NEWS: Saatchi brothers rise in ‘richest 500’ table

The Saatchi brothers rocketed up the Sunday Times Britain’s Richest 500 league table for 1996, published at the weekend.

The Saatchi brothers rocketed up the Sunday Times Britain’s Richest 500

league table for 1996, published at the weekend.



In the year following the ousting of Maurice Saatchi from Saatchi and

Saatchi - the agency he founded with his brother, Charles, in 1970 - the

brothers’ combined wealth more than doubled to pounds 165 million,

according to the report.



But the Saatchis’ high ranking at joint 91st owed more to Charles’s

modern art collection and Maurice’s stake in the multimedia company,

Megalomedia, than to the success of M&C Saatchi, which the Sunday Times

valued at pounds 20 million.



The Saatchis were the only advertising folk in the top 500, which was

nevertheless littered with media owners. A marked increase in the value

of the Daily Mail and General Trust, the holding company for Associated

Newspapers, helped its owner, Viscount Rothermere, into poll position

within the advertising and media industries. Despite falling profits due

to the increased cost of newsprint, Rothermere’s wealth rose from pounds

650 million last year to pounds 1 billion, making him joint eighth

overall.



Conrad Black, the majority owner of the Telegraph Group, was another

newspaper owner whose wealth rose sharply. Black saw his value grow from

pounds 160 million to pounds 250 million. His 63.7 per cent stake in the

Telegraph, estimated at pounds 180 million, puts Black in joint 55th

position.



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