UK Businessman Graham King’s Rise to Wealth
56-year-old Graham King, the founder and majority owner of Clearsprings Ready Homes, has now been named among the 350 richest people in the UK. His firm Clearsprings owns a 10-year Home Office contract for housing thousands of asylum seekers in the country.
Graham King’s Financial Success
A UK businessman whose firm owns a government contract to transport and accommodate asylum seekers has seen his fortunes skyrocket over the last year. King’s overall wealth is estimated to be more than $950 million, attributed to “holiday parks, inheritance, and housing asylum seekers for the government.” Clearsprings saw its profits after tax rising to $80 million in the year ending January 2023, a rise of more than 100% compared to the previous year.
UK Rich List Overview
The Sunday Times rich list revealed that the Hinduja brothers claimed the top rank with an estimated fortune of $47 billion. However, the number of billionaires in the UK has fallen from 177 to 165, the largest decrease in the country’s history.
Expert Insights on Wealth Disparity
Experts caution that the rich list highlights the significant extent of inequality in the UK. Priya Sahni-Nicholas, a co-executive director of the Equality Trust, emphasized the urgent need to address this issue. She stated that billionaire wealth has increased by more than 1,000% since 1990, leading to various societal challenges.
