Drop in UK billionaires but rising young fortunes for Wales

SIR MICHAEL MORITZ and his wife Harriet Heyman have retained their crown as the wealthiest individuals in Wales, topping the Welsh list in The Sunday Times Rich List 2025, which was published online today (Friday, May 16) and will appear in this Sunday’s print edition of The Sunday Times.

The Cardiff-born venture capitalist and his American novelist wife are worth an estimated £4.43 billion, despite a recent £168 million dip. They lead the list of the top 20 richest people in Wales, compiled as part of the newspaper’s annual 76-page special on Britain’s richest individuals and families.

Hot on their heels is tech entrepreneur Simon Nixon, with a fortune of £1.95 billion — up £70 million on last year. Pembrokeshire is also represented in the top ranks, with Douglas and Dame Mary Perkins, founders of the high-street opticians chain Specsavers, valued at £1.54 billion. The couple famously launched the company from a ping-pong table in their spare bedroom.

This year’s Rich List reveals the largest drop in UK billionaires in its 37-year history, with the number falling from a peak of 177 in 2022 to just 156 in 2025. The combined wealth of the 350 people featured is now £772.8 billion — a 3% decrease on last year.

While the overall number of billionaires is shrinking, there has been a surge in younger millionaires. For Wales, 39-year-old sports retail entrepreneur Alex Loven leads the under-40 category with an estimated wealth of £262 million. Entry to the 40 Under 40 section now requires a staggering £100 million — nearly double last year’s threshold.

Robert Watts, compiler of The Sunday Times Rich List, commented: “Our billionaire count is down, and the combined wealth of those who feature in our research is falling. We’re also seeing fewer of the world’s super-rich choosing to live in the UK. But at the same time, we’re still uncovering remarkable stories of self-made wealth — from new tech and AI ventures to everyday products like jogging bottoms and radiators.”

The list also highlights rising frustration among entrepreneurs and business leaders about the direction of economic policy. Watts noted that even long-standing British business owners and young tech innovators are warning of the effects of tax changes introduced in the 2024 Autumn Statement.

Among the familiar names still featured are Sir Elton John, Sir Mick Jagger, Sir Lewis Hamilton, and film director Sir Christopher Nolan. The entry level for the Rich List remains at £350 million.

The Rich List also includes The Sunday Times Giving List, which tracks philanthropic giving. This year, the 100 most generous individuals donated £3.7 billion to charity. Welsh businessman Steve Morgan alone contributed millions and called for “braver philanthropic giving to tackle systems, not symptoms.”

The top 5 richest in Wales (2025):

1. Sir Michael Moritz and Harriet Heyman – £4.43bn (venture capital and philanthropy)
2. Simon Nixon – £1.95bn (technology)
3. Douglas Perkins and family – £1.54bn (opticians – Specsavers)
4. Sir Terry Matthews – £1.34bn (telecoms)
5. David Sullivan and family – £1.12bn (property)

Top under 40 in Wales:

• Alex Loven – £262m (sports retail)

The full list of the 350 richest individuals in Britain and further analysis is available online at: https://www.thetimes.com/sunday-times-rich-list
Source: The Sunday Times Rich List 2025

Cardiff stands in for London again as Industry returns for fourth season

THE WELSH TV industry has received a major boost as filming continues in Cardiff for the fourth season of the hit BBC and HBO drama Industry.

The high-profile series, which follows the lives of ambitious young bankers working in London, is being produced once again by Cardiff-based company Bad Wolf. This season is backed by Welsh Government funding through Creative Wales, under a four-year deal designed to grow the nation’s television sector.

As part of the agreement, the production offers paid trainee roles and career development opportunities for Welsh crew members through Screen Alliance Wales. The Herald understands at least 42 trainee and upskilling placements will be delivered as part of the scheme, helping more people from Wales enter or progress within the TV industry.

The new series stars BAFTA winner Marisa Abela, Myha’la and Game of Thrones actor Kit Harington. New cast members include Stranger Things star Charlie Heaton and Max Minghella of The Social Network and The Handmaid’s Tale.

