Sunday Times Rich List 2023: Sir Jim Ratcliffe becomes UK's second richest person after his wealth surges by £23bn

Sir Jim Ratcliffe - who is vying to take over Manchester United - has been named as the UK's second richest person after his wealth surged by over £23bn.

The boss of chemicals giant Ineos is now worth £29.688bn, according to the latest edition of the The Sunday Times Rich List. The Failsworth-born businessman was previously named the UK's richest person in 2018.

Sir Jim is now estimated to be the biggest private energy operator in the North Sea, three decades after mortgaging his house for £140,000 to do his first big deal. The part-time mountaineer and beekeeper built his fortune snapping up unloved petrochemicals plants and making them profitable.

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When energy prices rocketed and Europe shivered at the start of the Ukraine conflict, the chemicals giant Ineos grew exponentially.

Sir Jim grew up in a council house and earned pocket money as a teenager selling Golden Goal lottery tickets outside Hull City's ground.

He now owns two football teams — the French club Nice and the Swiss club Lausanne Sport — as well as the Ineos cycling squad and an America’s Cup crew.

As a result of the surge in his wealth, Sir Jim is now also the richest person in the North West, far surpassing last year's regional list topper - hedge fund manager Michael Platt. Mr Platt, who was born in Preston and runs BlueCrest Capital, saw his wealth increase by £1.5bn to £11.5bn.

The Duke of Westminster and the Grosvenor family, who own the likes of Liverpool ONE, increased their wealth by £152m to £9.878bn, according to the 2023 list.

The Duke, who inherited his title and a vast land and property portfolio when he was 25 – including 300 acres of Mayfair and Belgravia, and