Wealth of Scottish rich list rises 13% to £39.5bn

Wealth in Scotland has held up at a better rate compared to the rest of the UK over the last year and amid the coronavirus outbreak, according to the latest Sunday Times Rich List.

Fashion billionaire and land owner Anders Povlsen came out on top of the rankings as a new entry with his £4.73bn fortune.

The number of total rich-listers born, based or whose wealth is largely tied up in Scotland has remained the same this year at 82, but their combined worth is up by 13% to £39.504bn from £34.957bn.

Even with Mr Povlsen’s cash removed, the Scottish rich list is just 0.5% down on 2019.

Overall, the wealth of the richest 1000 across the whole of the UK is down 3.7% from last year.

Robert Watts, compiler of the Sunday Times Rich List, said: “The super-rich are of course better placed to endure the financial impact of coronavirus than any of us.

“But the pandemic is already hitting Scotland’s leading entrepreneurs and business leaders in the pocket, with more than half of those on our Scottish Rich List seeing their wealth fall in this year’s Sunday Times Rich List.

“This has profound implications for us all.

“While some of Britain’s super-rich have not behaved admirably during this crisis, our economic recovery will need many of these people to create jobs and growth if we are to escape a prolonged recession.

“This year we have included the Danish billionaire Anders Povlsen.

“Although based in Denmark, he qualifies for our list on the strength of the swathes of Scottish land he now owns as well as his stake in the London fashion retailer Asos.”

Among the 82 names in the Scottish Rich List, 40 have seen their wealth increase in the past year and just 25 have seen it reduced.

Glenn Gordon and family, who are behind the Moray-based distiller William Grant & Sons, have seen the biggest increase – up 10.5%.

Mr Povlsen, 47, was captivated by the Highland’s rugged beauty when he visited with his parents in the 1980s.

Since 2006, he has amassed 221,000 acres in total and has vowed to restore some of the neglected landscapes.

In addition to a 26.4% stake in fashion retailer Asos, he owns Danish clothing firm Bestseller as well as part of the independent Bestseller Fashion Group China.

Trond Mohn and Marit Mohn Westlake saw the biggest drop in wealth at £277m.

The siblings established a company called Meteva to manage their investments and philanthropy, but their holdings in offshore drilling outfit Transocean and shipping group DOF have lost a lot of value.