Published On: Thu, Oct 31st, 2019

Lord Sugar news: The surprising source of the Apprentice star’s wealth revealed | Personal Finance | Finance

Lord Sugar was awarded his peerage by former Prime Minister Gordon Brown when he was named as the Government’s tsar of enterprise in 2009. He made the Sunday Times rich list in 2016 – and sat at 95th richest person in the UK – when his wealth was estimated to be approximately £1.15billion. He is now the feared CEO on The Apprentice, a show which has been running since 2005, where he puts entrepreneurs through a series of business tasks to see which contender he would like to invest in.

Lord Sugar is also known as one-time chairman and part-owner of Tottenham Hotspur between 1991 and 2001. Most fans know he started his business empire with a consumer electronics company, Amstrad in 1968 – and in the beginning, he was just selling aerials out of the back of a van.

The company became a success, and was known for a variety of products including cigarette lights and hi-fis – although its Amstrad E-mailer, a personal communication centre which is a landline phone device, famously flopped in 2000.

However, writing in Business Insider in October 2015, Will Martin explained that this is not the business venture which made him the billionaire he is today.

Mr Martin said: “But where does Britain’s second-most famous businessman get his money from? The answer is property.

“Given that Sugar often makes his potential apprentices conduct tasks based around their entrepreneurial skills, it’s a little bit surprising that he now makes most of his money from Britain’s absurd land prices.

“Amsprop Estates, which is managed by his son, Daniel, is Sugar’s biggest cash cow.”

READ MORE: How Karren Brady outlined ‘biggest business problem’ and how to fix it

Writing for The Telegraph in the same year, Elizabeth Anderson said: “The self-made entrepreneur apparently believes that property development is still where the big money is to be made.”

Mark Wright, the 2014 winner of The Apprentice told The Telegraph: “Lord Sugar said you make money from property and business for fun.

“Many of our customers make money from property and I’d love to go into property development one day.”

Mr Wright also said: “People always ask what Alan Sugar’s like and he’s been absolutely brilliant. He is very involved. If you’d asked him a year ago he wouldn’t know what SEO was, but he’s one of those people that has to know how things work, and he’ll come up and ask staff what’re up to.”

He won the show through his SEO – search engine optimisation – idea, which culminated in a business called Climb Online. Advisors tell client how to push products or services to the top of search engine results, and it was an immediate hit with the markets.

Amstrad, on the other hand, was sold for £125 million in 2007. It was reportedly worth £1billion – a move which Mr Martin described as a “spectacular fall from grace for the company”.

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