Battles between the billionaires

Sir Jim Ratcliffe, the Ineos founder, has emerged as the UK's second wealthiest individual, boasting a net worth of nearly £30bn. In the span of a year, his fortune skyrocketed by £23.6bn, propelling him 27 spots higher on the rich list. Additionally, Ratcliffe is actively seeking to gain control of Manchester United football club.

Gopi Hinduja and family top the rich list for the 5th time in a row, with an estimated £35bn fortune, a remarkable £6.5bn surge, the largest in 35-year history of rankings.

We are thrilled to share this remarkable achievement while also paying tribute to the late SP Hinduja, the revered billionaire patriarch and chair of the Hinduja Group conglomerate. Regrettably, Mr. Hinduja recently passed away at the age of 87 in London, leaving behind a profound legacy of accomplishments and impact.

Despite the considerable wealth amassed by some of Britain's richest individuals and families, the rich list reveals that the economic landscape has taken its toll. For the first time since the 2007 and 2008 financial crisis, the number of UK billionaires has decreased by six individuals to a total of 171. It signifies that even billionaires are not impervious to the challenges presented by current economic conditions.

The collective wealth of UK billionaires has risen to an impressive £684bn, a £31bn increase from the previous year. However, the rise, amounting to 4.5%, loses its luster when considering the double-digit inflation rate. In real terms, this increase translates to a decline in wealth.

Richard Branson's fortune has taken a major hit, plummeting 42% to £2.4bn and causing him to drop 33 spots to 77th on the rich list. This decline can be attributed to the share price collapse of his satellite venture, Virgin Orbit. Unfortunately, the failure of Virgin Orbit's initial Cornwall launch has pushed the company perilously close to bankruptcy.

In light of recent shifts in wealth, Robert Watts, the compiler of notable lists, highlights significant losses suffered by individuals as a result of the bursting of the tech bubble, increasing interest rates, and concerns within the banking industry.

Also featured in the full list of the UK's 350 richest people are the likes:

• David Beckham
• Victoria Beckham
• Elton John
• Edward Sheeran
• Andrew Webber.