The 57-year-old, who owns Warner Music and has investments ranging from oil to publishing and digital music, dropped £2billion from the 2015 list.
Mr Blavatnik, whose holdings are worth £11.5bn, was born in Ukraine but left with his family in 1978 when the Soviet Union allowed Jews to emigrate. He is an American citizen, but owns a home in London.
Chelsea football club owner Roman Abramovich dropped three places to 13th, with a fortune of £6.4bn from his Russian oil business.
Retail tycoon Sir Philip Green’s fortune is down £280 million, due to losses at BHS, leaving him with £3.2bn. He is listed with his wife Lady Tina in 29th place, seven places lower than last year.
Ranked 35th, the same as last year, the Pears family boast riches of £3bn from their property empire.
Also in property, the Orthodox Freshwater family are in 73rd position, with £1.4bn to their name.
Apprentice host Lord Sugar is £110 million richer than last year thanks to his property investments. He has a fortune of £1.1bn, putting him at 95 at the list.
Media mogul Richard Desmond has made a £1.1bn rise in his riches and is up 39 places in this year’s list ranking him at 48.
His property and media empire is worth £2.2bn.
Cash and carry king Nathan Kirsh (£4.03bn); foreign exchange trader and Tottenham Hotspur owner Joe Lewis (£3.1bn); shipping magnate Idan Ofer (£2.7bn) and diamond dealers Laurence and Francois Graff (£3.2bn) all figure in the top 40.
