Securing the top spot on the list of wealthiest individuals in the UK is Sir Jim Ratcliffe of Ineos, with a net worth of $17.6bn. Following closely behind is vacuum pioneer Sir James Dyson, with a fortune of $15.7bn.
Originally from Moscow, Mr. Gerko obtained British citizenship in 2016 and has been a vocal critic of Russia’s invasion of Ukraine. In a tweet, he stated “Nuremberg is waiting for you” in response to Sergei Lavrov, Russia’s foreign minister, attempting to justify the bombing of Mariupol’s maternity hospital.
XTX, the company led by Mr. Gerko, has demonstrated support for Ukraine by sponsoring their International Mathematical Olympiad team and committing to establish an international center for mathematics in the country.
Last year, XTX filed a lawsuit against accounting firm Mazars, alleging discrimination for refusing to work with them based on Mr. Gerko’s background. At that time, Mazars chose not to comment on the matter.
Employing cutting-edge algorithmic trading strategies, XTX automates decision-making processes using machines. Their algorithms rapidly determine whether to engage with businesses, exchanges, and trading venues involved in asset transactions spanning stocks, currency, and bond markets. As a result, XTX plays a crucial role in the financial markets, handling nearly $300bn in daily trades and earning a percentage from each transaction.
With a workforce of almost 200, XTX aims to automate all aspects of its business. Its headquarters, located in King’s Cross, London, even feature a replica of the Apollo 11 command module.
As a UK-based company, XTX pays taxes on its profits within the country. Additionally, they maintain offices in Paris, New York, Singapore, and Yerevan, the capital of Armenia.
Mr. Gerko has taken the title of the UK’s biggest taxpayer from Denise Coates, the founder of the gambling website Bet365, who held the position for three consecutive years. Alongside her relatives, Coates has paid close to £2bn in taxes since 2019. In comparison, Mr. Gerko is estimated to have paid approximately £680m during the same period.
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