Alex Gerko, founder and majority owner of XTX Markets, has seen his fortune nearly double to an estimated US$10.8 billion (£8.5 billion), per Bloomberg’s Billionaires Index, following a £1.6 billion dividend payout by his quantitative trading firm.
The surge in Gerko's wealth came after XTX reported a profit increase to £1.1 billion last year, marking a 50% rise from 2021. This growth added approximately US$5 billion to Gerko's net worth.
Previously ranked 10th, the 43-year-old now leads the Sunday Times’ tax list after contributing almost half a billion pounds in taxes last year. He is known as a vocal supporter of universal basic income and wealth taxes.
With his current fortune, Gerko ranks fifth on Bloomberg’s list of wealthiest British citizens, surpassing several industry magnates. Ineos’s Sir Jim Ratcliffe remains at the top with US$17.6 billion, trailed by Sir James Dyson at US$15.7 billion.
XTX Markets, known for its algorithmic trading strategies, automates trading decisions through machines.
The company's algorithms make rapid decisions on trades with businesses, exchanges, and other venues. Handling nearly US$300 billion in daily trade across stocks, currency, and bond markets, XTX earns a commission from each transaction.
XTX, headquartered in London with a workforce of nearly 200, has global offices in Paris, New York, Singapore, and Yerevan in Armenia.