Crypto billionaire Christopher Harborne, the primary supporter of Reform UK, has experienced a significant increase in his wealth as per the latest Sunday Times Rich List. His fortune is now estimated at nearly £18.2 billion, placing him in the sixth position on the latest edition of the list. This marks the first time that researchers have included him in the rankings.
Although the report acknowledges challenges in accurately assessing his wealth due to complexities surrounding his financial affairs and a conservative estimate of his stake in a prominent crypto company, Mr. Harborne’s wealth is believed to be undervalued. Robert Watts, the compiler of the Sunday Times Rich List, described Nigel Farage as a valuable funding source, highlighting the substantial contributions made by Mr. Harborne, also known as Chakrit Sakunkrit.
Recent revelations about a £5 million personal gift given to Nigel Farage by Mr. Harborne have sparked controversy, leading to an investigation by Parliamentary standards chief Daniel Greenberg. Despite his significant donations to Reform and various business ventures, Mr. Harborne’s inclusion in the Rich List was delayed due to the intricate nature of his business interests, which posed challenges for the compilers.
Publicly available information indicates Mr. Harborne’s substantial £357 million stake in British defense company Qinetiq through Klear Kite LLC. Additionally, his founding of AML Global, a jet fuel brokerage with a wide global presence, has contributed to his wealth, although the exact value remains unspecified. The surge in jet fuel prices following the Middle East conflict has potentially boosted AML’s financial performance.
A significant portion of Mr. Harborne’s estimated wealth comes from his 12% stake in Tether, a company endorsed by Nigel Farage for its role in facilitating transactions between conventional and digital currencies. If Tether reaches a $500 billion valuation, Mr. Harborne’s stake could be valued at £44 billion, surpassing other prominent figures on the Rich List.
The Sunday Times’ assessment of Mr. Harborne’s wealth is considered conservative, indicating the possibility that his actual net worth could be higher. He is among the top individuals and families in the UK, whose collective wealth has increased by 1.4% to reach £784 billion, exceeding the GDP of several countries. The list now includes 157 billionaires, showcasing a significant rise compared to previous years.
The Rich List’s top ten features prominent figures such as Sir Jim Ratcliffe and Sir James Dyson, whose fortunes have experienced fluctuations. The growing number of billionaires in contrast to stagnant real wages for ordinary workers has raised concerns about wealth inequality, prompting calls for a fairer tax system to address economic disparities.