Russian tycoon no longer Britain's richest man

Russian billionaire and Arsenal shareholder Alisher Usmanov has lost his place as the richest man in Britain, according to the Sunday Times Rich List, as the crisis in Ukraine wiped billions of pounds off the bank balances of Russian and Ukrainian oligarchs.

Russia's Alisher Usmanov has lost his spot as the richest man in Britain, according to the Sunday Times, Credit: Reuters

His place on the top spot has been taken over by Indian-born, London-based brothers Sri and Gopi Hinduja, who run the global automotive, banking and investment Hinduja Group.

The brothers' wealth is valued at £11.9 billion, while Usmanov fell to second place after losing £2.7 billion over the last year.

Ukrainian-American Len Blavatnik, who owns international record label Warner Music, and Roman Abramovich, the owner of Chelsea football club, together lost nearly £1.8 billion in the last 12 months.

Philip Beresford, who compiles the annual table, said: "The malaise of the Russian economy and the current crisis has had its effect on them all."

Advertisement

Britain sees rise in number of billionaires

The number of billionaires living in Britain has risen to more than 100 for the first time, according to the Sunday Times Rich List.