Eating the rich: what the Sunday Times Rich List tells us about our culture and how we define ‘wealth’

The most recent Sunday Times Rich List has been unveiled, detailing the dazzling wealth of hundreds of UK residents, from property tycoons to government officials. Since its launch in 1989, we’ve had 36 years of ranking the fortunes of Britain’s 350 richest families and individuals. And yet every year, its publication alongside headlines of war, energy poverty, rising food prices and climate emergencies makes for a staggering juxtaposition. Those on the list got richer and meanwhile the people of Devon are suffering polluted water. Energy poverty abounds. The number of emergency food parcels increased nearly 100% over the past five years to March 2024 according Trussell Trust yet we’re meant to wonder why the number of billionaires in the UK has decreased this year.

It is difficult to reconcile the two conflicting viewpoints of the world because the gulf between them has seemingly never been as wide or complicated. The deep-rooted and intersectional societal challenges we face operate at a global in scale yet play out in our everyday experiences. Day after day we’re confronted with the growing inequity in our society and its impact on our collective mental and physical well-being.

So in the face of such difficulties, it feels almost obscene to turn the page and venerate the acquisition of wealth and with it power and influence. Power and influence that so many lack, and that could be harnessed to create real change. While there are individuals on the list who lead charitable organisations, donate time and money to good causes, it feels out of sync with the current sensibilities to celebrate the richest in our society.  Instead of seeking to emulate millionaires or billionaires, we should look to praise those among of us who look to make the UK richer through creating impactful social good.

This is not an original idea. With each year’s publication there are growing calls to shift our cultural understanding of wealth, how it’s used and how its impact is measured. Studies show how much we as individuals want to contribute to social good as individuals, from paying more for sustainably produced goods to giving a percentage of personal income to climate action.

However, there is an understanding that real change comes from our institutions – government, media, business – and those institutions are often run by the wealthiest individuals or families. What positive transformation could be driven by simply starting to alter  how we think about wealth and its impact on human rights and social equity? 

This is a question that will become increasingly critical for businesses as regulators and legislators look to push companies towards greater transparency and accountability. However, changes in regulation and reporting have to be matched by purpose-led, impact driven work from businesses – CEOs, investors and shareholders who are often featured in the Sunday Times Rich List.

Shifting the focus of the Rich List from assets, cash and investments to increasing the wealth of the UK through positive social change is just one way we can empower a larger movement around harnessing the flows of finance for more than growth in profit. Its growth in purpose we want to see and champion, a move away from the cultural fixation of wealth as a marker of individual worth and towards wealth as a tool for positive impact.