Business
Alex Lovén named richest young person in Wales
ALEX Lovén has been named the richest young person in Wales according to the 2024 edition of The Sunday Times Rich List, published online today and in print on Sunday, 19 May. The comprehensive list, detailing the wealth of the 300 richest individuals in Britain, includes a special focus on young entrepreneurs under 40.
The 76-page edition of The Sunday Times Magazine reveals significant trends, including a notable decrease in the number of billionaires, from a peak of 177 in 2022 to 165 this year. The combined wealth of the top 350 individuals and families amounts to £795.361 billion, surpassing the annual GDP of Poland.
Key Welsh Figures
Sir Michael Moritz and Harriet Heyman have been identified as the richest people in Wales, with their wealth increasing by £1.27 billion to a total of £4.603 billion. Moritz, originally from Cardiff, made his fortune through early investments in tech giants such as Google, PayPal, and YouTube.
Lovén, aged 36, is the founder of Net World Sports, a leading retailer selling over 100,000 football goals annually. Starting with a £13,000 savings from his job at a builder’s merchant, Lovén’s wealth now stands at £200 million, making him the 15th richest person under 40 in the UK.
Footballer Gareth Bale and AU Vodka founder Charlie Morgan from Swansea City also feature prominently among the richest young Welsh individuals, with fortunes of £70 million and £56 million respectively.
Philanthropic Efforts
The Sunday Times Giving List, in association with the Charities Aid Foundation, highlights the philanthropic activities of Britain’s wealthiest. Sir Michael Moritz and Harriet Heyman are noted for their significant charitable contributions, donating over 4 percent of their wealth, which amounts to £190.5 million. Their philanthropic focus includes education, democracy, and community projects.
Broader Trends
The Rich List also reveals broader economic trends. Robert Watts, the compiler of the list, commented on the shifting landscape: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich are moving away. Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”
The Sunday Times Rich List continues to celebrate entrepreneurs from diverse backgrounds who have built fortunes in various industries, including artificial intelligence, virtual worlds, plumbing supplies, and teaching aides. Watts noted the inspirational stories of individuals from humble beginnings who have achieved significant wealth.
Top Five Wealthiest in Wales
- Sir Michael Moritz and Harriet Heyman – £4.603 billion
- Simon Nixon – £1.88 billion
- Douglas and Dame Mary Perkins – £1.587 billion
- Sir Terry Matthews – £1.340 billion
- David Sullivan – £1.168 billion
For the complete list of the 350 richest people in the UK, visit www.thetimes.co.uk/sunday-times-rich-list.
Business
Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure
PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure of Holyhead Port earlier this month.
The disruption, caused by storm damage, has rerouted ferry traffic through Pembrokeshire, leading to long queues and crowded facilities at the terminal.
The Herald can confirm that it has been very busy today with cars, lorries, and foot passengers queuing in large numbers. Staff are working tirelessly to manage the influx, directing vehicles and assisting passengers as they prepare to board the heavily booked ferries.
A spokesperson for the Port of Milford Haven said: “We are working closely with ferry operators and local authorities to ensure traffic flows as smoothly as possible, but the sheer volume of vehicles is causing unavoidable delays.”
Travelers are being urged to arrive early for their sailings and to remain patient as the terminal operates at full capacity.
Both Stena Line and Irish Ferries have increased capacity on their Pembrokeshire routes, deploying larger vessels, including the Stena Adventurer and the MV James Joyce, to handle the surge in demand.
From our position at the terminal, our photographer has captured photos showing long lines of vehicles, groups of foot passengers carrying luggage, and port staff coordinating efforts to ease congestion.
Authorities are advising non-essential travelers to consider rescheduling their journeys where possible and to monitor updates from ferry operators closely.
(Photos: Martin Cavaney/Herald)
Business
52 homes to be built in Roch as scheme gets final sign-off
THE FINAL stage of approval for a near-£10m Pembrokeshire residential development of 52 homes has been given the go-ahead.
Back in April, members of Pembrokeshire County Council’s planning committee backed an application by Wakefield Pembrokeshire Ltd for the development, which includes four one-bed affordable housing units, on land near Pilgrims Way, Roch.
18 objections to the scheme were received, raising concerns including an “inadequate” affordable housing level, it being a high density development for a rural area, a loss of green space, the size of some of the homes, and pressures on existing services and facilities, and fears it may lead to an increase in second homes.
Nolton & Roch Community Land Trust (N&RCLT) has raised its concerns about a lack of affordable homes at the development, calling for a 20 per cent affordable homes element, as recommended by policy.
An officer report for members, recommending conditional approval, said: “It is apparent that the proposed development is not fully policy compliant, insofar as it cannot deliver the indicative 20 per cent affordable housing sought [by policy].
“However, a substantial positive social impact will arise through the provision of housing, including four one-bed affordable housing units, in meeting identified needs for both market and affordable housing.
“Financial obligations identified to mitigate adverse impacts arising from the proposed development cannot be met in full. However, [policy] acknowledges that in such circumstances contributions may be prioritised on the basis of the individual circumstances of each case.”
Speaking at the meeting, agent Gethin Beynon said the project had a “significant economic value” of around £10m, and the local applicant had “a sense of stewardship to the local community,” offering affordable housing and community infrastructure towards highways and education.
Approval was delegated to the council’s head of planning to approve the application, subject to the completion of a Section 106 planning obligation, making community financial contributions.
The Section 106 agreement was recently agreed, with the application now formally approved.
Business
World of engineering and welding SPARCs interest in Ysgol Harri Tudur’s female learners
AN EVENT hosted by Ledwood Engineering gave girls from Year 8 and 9 at Ysgol Harri Tudur first-hand experience of the world of engineering recently.
Engineering is a booming sector in Pembrokeshire with a high demand for skilled workers in exciting career pathways associated with the development of low carbon and renewable energy industry and the Celtic Freeport.
The young women heard from industry experts on the importance of engineering in Pembrokeshire, and had hands on experience using a welding simulator, at the company’s Pembroke Dock site.
The learners are part of the County’s SPARC (Sustainable Power and Renewable Construction) initiative aimed as inspiring and empowering young females to consider careers in science, technology, engineering and mathematics (STEM) pathways where females are under-represented in the workforce.
SPARC is funded through an alliance comprising Blue Gem Wind, Ledwood Engineering, Port of Milford Haven, RWE Renewables, Pembrokeshire County Council, Pembrokeshire College and the Swansea Bay City Deal.
Mrs Laura Buckingham, SPARC practitioner at Ysgol Harri Tudur said: “Our learners had a fantastic experience at Ledwood Engineering. They were given lots of advice by industry experts on the different career options and pathways within the engineering sector.
“They appreciated the opportunity to ask their questions and found the session very informative. Having the chance to trial their welding skills on the simulator was an experience they continue to talk about and has definitely piqued their interest.”
Poppy Sawyer, Year 8 SPARC learner added: ‘It was a really good trip. Talking to the different people there has helped me know more about the jobs we could get which will be very useful when making choices for my future.”
“They helped us a lot by giving us lots of information. We were able to look around and try welding. It was really fun,” added Tianna Marshall, Year 8 SPARC learner.
The Regional Learning and Skills Partnership also launched its Explore Engineering interactive website at the event.
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