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Wealthy residents have a difficult year

The ten richest people in the Isle of Man are worth a combined total of £2.8 billion, according to a new survey.

The Sunday Times Rich List is out this weekend, and features a number of Island residents.

But the statistics show even the wealthiest people are feeling the effects of the credit crunch.

Between them, the richest 10 have lost a total of £714 million over the last twelve months.

At the top of the list of local residents is property magnate John Whittaker, estimated to be worth £1.5 billion.

Jason Roberts reports (text, below, from attached audio file):

There are some familiar names in the Times on Sunday, including Albert Gubay, Graham Ferguson Lacey, as well as Strix co-founders Eddie Davies and John Taylor.

Arguably the Island’s most famous resident, Robin Gibb, is also shown to be one of its wealthiest, with a personal fortune said to be worth £110 million.

But it's not been an easy year for the economy, and that's reflected in the list, with significant losses for each one of the ten richest Manx residents.

Some of the hardest hit have been property developer Jim Mellon, who's said to have lost £200 million in the past twelve months, and Eddie Davies, whose wealth shrank by an estimated £33 million.

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