As the economic slowdown tightens its grip on Britain’s purse strings, the 2008 City & Guilds Vocational Rich List reveals that self-made millionaires with an entrepreneurial approach to business know how to protect their wealth when times get tough.

According to the City & Guilds Vocational Rich List – which tracks the fortunes of businessmen and women who started their career with a vocational qualification or training course – the nation’s wealthiest entrepreneurs are convincingly bucking the credit crunch trend.  At the top of the rankings, the four billionaires who feature in the City & Guilds Vocational Rich List have increased their collective wealth by £1.2 billion in the last year alone. 

This year, diamond magnate Laurence Graff has topped the list for the first time, stealing the crown from Phones 4U founder John Caudwell, who occupied the top spot for five of the six years that the list has been produced. 

Graff, who made his fortune from his exclusive diamond business Graff Diamonds, has increased his wealth from £1.5 billion to £2 billion in just one year.  Graff’s estimated wealth has risen almost thirteen times over since the list was created in 2003, when his fortune was valued at £157 million.

Not only do these billionaires’ businesses continue to perform strongly, many of the remaining top 25 millionaires on the list also continue to grow their fortunes despite the challenging economic climate:

• The average wealth of Britain’s top 25 vocational millionaires is £525 million – up from £513 million last year. 
• More than half of the top 25 millionaires have maintained or grown their fortunes in the last year
• The collective wealth of the 25 wealthiest ‘Rich Listers’ stands at £13.2 billion, compared to £2.8 billion in 2003, when the City & Guilds Vocational Rich List was first published

Bob Coates, Managing Director at City & Guilds said:
'It’s encouraging to see that many of the entrepreneurs who started their careers with a work-related qualification continue to flourish, and it will be interesting to see how they adapt to Britain’s changing economic conditions, particularly since many of those on our list made their millions through the property boom.

'It’s important to remember that the vast majority of the millionaires who feature in the City & Guilds Vocational Rich List survived tough trading conditions in the recessions of the eighties and nineties. Their success to date shows that there’s a lot to be learned from the on-the-job training that shaped their approach to doing business and we’re confident that it will continue to stand them in good stead.

'In fact, the journeys these vocational entrepreneurs have taken highlight that different routes and learning styles can offer just as good an opportunity in life and can be equally rewarding.  The introduction of the new Diplomas will provide a wide group of students with a sound practical and theoretical foundation in a way that aims to engage and motivate them.'

Laurence Graff, Britain’s wealthiest vocational entrepreneur according to the City & Guilds Vocational Rich List , added:

'My interest in jewellery started from a very early age and it was this interest which inspired me to learn more about the trade of jewellery and design.  At 17 I worked as an apprentice in London's jewellery quarter and there is no doubt that if you have a passion for something it translates into everything in your life - both work and pleasure.  A good fundamental training and a passion for the business has been a very important part of my life.'

Businessmen and women looking to protect and grow their fortunes may wish to take note of the character traits shared by many of the ‘Vocational Rich Listers’, which have contributed to their commercial success:

• Choose the path that’s right for you – none of the four billionaires on the Vocational Rich List went to university, indicating that Oxbridge degrees or prestige business qualifications are not obligatory for entry to the self-made billionaire club 
• Stay close to home – two-thirds of the 25 wealthiest millionaires set up business in their home towns, and by doing so make a significant contribution to the communities in which they grew up
• The ability to recover after a fall is key to long-term success – among the millionaires are Paul Davidson of pipe repair company Fluid Leader, who declared bankruptcy in 2004 but has since built an impressive second fortune of £40 million, and John Bloor of Triumph motorbikes, who brought the company back from the brink of collapse in 2002 when much of the company burnt down
• Patience and perseverance pay off – 80% of the top 25 millionaires are still working in the fields in which they first started out, illustrating how learning on the job can lead to a lifetime of success
• Strong self-belief – 23 of the nation’s 25 wealthiest vocational millionaires are self-made, and have relied on instinct, energy and skills to achieve their considerable financial success 
• Getting rich takes time – the average age of the 25 wealthiest vocational millionaires is 61 years, and even within the top 100 there are only three millionaires aged under 40
• Go for graft over glamour – while the top 100 millionaires include a number of familiar names such as Stella McCartney, Jamie Oliver and Rolf Harris, celebrity does not guarantee a personal fortune.  The only household name in the top 10 is Sir James Dyson, but the collective wealth of the 10 wealthiest millionaires accounts for  around two-thirds of the wealth of the UK’s top 100 ‘Rich Listers’
• Indulge your passions – a love of football unites many of the millionaires, and four of the top 100 have indulged their passion for the ‘beautiful game’ by buying into their favourite football club
  

For more information about the 2008 Vocational Rich List visit www.cityandguilds.com/richlist

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Notes to editors

City & Guilds Vocational Rich List 2008: Top 10 Millionaires

About the Vocational Rich List

The Vocational Rich List, published annually by City & Guilds since 2003, offers an insight into the shifting fortunes of the UK’s wealthiest entrepreneurs.  Created in conjunction with Philip Beresford, author of the Sunday Times Rich List, it tracks the personal fortunes of people who began their careers with vocational learning/qualifications.

About City & Guilds

City & Guilds (http://www.cityandguilds.com/ ) is the expert and leading authority in vocational education and training - both in the UK and beyond.
In operation for the last 130 years, City & Guilds is the UK’s leading awarding body for work-related qualifications. Twenty million people in the UK have City & Guilds qualifications, and the organisation awards a further 1.5 million qualifications to learners every year.
City & Guilds also enables people to develop essential leadership and management skills through its Institute of Leadership and Management, which is the largest provider of management qualifications in Europe.
City & Guilds creates prosperity from skills for individuals, business and nations within and beyond the workplace.