The UK's 100 richest property tycoons have seen £43bn (€46.86bn) wiped of their collective net worth, after the recession dragged commercial property prices down by 44% over the last two years.

The annual Estates Gazette Rich List today revealed that the wealth of the richest people in property has more than halved, from a total of £77.4bn in 2007 to £34.3bn this year.