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Richest man in Wales says Google

Apr 2 2005

Daniel Davies, Western Mail

 

WALES has a new richest man - the financier who helped launch the internet search engine Google.

Michael Moritz, pictured, makes a shock appearance on The Sunday Times' Rich List this year. With a fortune of £1.35bn he has shot to the top as Wales' second billionaire, replacing Sir Terry Matthews as the richest Welsh person on the prestigious list.

Google has revolutionised surfing the web for ordinary computer users. Its easy-to-use website is the starting point for millions when they log on to the internet.

Mr Moritz invested in it early, ensuring he would profit from a sizeable chunk of the website's profits. It was floated on the stock exchange last year.

Google shares were trading at an all-time high when the Rich List was drawn up in February.

Mr Moritz, who has made a career investing in some of the best-known names in computer technology, is now the 24th richest man in the UK.

The Rich List's authors describe him as a financial genius.

Philip Beresford, who compiles the list, said, "It's the first time we have put him on and he may wince a bit. But we stand by our figures until we are proved wrong by him. He just seems to be able to get the investment in early. He gets to know people. He can spot the right characteristics that make a good entrepreneur and come in with the right deal early."

Other entries on the list of the 20 richest people from Wales include Hollywood actress Catherine Zeta-Jones at eight with a fortune of £170m.

Tom Jones is Wales' richest entertainer, ranked sixth with £175m. Despite dropping one place since the 2004 list, he is estimated to have earned another £10m in the past year.

Wales has two other new entries - Henry Engelhardt and David Stevens - who have masterminded the success of Cardiff-based insurance company Admiral.

The full UK-wide list is published tomorrow. Last year Roman Abramovich, the Russian tycoon who has lavished millions on Chelsea football club, was the UK's richest man.

Search engine's power pays off
Suburban boy drifted into IT
Wales' top 20 rich list

 
 

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