“Party’s over” for London cronies, they say Sunday Timesas their 2023 rich list shows that the number of his billionaires Britannia fell this year, for the first time since the financial crisis of 2007-2008. According to the list, there are 171 billionaires in the UK this year, down six from last year. Their combined fortunes have risen by £30,734 to £683.856bn, but at a time when the country’s inflation is at 4.5%, it’s clear that in real terms the London friends have become somewhat poorer.

This is a significant change after more than a decade that was the golden age of wealth in the UK. During this time, the club of the country’s billionaires expanded, and their fortunes grew higher and higher. “The question wasn’t whether the boom would end, but when—and what it would mean for all of us,” they say. once. “That time has come. The party is over, it’s time to get drunk.”

Gopi Hinduja became the richest man in Britain this year.

“Years of cheap money have added value to our companies and made it easier to expand,” said one retail billionaire, who spoke on condition of anonymity but saw his fortune in rich list reduce. “Many of us learned a lot from this. The recession never came, and I don’t believe there will be. It’s time to get back to work, put your head down and, frankly, be a little smarter,” he added. This is a new environment shaped by the end of ultra-low interest rates, the bursting of the second tech bubble, and concerns about the banking industry. And while the news of declining billionaire fortunes may please some at a time of rising inequality, the Sunday Times reminds us that the “pain” of collapse has repercussions for everyone. “Members of the rich list do not operate in a vacuum: cautious billionaires and multimillionaires are less likely to start new businesses that will create jobs, help boost growth and increase public finances,” the document says.

And when the shares of billionaire companies fall, insurance funds and other investors also suffer losses.

However, the richest man in Britain this year was Gopi Hinduja and his family. Since the death of his older brother Shri a few days ago, the Indian-born Gopi leads a family business empire that has interests in industry, finance, energy and information technology.