Former Newcastle United ower Mike Ashley
Former Newcastle United ower Mike Ashley has seen his net worth fall
Former Newcastle United owner Mike Ashley has seen his wealth drop by £679 million, according to the latest edition of The Sunday Times Rich List which has been published today.
The 60-year-old made his money as a retail entrepreneur founding Frasers Group plc, formerly Sports Direct International and is the 52nd richest person in the UK.
Ashley, who was owner of Newcastle United from 2007 to 2021 endured a tumultuous tenure at St. James' Park, overseeing two relegations from the Premier League, before selling the club to the Magpies' current ownership group for an estimated fee in the region of £300m.
After handing over ownership of Newcastle, a year later Ashley acquired the Coventry Building Society Arena, the home of Coventry City football club, for around £17m. He was also tipped to take over at stricken Derby County before their current over David Clowes took control of the club in summer 2022.
Ashley had a wealth of £3.799 billion in the year of 2024, and despite not losing any appetite to grow his business, with ongoing investment into huge fashion brands and a sizeable stake in Hugo Boss, his Frasers Group has been hit by Chancellor Rachel Reeve’s national insurance hike and shares have fallen significantly.
According to the report, Ashley's net worth now stands at £3.120bn, with the largest fall in the billionaire count in the guide's 37-year history. The amount of billionaires in the list has fallen from a peak of 177 in 2022 to 156 this year, with the number on the decline for three successive years - with this year's decline the sharpest yet.
The 350 individuals and families who make up this years list hold combined wealth of £772.8bn - three per cent down fromt the previous last year. Sir Elton John, Lord Lloyd-Webber, Sir Mick Jagger, Keith Richards, Euan Blair, Sir Lewis Hamilton, Sir Christopher Nolan and the former Magpies chief all appear in the annual round-up.
The combined wealth in the 37th annual edition is £772.8bn - a sum larger than the annual GDP of Switzerland - with the minimum entry level at £350m - another indicator of a subdued year.
Robert Watts, compiler of the Sunday Times Rich List, said: “The Sunday Times Rich List is changing. Our billionaire count is down and the combined wealth of those who feature in our research is falling. We are also finding fewer of the world’s super rich are coming to live in the UK.
“This year we were also struck by the strength of criticism for Rachel Reeves’s Treasury. "We expected the abolition of non-dom status would anger affluent people from overseas.
"But homegrown young tech entrepreneurs and those running centuries-old family firms are also warning of serious consequences to a range of tax changes unveiled in last October’s budget. "Our research continues to find a wide variety of self-made entrepreneurs building fortunes not just from artificial intelligence, video games and new technologies but also mundane, everyday items such as makeup, radiators and jogging bottoms.
"We know many of our readers find these people and their stories inspiring - especially the many who had tough starts or setbacks to their lives and careers."
Explore the Sunday Times RIch List here