4. Earl Cadogan
£2,000m
The Cadogan Group
2008: £2,700m (-£700m)
For much of 2008, house prices in the more elegant parts of London defied the downturn. By December, agents were reporting a 15-20% decline in values, although they are starting to rise again.
As owner of 93 plush acres locally, Earl Cadogan will no doubt be hoping that the downturn is not too prolonged. Fortunately, his estate is in good nick to face a downturn. New developments have helped strengthen his company, Cadogan Group. The crowning glory is the £150m redevelopment of the old barracks and sports ground at Duke of York Square on fashionable Kings Road.
The foundation of the Cadogan Estate was laid in 1713 when the physician Sir Hans Sloane bought the Manor of Chelsea. In 1717, Sloane's younger daughter Elizabeth married Charles Cadogan, later the Second Baron Cadogan of Oakley.
The present Earl Cadogan, 72, began his career at merchant banker Schroder Wagg and took on the management of the family's property portfolio in 1974. Having inherited the title from his late father in 1997, Cadogan has presided over a hefty investment programme covering the Cadogan acreage. In 2008 Cadogan Group saw a 31% rise in profits to £40.4m, with rental income rising 14.7% on the back of the new developments. But the group's net assets fell from £2.6bn to £2.1bn.
Cautiously, we cut our valuation of the business back to £1.8bn, but past dividends, quoted investments and personal property and estates should take Cadogan to £2bn.