Fashion retailer Anders Holch Povlsen tops The Sunday Times Rich List in Scotland

Anders Holch Povlsen is the richest person in Scotland, according to the new edition of The Sunday Times Rich List, published today online and in the print edition of the newspaper on Sunday, May 21.

The 68-page special edition of The Sunday Times Magazine reveals the wealth of the 350 richest people in Britain in its 35th annual edition. There are 171 billionaires in the UK recorded this year, down six from 2022. The combined wealth of the UK billionaires is £683.856 billion, up £30.734 billion, or 4.5 per cent, on the total wealth of the billionaires in last year’s Rich List.

UK-wide, a number of Rich List regulars are nursing heavy losses from the bursting of a second tech bubble. Sir Richard Branson’s wealth has fallen by £1.79 billion since last year, largely due to the falling share prices of his space tourism and satellite ventures.

Danish fashion retailer, Anders Holch Povlsen, ranks 17th on the overall Rich List this year, with a valuation estimated at £8.5 billion - Scotland’s highest climber - up £2 billion from £6.5 billion in 2022.

The billionaire’s love affair with Scotland began as a child when his parents took him on a fishing trip. Today he is the country’s largest private landowner with 220,000 acres. Home is Aldourie Castle, on the shores of Loch Ness. His wealth stems from the Danish fashion retailer Bestseller, founded by his father, Troels Holch Povlsen, in 1975.

Anders, 50, took over in 2000. He is chief executive and the sole owner of the business, which has had a strong year, increasing profits to £723 million. He also has a stake in the struggling fast-fashion outfit Asos, which has lost £183 million over the past year.

Whisky dynasty, Glenn Gordon and family, is listed as this year’s second richest person in Scotland at £4.607 billion. Based in Jersey, Gordon runs William Grant & Sons, and is owner of Drambuie, Glenfiddich and Grant’s.

Overall, the richest 350 in the UK this year are worth £796.459 billion.The minimum wealth needed to be counted in the top 350 is £350 million.

Robert Watts, compiler of the Sunday Times Rich List, said: “This year’s Sunday Times Rich List shows that a golden period for the super rich is over. For the first time in 14 years we’ve seen the number of UK billionaires fall.

“Two years ago we raised concerns about an unsettling boom in the fortunes of the very wealthy that continued unchecked during the political instability around Brexit and the pandemic. This is not a crash - but there are household names who have lost vast sums over the past year. The bursting of the tech bubble, the end of rock bottom interests and the jitters creeping through the banking industry have all taken their toll.

“The super rich don’t exist in a vacuum. Many small investors lost money in some of their overblown stock market floats. Many people also work for their businesses. Financial losses for billionaires can have implications for us all.”

The 2023 Sunday Times Rich List is the definitive guide to wealth in the United Kingdom. It charts the wealth of the 350 richest people in the UK. The list is based on identifiable wealth, including land, property, other assets such as art and racehorses, or significant shares in publicly quoted companies. It excludes bank accounts, to which the paper has no access. The magazine includes several interviews and features, focused on some of the leading players and personalities among the richest 350, as well as a full ranking by order of wealth. The 35 under 35 List details of individuals with the biggest fortunes aged 35 or under.

The Sunday Times Rich List is compiled by Robert Watts. The complete list will be available to the paper’s digital subscribers and will be online here.

THE SUNDAY TIMES RICH LIST 2023

THE FIVE WEALTHIEST IN SCOTLAND