Hearts & Minds: A wealth of data. How to engage with The Sunday Times Rich List

As ever, yesterday’s annual Sunday Times Rich List makes for fascinating reading.

Each year, the survey and similar in other countries prompt anxious discussion, usually with their comms teams. Should I be on the list or should I not? It can also spark anger afterwards, if the estimate, and they are estimates, of someone’s fortune is way too high or low.

Typically, CEOs of listed companies do not qualify - their salaries and holdings do not put them in that league. But owners of private companies might. Likewise, those who founded a business that was floated or sold - they could. Along with moneyed families. Similarly, artists with substantial back catalogues.

The list is based on visible assets. So, the consideration should be that if someone, based on what is publicly known, ought to be included, the likelihood is they will be. They are going to be cited as one of the very wealthiest regardless; there is little point in trying to deny it - attempting to do so raises questions and may arouse journalistic intrusion of a different kind.

The Sunday Times ranking is compiled by a team headed by Robert Watts. He may be worth approaching direct. They have to get through a mountain of material and could be grateful for a polite steer, appreciative of information they can check. On the basis the person is going to be listed anyway, it might be better then to get in touch to ensure the entry bears a semblance of accuracy.

Where Watts and his team may not be so welcoming, though, is at being hassled to cover a person whose dealings are opaque, possibly offshore. There are instances of the list editors rejecting someone and receiving lawyers’ letters insisting they belong. They rarely change their minds, they have editorial prerogative and if they say they are not convinced, that is it.

If the view is that inclusion may be avoided, unless Watts is alerted, then the question arises whether they should step forward – is being on the Rich List a positive or negative? We live in an age where people are branded ‘super-wealthy’ regardless. This way at least it is open, transparent and can be reasonably accurate.

Also published yesterday was the Sunday Times Giving List of the UK’s top philanthropists. If someone is heading for the Rich List and they give generously, then see whether they qualify for the accompanying Giving List.  

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.