The richest man in the City, Peter Cruddes of financial trading group CMC Markets is to donate £100 million of his £1 billion + fortune (10%) to charity. (Daily Telegraph).

Cruddes, 54, who lives in Monaco has said: “It is quite obscene for one person to have such large amounts of money” and his new charitable foundation will give some of his money to a variety of charities helping young people, including The Prince’s Trust, The Duke of Edinburgh’s Award Scheme and the Great Ormond Street Hospital. The re-distribution of wealth makes Cruddes one of the largest individual donors to charity in the UK.

Cruddes, the son of an East End market porter told the Daily Telegraph: “I left school at 15 as I was kicked out to earn some money. I came from a council estate, my father was an alcoholic, my mum survived the Blitz. It was really difficult, that upbringing. From the age of 11 to 14 I was a member of the Boy Scouts and I used to go camping and that got me out of the inner-city environment. If it wasn’t for that I honestly believe I would not be as successful as I am today”.