Celtic Manor owner saw wealth fall by £200m last year

South Wales Argus

17-05-2025

Sir Terry, the owner of the Celtic Manor Resort, now has a personal wealth of £1.338 billion, according to the annual Sunday Times Rich List.
The 81-year-old, who was raised in Newbridge, made his fortune in the telecoms industry.
He studied electronics at Swansea University before starting out on his journey in business in Canada.
There, he launched his telecommunications equipment business, Mitel, in 1973.
Besides his telecoms ventures, Sir Terry owns the Celtic Manor Resort in South Wales.
(Image: Newsquest)
The Newport businessman was the first billionaire in Wales and was the richest man in the country until 2012.
Sir Terry currently ranks 119th in the UK rich list and fourth in Wales.
The annual Sunday Times Rich List has seen a significant drop in the number of billionaires this year, from 177 in 2022 to 156.
Cardiff-born billionaire Sir Michael Moritz and his wife, Harriet Heyman, hold the top position on the Welsh list, despite their fortunes falling by £168 million to £4.435 billion.
Flintshire technology entrepreneur Simon Nixon, co-founder of Moneysupermarket.com, takes second place with a worth of £1.95 billion.
Llanelli-based Specsavers founder Douglas Perkins and his family are in third place with an estimated fortune of £1.539 billion.
The fifth spot goes to Cardiff-born property investor and West Ham United owner David Sullivan and his family, with a net worth of £1.118 billion.
Meanwhile, Alex Loven has been named the wealthiest person in Wales under 40.
The 37-year-old started out in business selling cricket bats to his schoolmates at the age of 13. He later founded Wrexham-based Net World Sports.
His net worth has increased to £262 million from £200 million last year, making him the 18th richest person under 40 in the UK.
The 2025 Sunday Times Rich List names the 350 richest people in the UK based on identifiable wealth, including land, property, and assets such as art and racehorses, and significant shares in publicly quoted companies.
The figures do not include bank accounts.
This year's list, which includes notable figures such as Sir Elton John, Sir Mick Jagger, and Sir Lewis Hamilton, holds a combined wealth of £772.8 billion.
This sum is larger than the annual GDP of Switzerland but is down three per cent compared with last year.
Robert Watts, the compiler of the guide, said: "Our billionaire count is down, and the combined wealth of those who feature in our research is falling.
"We are also finding fewer of the world's super-rich are coming to live in the UK.
"The Rich List's decline in billionaire numbers is the sharpest in its 37-year history, reflecting changing economic conditions.
"Despite this, the list remains a testament to the significant wealth held by a small number of individuals and families in the UK.
"The list highlights the ongoing concentration of wealth in certain industries, particularly technology and telecommunications, as exemplified by figures like Sir Terry Matthews and Sir Michael Moritz.
"The Rich List provides a snapshot of the shifting landscape of wealth in the UK, with the fortunes of its members reflecting broader economic trends.
"Despite a decrease in the number of billionaires and a dip in their combined wealth, the list continues to highlight the significant economic influence of its members.