Billionaire hedge fund manager Sir Chris Hohn paid himself $479m last year after his Children’s Investment (TCI) fund, recorded a 66% jump in pre-tax profits to $695m.
It is believed to be the highest annual amount ever paid to one person in Britain and equates to £940,000 a day. It is 9,000 times the average UK salary and 1,700 times the amount paid to the prime minister, Boris Johnson.
The staggering amount was paid in dividends from TCI, the hedge fund Hohn set up in 2003, to Hohn’s personal company TCI Fund Management (UK) Limited.
The hedge fund is ultimately owned by a parent company in the Cayman Islands tax haven.
The High Pay Centre’s Luke Hildyard, who campaigns against excessive executive pay, called for higher taxes on top earners such as Hohn. “The sources of hedge fund owner’s wealth include the profits of the companies they invest in and the funds provided by their super-rich clients,” he said. “Extreme payouts such as this demonstrate that there is considerable scope for highly profitable companies to pay their staff more, and for the super-rich individuals that either own or invest in hedge funds to pay more tax, so that everyone can enjoy better public services and a fairer, more cohesive society.”