James Dyson is richest man in UK after firm's record profit last year

James Dyson is richest man in UK after firm's record profit last year

Pioneering British engineer and founder of the Dyson company, James Dyson, plans to start building
James Dyson, founder of the Dyson company. (Photo: AFP/Christophe Archambault)

SINGAPORE: James Dyson is now the richest person in the United Kingdom after his company registered record profit in 2018, Bloomberg reported on Wednesday (Jan 23).

The tech firm on Tuesday reported earnings of £1.1 billion (US$1.42 billion) last year, up from £801 million in 2017, boosted by demand for its new products which include hairdryers and air purifiers.

The results added about US$3 billion to his wealth, according to the Bloomberg Billionaires Index, which ranks the world's 500 richest people.

The 71-year-old, who owns 100 per cent of the company, is now worth US$13.8 billion and ranked 83rd on the list, bypassing Jim Ratcliffe, who owns the Ineos chemicals group, and the seventh Duke of Westminster Hugh Grosvenor.

Dyson, which raked in more than £4.4 billion in turnover last year, also announced that it is moving its corporate headquarter to Singapore to cater to its growing Asian customer base.

READ: Dyson to move corporate head office to Singapore

More than half of its profit comes from the region, and Bloomberg reported that its products were among Alibaba's top-selling products during the annual Singles' Day sale.

According to The Guardian, James Dyson will continue to divide his time between Singapore and the UK, where much of Dyson's product development will remain in southwest England.

Source: CNA/jt(hm)