Property’s wealthiest dominated the top of the Sunday Times Rich List yesterday, with the Reuben Brothers stealing the crown from the Duke of Westminster.
The wealthiest have amassed a combined fortune that amounts to the GDPs of more than nine countries within the European Union (and that’s saying something)
But..Perhaps it’s not all about the bucks for you, but it’s fun looking at the Times Rich List every year, right?
If you weren’t absolutely positive about investing in property, or you’ve been sitting on the fence for a while, or its just not happening for you yet…
Then look at the top ten richest people in the UK in 2013:
1. Alisher Usmanov
[has a £48Mil Mansion London]
2. Len Blavatnik
[Made fortune in the New York real estate]
3. Sri and Gopi Hinduja
[Have multiple properties around the world]
4. Lakshmi Mittal
[Owns a property in London on ‘Millionaires row’ & bought his son a £117Mn mansion in London, and a further portfolio totalling over £500Mil]
5. Roman Abramovich
[Renovating a property set to be worth £100Mil]
6. John Fredriksen
[Has accumulated personal property portfolio around the world]
7. David and Simon Reuben
[Have made significant money in property – Amercian Express offices, John Lewis buildings, 50%JV in Park Plaza hotels & resorts & currently renovating property set to sell for £212Mil]
8. The Duke of Westminster
[Owner of Grosvenor group & acquiring a further £70Mil of luxury properties, with a £395Mil profit last year and reserves of nearly £10Bn to return to global property markets]
9. Ernesto and Kirsty Bertarelli
[Diversified in the property market by investing £500Mil to buy £1Bn worth of property]
10. Charlene and Michel de Carvalho
Not much about their property portfolio, but bet they have their own! There had to be o n e who didn’t make it big in property, right?]
So can You really do it too?
Is it really easy to become a buy to let tycoon?
Our friend Andreas Panayiotou who started from nothing [unlike others such as Stelios and Lakshmi Mittal] and has made around £500 million over the last ten years from property told us, “Reputation is paramount, If people [estate agents] know you’re straight You get the deals”.
His advice to upcoming property entrepreneurs:
“I only borrow 55 per cent of the money to buy a property. Other property buyers will gear up to 90 per cent, which makes negative equity a problem for them.”
Is it no wonder how he sailed through the Major recession, loving the falling property prices:
“We picked up schools, warehouses and old hospitals that no one knew what to do with. Areas like Hackney are now fashionable, but I was there years ago. You’ve got to go against the grain as an entrepreneur.”
11. You? One day?
You’re in the right business my friend, you just need to keep going.
And don’t let anyone tell you any different. Not even me.
As always – opinions, comments, quotes and advice welcomed below!