perch after more than a decade as the richest investor in UK property.
He’s taken the top spot in the Estates Gazette Rich List since it began in 2002, comfortably surpassing billionaires such as the pharmaceuticals scion Ernesto Bertarelli and the Swiss-based investors and private equity players, David and Simon Reuben.
Notice anything about this list? Like the two Chinese men that came out of nowhere to occupy first and second place? Neither of them appeared in the top 250 UK property investors last year. The third Chinese member of the top 10, Joseph Lau, is £550m richer than he was last year. But the wealth of the top 250 is so much greater – up 60% on 2012 – that he has fallen three places.
The trio own a huge clutch of residential and commercial property developments in London, along with plenty of existing real estate such as the Goldman Sachs building on Fleet Street.
In seventh, the art lover Joseph Lau.
Lau made his fortune as a corporate raider in Hong Kong in the 1990s. He owns the Goldman Sachs building and a house on London’s Eaton Square, now on sale for £70m. He also owns one of the world’s finest wine collections (over 10,000 bottles), a 7ft high Andy Warhol portrait of Chairman Mao and Paul Gauguin’s Te Poipoi.
Full article: The Asian oligarchs you’ve never heard of who bought up London – and knocked the Duke of Westminster off No1 (The Telegraph)