Recession effect: British Queen loses 50 mn pounds

The global recession has not spared the British monarch, who has lost as much as 50 million pounds during the last one year.

The Queen's investment portfolio, made up largely of shares in blue-chip British companies, has lost 30 per cent of its value and is worth about 70 million pounds.

This year's Sunday Times rich list puts the fortune of Queen Elizabeth II at 270 million pounds - a 16 per cent fall from 320 million pound in 2008 - due to failing share prices and property values.

More than 150 billion pounds has been wiped off the fortunes of the UK's richest people in the global meltdown.

In the last one year, the number of billionaires has fallen from 75 to 43.

The biggest single loser is NRI steel magnate Lakshmi Mittal, who has seen his personal fortune drop by about 17 billion pound to 10.8 billion pounds.Despite that, he retains his place as the country's richest man for the fifth year running.