Business
Sir Michael Moritz tops Welsh Rich List as Sunday Times reveals UK’s wealthiest in 2025
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. West Wales is also represented in the top ranks, with Douglas and Dame Mary Perkins, from Carmarthenshire, 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):
- Sir Michael Moritz and Harriet Heyman – £4.43bn (venture capital and philanthropy)
- Simon Nixon – £1.95bn (technology)
- Douglas Perkins and family – £1.54bn (opticians – Specsavers)
- Sir Terry Matthews – £1.34bn (telecoms)
- 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
Business
First wind turbine components arrive as LNG project moves ahead
THE FIRST ship carrying major components for Dragon LNG’s new onshore wind turbines docked at Pembroke Port yesterday afternoon, marking the start of physical deliveries for the multi-million-pound renewable energy project.
The Maltese-registered general cargo vessel Peak Bergen berthed at Pembroke Dock shortly after 4pm on Wednesday, bringing tower sections and other heavy components for the three Enercon turbines that will eventually stand on land adjacent to the existing gas terminal at Waterston.
A second vessel, the Irish-flagged Wilson Flex IV, is due to arrive in the early hours of this morning (Thursday) carrying the giant rotor blades.
The deliveries follow a successful trial convoy on 25 November, when police-escorted low-loader trailers carried dummy loads along the planned route from the port through Pembroke, past Waterloo roundabout and up the A477 to the Dragon LNG site.
Dragon LNG’s Community and Social Performance Officer, Lynette Round, confirmed the latest movements in emails to the Herald.
“The Peak Bergen arrived yesterday with the first components,” she said. “We are expecting another delivery tomorrow (Thursday) onboard the Wilson Flex IV. This will be blades and is currently showing an ETA of approximately 03:30.”
The £14.3 million project, approved by Welsh Ministers last year, will see three turbines with a combined capacity of up to 13.5 MW erected on company-owned land next to the LNG terminal. Once operational – expected in late 2026 – they will generate enough electricity to power the entire site, significantly reducing its carbon footprint.
Port of Milford Haven shipping movements showed the Peak Bergen approaching the Haven throughout Wednesday morning before finally tying up at the cargo berth in Pembroke Dock. Cranes began unloading operations yesterday evening.
Weather conditions are currently favourable for this morning’s arrival of the Wilson Flex IV, which was tracking south of the Smalls at midnight.
The abnormal-load convoys carrying the components from the port to Waterston are expected to begin next week, subject to final police and highway approvals.
A community benefit fund linked to the project will provide training opportunities and energy-bill support for residents in nearby Waterston, Llanstadwell and Neyland.
Further updates will be issued by Dragon LNG as the Port of Milford Haven as the delivery programme continues.
Photo: Martin Cavaney
Business
Cardiff Airport announces special Air France flights for Six Nations
Direct services to Paris-Charles de Gaulle launched to cater for Welsh supporters, French fans and couples planning a Valentine’s getaway
CARDIFF AIRPORT and Air France have unveiled a series of special direct flights between Cardiff (CWL) and Paris-Charles de Gaulle (CDG) scheduled for February 2026.
Timed to coincide with two major dates — the Wales v France Six Nations clash on Saturday 15 February and Valentine’s weekend — the flights are designed to offer supporters and holidaymakers an easy link between the two capitals.
For travelling French rugby fans, the services provide a straightforward route into Wales ahead of match day at the Principality Stadium, when Cardiff will once again be transformed by the colour, noise and passion that accompanies one of the tournament’s most eagerly awaited fixtures.

For Welsh passengers, the additional flights offer a seamless escape to Paris for Valentine’s Day, as well as opportunities for short breaks and onward travel via Air France’s wider global network.
Cardiff Airport CEO Jon Bridge said: “We’re thrilled to offer direct flights to such a vibrant and exciting city for Valentine’s weekend. Cardiff Airport is expanding its reach and giving customers fantastic travel options. We’ve listened to passenger demand and are delighted to make this opportunity possible. There is more to come from Cardiff.”
Tickets are already on sale via the Air France website and through travel agents.
Special flight schedule
Paris (CDG) → Cardiff (CWL):
- 13 February 2026: AF4148 departs 17:00 (arrives 17:30)
- 14 February 2026: AF4148 departs 14:00 (arrives 14:30)
- 15 February 2026: AF4148 departs 08:00 (arrives 08:30)
- 15 February 2026: AF4150 departs 19:40 (arrives 20:10)
- 16 February 2026: AF4148 departs 08:00 (arrives 08:30)
- 16 February 2026: AF4150 departs 16:30 (arrives 17:00)
Cardiff (CWL) → Paris (CDG):
- 13 February 2026: AF4149 departs 18:20 (arrives 20:50)
- 14 February 2026: AF4149 departs 15:20 (arrives 17:50)
- 15 February 2026: AF4149 departs 09:20 (arrives 11:50)
- 15 February 2026: AF4151 departs 21:00 (arrives 23:30)
- 16 February 2026: AF4149 departs 09:20 (arrives 11:50)
- 16 February 2026: AF4151 departs 17:50 (arrives 20:20)
Business
Cwm Deri Vineyard Martletwy holiday lets plans deferred
CALLS to convert a former vineyard restaurant in rural Pembrokeshire which had been recommended for refusal has been given a breathing space by planners.
In an application recommended for refusal at the December meeting of Pembrokeshire County Council’s planning committee, Barry Cadogan sought permission for a farm diversification and expansion of an existing holiday operation through the conversion of the redundant former Cwm Deri vineyard production base and restaurant to three holiday lets at Oaklea, Martletwy.
It was recommended for refusal on the grounds of the open countryside location being contrary to planning policy and there was no evidence submitted that the application would not increase foul flows and that nutrient neutrality in the Pembrokeshire Marine SAC would be achieved within this catchment.
An officer report said that, while the scheme was suggested as a form of farm diversification, no detail had been provided in the form of a business case.
Speaking at the meeting, agent Andrew Vaughan-Harries of Hayston Developments & Planning Ltd, after the committee had enjoyed a seasonal break for mince pies, said of the recommendation for refusal: “I’m a bit grumpy over this one; the client has done everything right, he has talked with the authority and it’s not in retrospect but has had a negative report from your officers.”

He said the former Cwm Deri vineyard had been a very successful business, with a shop and a restaurant catering for ‘100 covers’ before it closed two three years ago when the original owner relocated to Carmarthenshire.
He said Mr Cadogan then bought the site, farming over 36 acres and running a small campsite of 20 spaces, but didn’t wish to run a café or a wine shop; arguing the “beautiful kitchen” and facilities would easily convert to holiday let use.
He said a “common sense approach” showed a septic tank that could cope with a restaurant of “100 covers” could cope with three holiday lets, describing the nitrates issue as “a red herring”.
He suggested a deferral for further information to be provided by the applicant, adding: “This is a big, missed opportunity if we just kick this out today, there’s a building sitting there not creating any jobs.”
On the ‘open countryside’ argument, he said that while many viewed Martletwy as “a little bit in the sticks” there was already permission for the campsite, and the restaurant, and the Bluestone holiday park and the Wild Lakes water park were roughly a mile or so away.
He said converting the former restaurant would “be an asset to bring it over to tourism,” adding: “We don’t all want to stay in Tenby or the Ty Hotel in Milford Haven.”
While Cllr Nick Neuman felt the nutrients issue could be overcome, Cllr Michael Williams warned the application was “clearly outside policy,” recommending it be refused.
A counter-proposal, by Cllr Tony Wilcox, called for a site visit before any decision was made, the application returning to a future committee; members voting seven to three in favour of that.
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