Source of Wealth:Real Estate
Full Name:Ian and Richard Livingstone
Occupation:Founder of London & Regional (L&R) Properties
About Ian and Richard Livingstone
The Livingstone brothers are the founders of London & Regional Properties (L&R) and they have an estimated net worth of $5 billion as of April 2016 according to Forbes. The billionaire brothers are the 14th richest people in the United Kingdom and 395th in the list of World Billionaires.
Richard Livingstone is a chartered surveyor while his older brother Ian is a former optometrist. The two started earning their estimated net worth of $3.4 billion when their business career kicked off together. In 1992, they opened optical stores and acquired the David Clulow optical chain. They sold their business in 2011.
Today, the main business of the Livingstone brothers is real estate. They first ventured in the industry in 1987 when they founded L&R, a property trading company. It is based in London and is considered one of the largest privately held property companies in Europe. It also has offices in Stockholm, Moscow, Panama City, St. Petersburg, Kiev, and Cape Town. Their property empire has an estimated value of around $6.3 billion. Currently, they operate several property investment vehicles under the umbrella firm Loopsign Limited. It has business interests in the United Kingdom, Germany, Russia, and Panama.
In 2012, Richard and Ian got the approval for a $4,930 million redevelopment of the Elizabeth House hotel near the Waterloo train station in Central London. Its property in Panama called Panama Pacifico includes a 250-acre commercial development with hotels, shops, schools, parks, and 20,000 homes located just 15 minutes outside of Panama City.
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