Britain's Richest Man Jim Ratcliffe Once Lived in a Council House

Published May 15th, 2018 - 11:00 GMT
Jim Ratcliffe, chairman and chief executive of Ineos. (AFP/ File Photo)
Jim Ratcliffe, chairman and chief executive of Ineos. (AFP/ File Photo)
The Sunday Times Rich List in the UK revealed that businessman Jim Ratcliffe, who once lived in a council house, is the richest person in the country.

Ratcliffe, who founded chemical firm Ineos, topped the list with an estimated worth of £21.05 billion after coming 18th last year.

According to the BBC, two of the company's directors are also on the list, which ranks Britain's wealthiest 1,000 people or families. 

Ratcliffe, 65, moved from the council house in Failsworth to East Yorkshire as a boy. He went to Beverley Grammar School, studied chemical engineering at Birmingham University and earned an MBA from London Business School, according to a Financial Times profile.

His father was a furniture maker and his mother worked in an accounts office. 

Ratcliffe is the first UK-born person to top the rich list since the Duke of Westminster in 2003.

According to the same list, renowned chef Jamie Oliver and fashion tycoon Sir Philip Green saw their fortunes drop. Oliver fell off the list entirely after problems at his restaurant group.

Second place on the list were the Hinduja brothers, Sri and Gopi, worth £20.64 billion. 

Their fortune jumped by £4.44 billion from 2017. 

British media mogul Sir Len Blavatnik came in third with £15.26 billion. 

In total, 141 women are on the rich list, with Charlene de Carvalho-Heineken, of the brewing dynasty, ranked highest at six.

Robert Watts, who compiled the list, said: "Britain is changing. Gone are the days when old money and a small band of industries dominated the Sunday Times Rich List.”

"Aristocrats and inherited wealth has been elbowed out of the list and replaced by an army of self-made entrepreneurs. Today's super rich include people who have set up businesses selling chocolate, sushi, pet food and eggs,” he added.

"We're seeing more people from humble backgrounds, who struggled at school or who didn't even start their businesses until well into middle age."
This article has been adapted from its original source.

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