Inventor Sir James Dyson has topped the Sunday Times Rich List for the primary time after growing his internet price by £3.6bn in a yr.
The Brexit-backing entrepreneur made his fortune with the invention of the bag-less vacuum cleaner which went on sale in 1993.
He changed Indian-born businessmen Sri and Gopi Hinduja on the summit.
The coronavirus pandemic is being blamed for a fall within the total wealth of the UK’s richest individuals.
A self-made man, Sir James, 72, grew up in Norfolk within the 1950s and studied artwork earlier than his artwork faculty principal recommended he go into design.
After inventing a wheelbarrow in 1974 which used a spherical wheel – designed to be simpler to manoeuvre – he then set about creating the product for which his finest recognized after seeing an industrial extractor and imagining the way it might be downsized for home use.
It was greater than 10 years earlier than it made it to the market, and at one stage Sir James owed his financial institution nearly £1m.
But it was a hit and shortly grew to become Britain’s best-selling vacuum cleaner, making its inventor very rich.
More lately he backed Brexit, arguing that the UK can be higher off exterior the European Union, and has relocated his enterprise headquarters to Singapore, having beforehand moved manufacturing from Wiltshire to Malaysia.
Most Dyson merchandise are designed within the UK however manufactured in Asia.
In March the federal government ordered 10,000 ventilators from the corporate to assist with the coronavirus disaster, though Sir James later instructed workers these have been not wanted.
In an interview with the Sunday Times, Sir James instructed the paper his current bid to construct an electrical automotive had been scrapped regardless of costing £500m of his personal cash.
“Ours is a life of risk and of failure,” he mentioned. “We try things and they fail. Life isn’t easy.”
How is the Sunday Times Rich List compiled?
The listing is predicated on estimates of the minimal wealth of the 1,000 richest individuals or households within the UK.
The valuations for this yr’s listing have been carried out as much as the tip of April to take into consideration the early influence of the coronavirus pandemic, with valuations adjusted the place there have been vital actions within the worth of listed firms.
Identifiable wealth and vital shares in publicly quoted firms are included however financial institution accounts and small shareholdings in a non-public fairness portfolio are excluded.
The Sunday Times workforce is cautious about liabilities and any homeowners or massive shareholders of firms which have been concerned in talks with banks over debt ranges have been faraway from the listing.
The listing consists of people who find themselves not British residents however dwell and work in Britain.
Family shareholdings are grouped collectively the place it’s apparent the household acts collectively to defend the corporate’s pursuits.
The full methodology might be discovered right here.
The wealth of the highest 1,000 richest individuals in Britain fell for the primary time because the monetary crash, down by 3.7% total.
The Hinduja brothers, who’re co-chairmen of the India-based conglomerate the Hinduja Group, noticed their wealth drop by £6bn in a yr whereas Sir Jim Ratcliffe, who topped the Rich List in 2018, noticed his internet price drop the identical quantity.
List compiler Robert Watts mentioned: “Ever because the monetary disaster of 2008-9, Britain’s wealthiest individuals have develop into richer and richer.
“Covid-19 has referred to as time on their golden interval. This yr’s wealthy listing paints an image of Britain getting ready to calamity – two months after lockdown and already billions of kilos have been worn out.
“You may not like the super-rich, but it is hard to deny that our economy will need the jobs they create and the taxes they and their companies pay if we are to escape a prolonged recession that causes further misery to millions.”
The listing additionally famous quite a lot of billionaires have sought to make use of the federal government’s emergency furlough scheme, beneath which workers are paid 80% of their wage by the state, as much as £2,500 a month.
Who else made it?
The wealthiest lady on the listing is Kirsten Rausing, who owns a 3rd of the holding firm which has the rights to Tetra Pak cartons.
Charlene de Carvalho-Heineken, the daughter of brewing magnate Freddy Heineken, additionally makes it into the highest 10. Actress Salma Hayek and her husband, French billionaire Francois-Henri Pinault, are additionally on the listing.
The Queen is available in at 372 with an estimated price of £350m.
The highest positioned new entry is vogue mogul Anders Povlsen, who’s Scotland’s largest landowner and owns stakes in on-line retailer Asos and Danish clothes agency Bestseller.
Sir Paul McCartney is the highest-placed musician with £800m, whereas singer Rihanna is a brand new entry with an estimated £468m.
Sir Elton John, Sir Mick Jagger and Keith Richards make up the remainder of the musical prime 5, with Sir Ringo Starr lacking out by £10m.
The Duke of Westminster, whose fortune derives from his household’s property empire, continues to prime the listing of the 50 richest individuals beneath 30.
Lady Charlotte Wellesley is available in second. She is married to Alejandro Santo Domingo who made his fortune in brewing.
Jack Sullivan, son of West Ham co-owner David, is available in third, whereas musician Ed Sheeran is available in fifth off the again of his report 255-concert tour accomplished final yr.
Boxer Anthony Joshua moved into the highest 10 having regained his world titles in December whereas Lewis Hamilton is positioned at 545th with a net-worth of £224m, making him the richest energetic sportsman.
Former England soccer captain David Beckham, alongside along with his spouse Victoria, was the best positioned sportsperson at 354th – though a number of Premier League homeowners got here in a lot larger.
Sir Jim Ratcliffe, who owns biking’s Team Ineos in addition to French soccer membership OGC Nice, topped the sports activities club-owners listing. Ex-Arsenal shareholder Alisher Uzmanov and Chelsea proprietor Roman Abramovich have been additionally within the prime three.
The Sunday Times Rich List Top 10
- Sir James Dyson and household, family items and expertise, £16.2bn.
- Sri and Gopi Hinduja and household, business and finance, £16bn.
- David and Simon Reuben, property and web, £16bn.
- Sir Leonard Blavatnik, funding, music and media, £15.78bn.
- Sir Jim Ratcliffe, Ineos chemical large, £12.15bn.
- Kirsten and Jorn Rausing, inheritance and funding, £12.1bn.
- Alisher Usmanov, mining and funding, £11.68bn.
- Guy, George and Galen Jr Weston and household, retail, £10.53bn.
- Charlene de Carvalho-Heineken and Michel de Carvalho, inheritance, brewing and banking, £10.3bn.
- The Duke of Westminster and the Grosvenor household, property, £10.29bn.