Fashion tycoon named richest person in Scotland for second year running

Anders Holch Povlsen has been named the richest person in Scotland for the second year in a row, the Sunday Times Rich List 2023 has revealed.

He saw his fortune increase by £2 billion in the last year and is now worth £8.5 billion, compared to £6.5 billion last year.

The Danish billionaire is the chief executive of clothing retailer Bestseller – boasting brands such as Jack and Jones, which was founded by his father Troels Holch Povlsen in 1975.

He also holds a large stake in online fashion retailer Asos.

Mr Povlsen is closely followed by whisky tycoon Glenn Gordon and Family in second place, who saw his net worth increase by £1.2 billion in the last year to £4.6 billion.

Owner of Highland Spring Mahdi al-Tajir has seen his fortune fall by £48 million in the last year, to £1.637 billion from £1.685 billion.

He has moved one place up the rich list from sixth in 2022, to fifth in 2023.

The list remains largely unchanged from 2022, but Sir Ian Wood and family also move up one place from fourth to third and saw their fortune increase from £1.81 billion to £1.82 billion over the last year.

Proprietor of Harrods, Mohammed al-Fayed has gone from fifth on the list to fourth, but his fortune of £1.69 billion has remained unchanged.

This year’s Sunday Time Rich List comes as interest rates and inflation rise – marking the end of the “golden period” for the super rich, according to the list’s compiler Robert Watts.

Mr Watts 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.”