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Property boom pushes Reuben brothers to top of Britan rich list

Steel and mining magnates see drop in fortunes over past year

(L to R) Simon Reuben,   Jamie Reuben and David Reuben - Getty - 1

 

David and Simon Reuben, topped the Sunday Times Rich List for the first time with estimated wealth of £13.1 billion ($18.9 billion), slot from last year’s fifth position.

The brothers property portfolio includes the Millbank Tower,  the John Lewis Partnership HQ in Victoria, shops in Sloane Street and the list goes on. They own London Oxford Airport and London Heliport and were a leading investor in Metro Bank, which floated last month at 1.6 billion pounds, ” the newspaper notes.

“Famously wary of debt, David, 77, and Simon, 74, keep a large proportion of their wealth in liquid assets, such as cash and bonds, and cautiously value their properties at cost.

“Overseas property and a metals operation add 300 million pounds, while the hidden value in their London portfolio and their Global Switch stake take the Reubens, who live in Switzerland, to 13.1 billion pounds, ” it adds.

The Reubens were born in India to a wealthy Iraqi-Jewish family before moving to Britain in the 1950’s and made their fortune in metals and property.

The brothers made their first fortunes trading aluminium in London, New York and Russia, but later built up their property interests; they also own stakes in the newly floated Metro Bank and in the data centre operator Global Switch, according to FT

In 2015 Britan top rich list was Jewish-Ukrainian-born magnate,  Len Blavatnik, whose wealth fell 12 percent during the year to £11.6 billion. His interests in petrochemicals, coal and aluminium.

Other Jews in the top 25 include Russian oligarch and Chelsea football club owner Roman Abramovich (13) and South African-born businessman Nathan Kirsh (21). De Beers Diamonds’ Nicky Oppenheimer (18) was born to a Jewish father but is Anglican.

 

 

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