Arc owners top rich list after 3.4bn fortune boost

Simon and David Reuben

Simon and David Reuben: brothers own racecourse company Arc

THE owners of Britain’s largest racecourse operator Arena Racing Company, David and Simon Reuben, have become the richest people in Britain after their wealth rose by £3.4 billion.

The Mumbai-born brothers have risen from fifth to first in Britain’s rich list, compiled by The Sunday Times, with a combined total worth of £13.1bn.

David, 77, and Simon, 74, arrived in Britain in the 1950s and made their fortune trading aluminium in Russia in the 1990s and in property, airports, hotels, technology and banking since 2000. Arc operates 15 of Britain’s racecourses.

The list of the 1,000 wealthiest people in Britain shows a levelling off in the fortunes of the richest and only three more billionaires compared to 12 months ago.

Gambling tycoons

Riding high among the elite are Denise, John and Peter Coates, the family who run bet365, the world’s largest online gambling business, whose wealth has leapt by 60 per cent to £3.765bn, taking them into the top 25 for the first time.

People from the gambling sector again feature prominently behind racehorse owners Kirsten Rausing, who with brother Jorn ranks eighth in Britain’s rich list with a wealth of £8.7bn, and Earl Cadogan and family, whose London property empire puts their worth at £5.7bn.

Mark Scheinberg, whose father founded PokerStars, which was sold in 2014, has a fortune worth £2.87bn (up £110m), while Fred and Peter Done are now worth £1.3bn, up by £300m.

Dermot Desmond, with £1.5bn, is ranked joint-fifth in the list of Ireland’s top 250 richest, with JP McManus (£786m) 11th, Coolmore Stud partner John Magnier (£783m) 12th and Gigginstown House Stud owner Michael O’Leary (£708m) 15th.

Betfair boost

Three new to the list are the result of the merger between Paddy Power and Betfair, which has elevated chief executive Breon Corcoran (£50m), former Paddy Power boss Patrick Kennedy (£55m) and co-founder Stewart Kenny (£53m), while the fortunes of the other founding partners, David Power (£343m) and John Corcoran (£159m), have soared with the pair adding a combined £155m to their wealth.

Other racing personalities featured on the annual list include Lord Bamford and family on £3.5bn, Wafic Said (£1.38bn), David Sullivan (£1bn), the Duke of Devonshire (£870m), Trevor Hemmings (£725m), Lord Lloyd Webber, (£715m), Cheveley Park owners David and Patricia Thompson (£710m), Lord Vestey and family (£672m), Sir Evelyn and Lady de Rothschild (£650m), former trainer Peter Harris (£650m), Michael Tabor (£625m) and Derrick Smith (£570m).

 

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