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Island a magnet for super rich

A handful of international multi-millionaires, who have luxury estates on the Island or base their companies in tax-friendly Bermuda, have made The Sunday Times annual Rich List published yesterday.

and get richer.

A handful of international multi-millionaires, who have luxury estates on the Island or base their companies in tax-friendly Bermuda, have made The Sunday Times annual Rich List published yesterday.

Among the more famous names are Ross Perot, Silvio Berlusconi, David Bowie and Charlie Watts.

The wealthiest Bermuda resident appears to be Five Star Island owner Curt Engelhorn whose family own a German pharmaceuticals empire. With a estimated total fortune of 7.21 billion, the Rich List puts Engelhorn as the fifth richest man in Europe (he slipped from fourth in 1998) and the 22nd richest in the world. Italian media man Silvio Berlusconi, whose daughter owns a nice spread in ritzy Tucker's Town, is considered the tenth richest man in Europe with 4.37 billion.

Another rich Bermuda resident is one-time US presidential hopeful Ross Perot who owns a large chunk of prime waterfront property in Tucker's Town with his son. The success of his computer companies this past year helped move him onto the Richest 50 Americans List. With a fortune of 2.31 billion, Perot is the 41st richest person in America. Ahead of him in the 28th spot in US-based media magnate Rupert Murdoch, who uses tax-favourable Bermuda to base some of the holding companies for his 3.5 billion fortune. And ahead of Murdoch with 6.12 billion in his bank account is another media king John Kluge, whose super-yacht The Virginian used to grace Hamilton Harbour, before he was forced to give it to his wife in a divorce settlement, who in turn sold it recently for an estimated 24 million.

On the British Rich List, former Bermuda resident and father of the Bee Gees Robert Stigwood has moved up to the 108th spot with 200 million. The film and musical producer, who successfully re-released "Grease'' last year, managed to increase his wealth this year by 25 million, helped by his Bermuda-based company Cedarwood, which, according to The Times, keeps "his main assets''. Stigwood, who went into "tax exile'' in Bermuda from 1978-1991, lived on a sprawling Somerset estate with a boathouse the size of a cottage. He has since sold the property and bought a manor on Isle of Wight. "Stiggie'' may be quite far down on the overall rich Brits list, but among his British music millionaire peers he is the fourth richest.

Tenth richest on that list is another Bermuda resident, 52-year-old pop superstar David Bowie, who rents an estate in Somerset with model wife Iman.

Bowie is worth 100 million according to The Times. He slipped from 134th to 227th in the overall ratings due to heavy investment in Internet ventures and buying out his former manager.

Bermuda a magnet for world's super rich Also among the richest music millionaires is Rolling Stone Charles Watts, who keeps a posh house in Bermuda for his daughter and her young child. The 57-year-old drummer for the Stones recently moved his daughter from a rented house across from Elbow Beach to another luxury estate on the Island. The Times says Watts is worth 60 million.

Among the not-so-well-known but well-heeled Brits with business interests in Bermuda is Viscount Petersham who is worth 100 million and bases his Halley Investment Company here. Another millionaire who bases his business here is James Sherwood, who owns Sea Containers and is worth 50 million. And founder of a plastic mesh empire Dr. Brian Mercer is said to have moved to Bermuda in 1994 with his 40 million fortune. The Times says tax-friendly Bermuda helped put him at 600th on British Rich List.

The Rich List says American computer King Bill Gates is the richest man in the world in 1999 with a fortune of 36.25 billion.

Silvio Berlusconi Ross Perot