Although set in London, much of the filming takes place in Cardiff, with the capital doubling for the City’s financial district. In recent years, Cardiff has also stood in for locations including Oxford in His Dark Materials and an unnamed US city in Netflix’s Havoc.

Skills and Culture Minister Jack Sargeant visited the Industry set this week and met with cast, crew and trainees. He said:
“As Learning at Work Week draws to a close, it’s been a pleasure to hear about the fantastic experience our Welsh trainees are gaining on Industry.

“These placements help develop our homegrown talent and reinforce Wales’ growing reputation as a world-class filming location.”

Jacob Cook, a trainee in the graphics department, said he was working in a supermarket before landing the role:
“I studied graphic design at university but had no idea how to get into the film and TV industry. I met someone from Screen Alliance Wales at a careers fair, and two weeks later I was working on set.

“It’s a fast-paced role where I’ve learned so much. You don’t have to go to Hollywood to build a successful career – you can come to Splott!”

Costume trainee Rosie Berry added:
“I’ve got a degree and a master’s in costume design, but after taking time out to raise my children, I wanted to get into the industry properly.

“I’m now based in the studio, helping with fittings for supporting actors – some days we do up to 40 fittings. This placement has given me the confidence to apply for a junior role and work my way up.”

The Welsh Government says the deal with Bad Wolf commits the production company to a minimum Welsh spend over four years, helping to strengthen the domestic industry and build long-term career pathways for Welsh workers.

Not one Welsh skipper rated crew availability as ‘good’ in Seafish 2024 survey

PEMBROKESHIRE’S fishing industry is facing a critical shortage of skilled labour, with local skippers among the most concerned in the UK over their ability to crew boats, a national report has revealed.

The 2024 Employment in the UK Fishing Fleet report, published today (May 15) by Seafish, shows that not a single Welsh skipper rated access to skilled crew as ‘good’ or ‘very good’. In contrast, nearly all described it as ‘bad’ or ‘very bad’.

This bleak outlook is far worse than in other parts of the UK. In England, 11% of vessel owners reported a positive view on crew access, while in Scotland the figure was 7%. Only Northern Ireland fared worse overall — but even there, some skippers expressed satisfaction with crew availability.

Researchers interviewed 32 Welsh vessel owners, including those operating out of Milford Haven, Fishguard, Saundersfoot and Tenby. Many of these vessels — including scallop dredgers and demersal trawlers over 10 metres — require larger crews, making the labour shortage even more acute.

Locally, the consequences are already being felt.
“I’ve had to cancel trips because I couldn’t crew the boat. That’s lost income — and it’s happening more often,” one Milford Haven skipper told The Herald.

According to the report, access to skilled crew is now the dominant employment issue across the UK fleet. The causes are varied:

• An ageing workforce, with the average age of UK fishing workers now 44.
• Tightened visa rules, making it more difficult and expensive to employ experienced foreign crew.
• Competition from offshore wind and aquaculture, which offer steadier hours and better conditions.

Despite the difficulties, a few Welsh vessel owners praised their current crew for loyalty and hard work — in contrast to other areas, where morale and experience were seen to be declining.

The report also highlights Wales’ heavy reliance on seasonal labour. A staggering 28% of full-time fishing workers in Wales are classed as seasonal — the highest figure anywhere in the UK. In Pembrokeshire, many fishermen are now taking second jobs with the RNLI, ferry companies, in engine repair, or selling seafood directly.

Visa-linked salary rules were also criticised. Under the Skilled Worker Visa scheme, crew must now earn over £30,000 per year — a figure some small boat operators say is unaffordable. Others have lost long-serving foreign crew due to English language requirements.

“They were like family,” one skipper said. “But they couldn’t pass the test, so I had to send them home. The new lads are fine, but they don’t have the same experience.”

Seafish is calling on government and industry to expand training and recruitment efforts, including Fisher Apprenticeships, Maritime Studies courses and Sea Fishing Diplomas, in an attempt to attract more young people into the trade.

But concerns remain. No women were recorded as working aboard Welsh vessels in the latest survey, and nearly one-third of deckhands were foreign nationals on temporary visas.

With a shrinking pool of experienced crew and a growing reliance on seasonal and overseas labour, the future of Pembrokeshire’s fishing heritage is at a crossroads.