Rich list 2016 reveals steel magnate's fortune drop

From top left clockwise - Adele, Sir James Dyson, Lewis Hamilton and Lakshmi Mittal Image copyright Getty Images, EPA, AP
Image caption Adele, Lewis Hamilton and Sir James Dyson all increased their fortunes while Lakshmi Mittal and his family dropped down the rich list

The family behind Europe's biggest steelmaker has lost more than £2bn in the past year, the annual Sunday Times Rich List has revealed.

Lakshmi Mittal, owner of ArcelorMittal, who held the top slot in 2008 with £27.7bn now has a fortune of £7.12bn and is number 11 on this year's list.

The number of London billionaires fell for the first time since the financial crash - from 80 in 2015 to 77.

There are also a record 125 women on this year's top 1,000 list.

At the top of the 2016 guide to Britain and Ireland's richest people are property tycoons the Reuben brothers, owners of London's Millbank Tower and the John Lewis headquarters, who have a fortune of £13.1bn.

Mumbai-born David and Simon Reuben, who also own London Oxford Airport and London Heliport, have increased their fortune by £3.4bn in the past year.

Others on the list include:

  • Sir James Dyson - best known for inventing his vacuum cleaner and who is now trying to move into the car market - has seen a 43% rise in wealth, making him the first self-made Briton to break the £5bn barrier
  • Formula One champion Lewis Hamilton is Britain's wealthiest sportsman, worth £106m
  • England and Manchester United captain Wayne Rooney tops this year's list for young sportsmen in Britain - worth £82m
  • Adele has been named as Britain's richest ever female musician with an £85m fortune - an increase of £35m compared to last year
  • Former Beatle Sir Paul McCartney topped the musicians list with an estimated £760m fortune - boosted by his American heiress wife's £150m stake in her family's US trucking business
  • Britain's richest self made woman is Denise Coates - who turned a small chain of betting shops into the world's biggest online gambling firm - Bet365. She's now worth more than £3.7bn
Image copyright EPA
Image caption Wayne Rooney has amassed an £82m fortune which makes him the richest sportsman aged 30 or under

Making it onto the Rich List at all requires at least £103m.

Brothers Sri and Gopi Hinduja, who run the Hinduja Group, remain in second place a year on with an unchanged fortune of £13bn.

Completing the top three is Warner Music owner Len Blavatnik, who has £11.59bn. He has dropped two places after a reduction in wealth by £1.58bn.

The Mittals' previous vast wealth of £27.7bn was the biggest fortune achieved by anyone on the list before or since.

Earlier this month it was reported that ArcelorMittal board member Wilbur Ross could be among investors expected to be contacted about buying some of Tata's business interests in the UK.

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