Foreigners dominate UK rich list

The high price of steel has sent Mr Mittal's wealth soaringOnly one of Britain's five wealthiest people was born in the UK, according to the Sunday Times Rich List 2007.
The £19bn fortune of Indian steel magnate Lakshmi Mittal ensured he kept his title as Britain's richest person.
The Duke of Westminster was ranked at number five in the list behind four non-Britons, including Chelsea owner Roman Abramovich who is worth £10.8bn.
Analysts said a growing number of mega-rich foreigners are attracted to the UK by a generous tax regime.
As well as Russia and India, the wealthy from Scandinavia and France are also looking to base themselves in the UK.
Paranoia
There were several reason why the UK was a big draw, said the list's compiler, Dr Philip Beresford.
It's income from around the world that we wouldn't get a sniff of otherwise
Patrick StevensErnst and Young
"London is such an attractive place for the very rich, not just tax wise but because they have the city, the culture and the safety and security," he told the BBC.
"And New York has shot itself in the foot with its onerous regulation.
"There is also general paranoia in the US after 9/11 that makes foreign billionaires feel uncomfortable, and London is winning as a result."
Ernst and Young tax expert Patrick Stevens said that the real draw was a tax regime allowing foreign residents to be taxed only on what they actually brought into the UK - regardless of how much money was earned overseas.
"It's a very attractive regime compared to other parts of the world," Mr Stevens told the BBC.

Roman Abramovich's divorce "barely dented" his fortune
"Every few years the subject comes up about whether its right to have a separate tax regime for people from overseas who come to live here, but nothing has happened and there's no immediate sign of it changing."
The money which did come in was a "boost for the economy", he added.
"If we didn't have the regime they wouldn't come and it's income from around the world that we wouldn't get a sniff of otherwise."
Self-made millionaires
Full details of the 2007 Sunday Times Rich List have not yet been released but it is expected to include about 65 billionaires - up from 54 last year.
To get onto the 1,000-strong list you must live in the UK and have at least £70m, compared with £60m a year ago.
When first launched in 1989, 75% of those on it had inherited their wealth.
Today, 78% of those on the list have made their money themselves through business.
However, fewer than 10% of those on the rich list are women.
Stelios takes off
The continuing high steel price has helped Mr Mittal, whose Mittal Steel bought rival Arcelor last year boost his wealth from the $14.8bn he had last year.
Meanwhile, a costly divorce settlement with his wife Irina had "barely dented" Mr Abramovich's fortune, Dr Beresford said.
Climbers include Easyjet's Stelios Haji-Ioannu in 49th place with a personal worth of £1.29bn, singer Robbie Williams, ranked 755th with £95m, and David Beckham, placed 619th with £112m.
X Factor and American Idol judge Simon Cowell saw his wealth balloon by £40m to about £100m.
Sir Richard Branson slipped two places to number 11, with his £3.1bn fortune.
The Queen has an estimated wealth of just about £300m, Dr Beresford said.
But he added that if the royal art collection and other assets had been classed as belonging to her, she would have been in the "top two or three" of the list.

Sharp decline in US house sales

Boom times in the housing market seem a long time agoSales of non-new US homes fell 8.4% in March, the sharpest month-on-month drop for 18 years and a further illustration of weakness in the US housing market.
The data, from the National Association of Realtors, also showed the number of homes sold was at a near-four year low.
The housing market has stuttered badly in recent months, raising fears about the health of the economy in general.
Confidence has been hit by problems in the sub-prime mortgage market, with many lenders under severe pressure.
Sub-prime lenders loan money to people with poor credit histories and the recent collapse of one such lender is being investigated by regulators and Congress.
Separate figures published by the Conference Board showed US consumer confidence fell last month to its lowest level since August.
'Bottoming out'
The housing market is a vital barometer of the US economy, which is expected to slow this year.
Some analysts remain worried that a sharp fall in the market, allied to weakness in manufacturing, could potentially trigger a recession.
The Fed will need to cut rates some time this year to jump-start the economy
Andrew Brenner, Man Financial
The latest figures showed an 11.3% fall in existing home sales, compared with a year ago.
About 6.1 million existing homes were traded in March, the lowest figure since June 2003, while the average price of a house is now $217,000, down 0.3% on 2006.
"In terms of home sales numbers we are in the middle of a bottoming process which is going to take us some time," said Michael Vogelzang, president of finance firm Boston Advisors.
"I think the sub-prime stuff is all tied up in the middle of this."
Rates dilemma
Policymakers have held US interest rates at 5.25% for the past six months, trying to balance fears of persistent inflation with the palpable signs of a slowdown in economic activity.
But inflation eased slightly last month, leading some analysts to call for the Federal Reserve to consider cutting rates soon.
"Simply put, these numbers are bad," Andrew Brenner, an analyst at Man Financial, said of the housing figures.
"The Fed will need to cut rates some time this year to jump-start the economy."

Baghdad bombings

Baghdad bombings toll mounts to 195

Baghdad: The death toll from Wednesday's violent blasts across Iraq climbed to 195 a day later.Of the many bomb attacks, the three largest ones exploded in the mostly Shia areas of Baghdad, making it one of the deadliest days in Iraq.The European Union and the US condemned the attacks. In Tel Aviv, US defence secretary Robert Gates called the bombings "horrifying" and accused Al Qaeda of engineering the attacks.In central Baghdad's Sadriya district, at least 140 people were killed and more than 150 wounded when a car bomb detonated, Voices of Iraq news agency reported citing a security source. The district is mostly populated by Shias.The overcrowded Sadriya district, which contains a big number of markets and stores, had witnessed several attacks in the past. This attack followed three previous blasts around Iraq, which had killed at least 30 Iraqis.A car bomb detonated in Mothafer Square near the Shia Sadr city east of Baghdad, killing at least 40 and injuring 45 others, according to Voices of Iraq.In central Baghdad, a remote-controlled car bomb went off in the Karada district, killing 10 Iraqis. In other attacks in Baghdad, at least five more people were killed.The attacks were launched despite intensified safety measures and the deployment since mid-February of 3,000 US and 10,000 Iraqi additional soldiers in Baghdad.Joint US-Iraqi Wednesday arrested Sheikh Ali Hussein al-Bayati, a leader of Sadr's office in Khalis district, along with 11 Mahdi army militiamen, including al-Bayati's brother. The detainees are accused of launching attacks on a sectarian basis.Also Wednesday, five terrorist suspects were killed and four others wounded, while 26 more were detained during an operation near Karmah, a rural area northeast of Fallujah, the US military announced Wednesday.