Abbeystead Estate owner Duke of Westminster named UK's richest person under 40

Hugh Grosvenor, 33, whose fortune now stands at £10.127 billion, retains his position as the richest person under 40 in the UK.

So there’ll be no scrimping on the celebrations for his wedding to Olivia Henson which takes place on June 7 in Chester Cathedral.

Rumoured to be among the invited guests is Prince William. The Duke is godfather to Prince George.

Despite his great wealth earned through property, the Duke is only the third richest person in the North West, beaten to the top spot by Sir Jim Ratcliffe who grew up on a council estate near Manchester, and also behind Preston-born Michael Platt.

Sir Jim founded chemical company, Ineos, in his 40s and despite losing more than £6 billion this year still has a £23.519 billion fortune. Earlier this year, he secured a 25% stake in Manchester United and recently ran the London Marathon, aged 71.

Michael Platt earned his £12 billion fortune with hedge fund, BlueCrest Capital.

The top five richest people in the North West also include Tom Morris, worth £6.673 billion, who founded Home Bargains in Liverpool, and Blackburn brothers, Mohsin and Zuber Issa, owners of EG Group and Asda, worth £5 billion.

Gopi Hinduja and family are the richest in the UK, worth £37.196 billion through industry and finance.

For the full Sunday Time Rich List, visit https://www.thetimes.co.uk/sunday-times-rich-list