You wouldn’t expect to find one of Britain’s richest businessmen tucked away in an unassuming industrial estate in Essex — an ordinary office building with a corrugated iron roof, sandwiched between a gym and a takeaway kiosk.
But this is exactly where Graham King, the UK’s first billionaire to build his fortune from asylum seeker accommodation, runs his booming empire.
While countless companies are struggling or collapsing under soaring costs and taxes, King’s business has thrived spectacularly. In the past year alone, his firm brought in over £1.7 billion.
Thanks to this incredible success, he’s amassed a personal fortune estimated at more than £1 billion, earning him the nickname the “Asylum King.”
How Did He Make His Billions?
King’s rise to billionaire status is tightly linked to the UK’s immigration and asylum system — which, many argue, is broken and chaotic.
As record numbers of asylum seekers arrive in the UK, many are housed in hotels and temporary accommodation run by companies like King’s Clearsprings Ready Homes.
Over the past decade, the government has signed multi-billion-pound contracts with Clearsprings to provide everything from housing to food and transport for asylum seekers.
Originally valued at around £1 billion, these contracts have ballooned to an eye-watering £7.3 billion and are largely funded by the foreign aid budget.
With net migration and asylum claims reaching record highs, Clearsprings has become the biggest single contractor benefiting from this system — turning King’s firm into a money-making machine funded by taxpayers.
A Lifestyle Fit for a Billionaire
Despite the drab surroundings of his company’s headquarters, King’s personal life tells a very different story.
The 58-year-old millionaire lives a jet-set lifestyle, jetting off on romantic holidays with his glamorous Latvian girlfriend, Lolita Lace, and dining at Michelin-starred restaurants.
He has rebranded himself as a “gentleman racing driver,” competing in European Porsche racing events, and sharing snapshots of his adventures — from skiing in the Alps to horse riding in the Caribbean — on social media.
The Numbers Behind the Empire
Clearsprings has grown exponentially. Last year, it employed nearly 400 people and generated an astonishing turnover of over £4.4 million per employee.
Operating profits soared from less than £1 million in 2020 to nearly £117 million recently.
Meanwhile, King’s share of the company means he pockets the lion’s share of the profits, with dividends paid to company owners hitting £90 million in just one year.
Even though the government has promised to reduce the use of hotels for asylum seekers, demand remains high.
Political turmoil abroad and continued migration mean Clearsprings’ contracts and profits look set to stay lucrative for the foreseeable future.
Behind the Scenes: Company Assets and Controversies
Interestingly, Clearsprings owns relatively few assets outright.
Its property portfolio mostly consists of modest terraced homes in Wales and the North West — far from luxury real estate — worth just a few million pounds in total.
Many of these properties house asylum seekers, but neighbors often report issues like loud noise and anti-social behavior.
The company has also faced sharp criticism for the poor quality of accommodation it provides.
Inspections have uncovered filthy, overcrowded conditions, infestations, and leaking roofs in some asylum hotels.
In 2023 alone, Clearsprings was linked to the majority of 1,500 complaints about asylum housing.
In response to these failings, the Home Office has taken action, cutting ties with subcontractors and warning about poor invoicing practices.
Still, with tens of millions of pounds flowing through the business, Clearsprings remains a dominant player in this highly lucrative sector.
The Man Behind the Business: From Caravan Parks to Billionaire
Graham King’s story begins in a very different place.
Raised on Canvey Island, Essex, his family ran a caravan park that his father transformed from a failing business into a successful mobile home venture.
King and his brother spent years working in the family business before selling it for £32 million in 2007.
The family also owned taxis, car dealerships, and nightclubs, showing early signs of entrepreneurial flair.
But it was the wave of government contracts starting in 2000 that really catapulted King to billionaire status.
The Human Side: Tenants and Communities
Thousands of asylum seekers currently live in King’s properties, many managed by Clearsprings and supported by charities like Migrant Help.
Yet, many tenants have never met King or even know who their landlord is.
Neighbors often describe a revolving door of residents, with short stays and little community stability.
Complaints about noise and disturbances are common, highlighting tensions between asylum seekers and local communities.
One refugee mother of three, living in one of King’s properties, shared that she doesn’t know who owns the home but relies on Migrant Help for support.
Stories like hers reveal a complex reality behind the glossy headlines about wealth and success.
The Final Word
From a quiet industrial estate in Essex to the Sunday Times Rich List, Graham King’s rise is an extraordinary tale of entrepreneurship shaped by Britain’s asylum system.
Yet, it’s also a story riddled with controversy, questions over taxpayer spending, and the human cost borne by the vulnerable families housed in his properties.
Behind the shiny veneer of luxury cars and international travel lies a business empire built on uncertain foundations — a stark reminder of the complicated intersection between profit, politics, and people.