Former Manchester Grammar School boy James Radcliffe has found himself one of the casualties of the Covid-19 economic collapse

The billionaire who topped the list in 2018 has seen his fortune fall by £6 billion due mainly to the collapse in the price of oil.

He now stands fifth in the list with an estimated fortune of £12.15 billion

He is also seeking an emergency loan from the government for Petroineos, a joint venture between his oil company Ineos and the Chinese state-owned PetroChina.

Sir James has been criticised after it was revealed that he has furloughed almost 800 members of staff from his luxury hotel groups

Around £15bn has evaporated from the pockets of Britain’s 10 richest since March says the paper.

Their plummeting fortunes, allied with sustained growth and strong profits in his own business, have propelled Sir James Dyson to top spot in the Rich List for the first time.

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