Rich List highlights the true value of the IT sector
Terry Matthews, the founder of Newbridge Networks, has topped The Sunday Times Rich List 1998 as the biggest British earner in the IT sector.
Positioned at 18th, Matthews was estimated to be worth #960 million and will soon be the first Welsh-born billionaire. He was followed by Computacenter founders Philip Hulme and Peter Ogden. Both are valued at #340 million and ranked joint 56th.
Founder of SCH Peter Rigby - valued at #320 million - was down by #30 million from last year, dropping to 63rd. Chairman of Tottenham Hotspur Alan Sugar made #85 million from the reorganisation of Amstrad and makes up the rest of his #221 million from stakes in public companies and a #48 million property portfolio. He was placed at 108th.
Joe Hermani, MD of Westcoast, appeared on the Rich List for the first time. According to The Sunday Times, Hermani came in at joint position 340, worth #65 million. The Reading-based business was worth at least #100 million on its #4.5 million profit and #139.5 million sales in 1996.
Also making a debut was Steve Bennett, MD of Software Warehouse. He was worth #30 million and comes in at joint 668th.
Robert Madge, founder of Madge Networks, has seen a drop in his rankings from 93rd last year to 427th. His wealth, which stood at #200 million, has been reduced to #51 million because of the share performance of the vendor.
David Phillips, Northamber chairman, ranked at 508th, up from the previous figure of 666 with assets of #45 million.
Alan Solomon and wife Susan, who started Dr Solomon's Group, were worth #30 million and ranked at 575th. Three members of the Dr Solomon's Group made the list, following the flotation: Geoffrey Leary, Keith Perrett, and David Stephens, worth #27 million at 753rd.
IT RICH LIST 1998
Name Wealth Position
#m
Terry Matthews 960 18
Philip Hulme 340 56
Peter Ogden 340 56
Paul Sykes 325 61
Peter Rigby 320 63
Alan Sugar 221 108
Wilf Corrigan 160 131
David Potter and Family 110 183
Graham Wylie 103 200
Gordon Crawford 92 232
David Hood 88 251
David Goldman 75 294
Barry Burns 70 313
Joe Hemani 65 340
Peter Kindersley and Family 55 398
Michael Newton and Family 55 398
Clay Brendish 53 423
Robert Madge 51 427
Nick Corfield 50 428
Tahir Mohsan and
Tariq Mohammed 50 428
Alan Vickery 46 503
Humayan Mughal 45 508
David Phillips 45 508
John Britten 40 562
Fergus McGovern 40 562
William Walker 37 611
Peter Dawe 36 611
Kevin Lomax 36 614
John and Richard Bennett 32 660
Jan Hruska 32 660
Steve Bennett and Family 30 668
Alan and Susan Solomon 30 668
Bob Williams 30 668
Rod Aldridge 28 746
Geoffrey Leary 27 753
Keith Perrett 27 753
David Stephens 27 753
Brian Reynolds 25 769
Simon Hessel 24 837
Denzyl Sequeria and Family 24 837
Barbara Ward 24 837
John Jones 21 870
Thomas Maxfield 21 870
Michael Fischer 20 880
Paul O'Grady 20 880
Jitender and Aveneet Sahni 20 880
Ian Stewart and Jenny
Richards-Stewart 20 880
Derek Taylor 20 880