Sir Philip Green lost more than a quarter of his wealth in the last twelve months, this year's Sunday Times Rich List has revealed.
The fashion tycoon's wealth fell by 28 per cent, the newspaper said, amid concern over the future of his Arcadia retail group.
His combined fortune with his wife Christina was down to £2 billion, a drop of £787 million.
Ukranian-born Sir Len Blavatnik, once Britain’s richest man, ranked third overall in this year’s list with a fortune of £15.3 billion.
The Warner Music Group owner earned a knighthood for donations worth more than a hundred million pounds to the Tate Modern, the Victoria and Albert Museum and Oxford University.
But he slipped down the list to third place after a drop of £723 million.
Other appearances on the rich list include Chelsea FC owner Roman Abramovich, worth £9.3 billion this year, and commodity businessmen David and Simon Reuben – born in Mumbai and descended from an Iraqi Jewish family – who ranked fourth overall after their combined fortune rose 8 per cent to £15.1 billion.
The disgraced Hollywood film producer Harvey Weinstein is a prominent absence from this year’s list.
He featured in 2017 with his now-estranged wife Georgina Chapman as having a wealth of £195 million, but a litany of sexual abuse allegations led to him being dismissed from his company and banished from the film industry.
Elsewhere, Colombian banker and real estate developer Jaime Gilinski is the wealthiest new entry on the list.
The former chair of capital projects at Chabad House, who now lives in London, has a fortune of £3.03bn.
Also listed is former Haberdashers’ student Joshua Stevens, who was named as one of the UK’s wealthiest young entrepreneurs.
The retail entrepreneur, now 29 and with an estimated wealth of £30 million, enters this year’s youth list in third place.
Mr Stevens is chief executive of the One Retail Group, which owns lifestyle brands that operate across Britain, Europe and the US.
He entered business aged just 13, buying a scooter from China using his parents’ fax machine and selling items during lunch breaks at Haberdashers’ Aske’s school in Elstree.
He told the Evening Standard last year: “It started when I was 13 and I really wanted a motorised scooter. I sourced a manufacturer and bought one at a fraction of the price I’d expected.
"I took it to the park and someone offered to buy it for twice the money. I imported and sold during my lunch breaks. My range grew to games consoles, mobiles."
Correction: An earlier version of this article incorrectly stated Joshua Stevens’s age as 30. He is 29.